5) Setting Up the NBP Exchange Rate Integration
Table of Contents
Overview
Business transactions conducted in foreign currencies are recorded in the books of accounts using the exchange rate published by the National Bank of Poland on the preceding day. Specifically, the average rate announced for the respective currency is applied as of the transaction date.
Exchange Rate Integration Process Flow
This flowchart depicts the automated process of querying the NBP exchange rates from the National Bank of Poland and importing the data as Currency exchange rate records in NetSuite.
Definition of Terms
This section helps the user understand the terminology used by the NBP exchange rate integration. The table below aligns key terms used in both NetSuite and the National Bank of Poland’s API documentation, providing clear definitions and mappings to ensure consistent understanding across both systems.
Term | Description |
|---|---|
Effective Date | The date the exchange rate becomes effective in NetSuite. This date is entered on the NetSuite currency exchange rate record. |
Publication Date | The date when the exchange rate is officially published by the source (e.g. the National Bank of Poland). It may be the same as or earlier than the effective date. |
Foreign Currency | The currency being exchanged for the base currency. It is the numerator in an exchange rate expression. |
Base Currency | The currency against which other currencies are compared. It is the denominator in an exchange rate expression. |
Exchange Rate | The value of one unit of the base currency expressed in terms of the foreign currency. |
Inverted Exchange Rate | The reciprocal of the exchange rate, showing how much of the base currency is needed for one unit of the foreign currency. |
FX Rate Integration Script Deployment Guide
Configure Script Deployment Parameters
To modify the exchange rate integration script deployment:
Go to Customization > Scripting > Scripts.
Search for [STA] PL SL NBP Schedule Update FX Rate (id: customscript_sta_pl_sl_nbp_sched_upd_fx)
Click the View link.
Go to the Deployments tab.
Click the Edit button.
Go to the Parameters subtab. Define the Script Deployment Parameters.
Go to the Schedule subtab.
Select Daily Event > Repeat Every Weekday.
Select Start Date.
Select Start Time.
Click the Save button.
Script Deployment Parameters
Field Name | Description | Expected Values |
|---|---|---|
Search Until | Enter the number of days before the current/effective date that the script will search for an available exchange rate in case rates for the selected date is unavailable. | 7 |
For scheduled runs, the effective date will always be based on the CET timezone.
Schedule
Before updating the deployment, make sure to update the user preference > time zone to Central European Standard time.
Important: If you are using NetSuite’s exchange rate provider (e.g., Xignite, etc.), there could be instances where the previously updated exchange rates by NBP integration will be overridden. To make sure that the PLN exchange rates will be reverted to the rates coming from NBP, create another script deployment, which should be scheduled to run after the update from NetSuite’s exchange rate provider.
Review the SuiteAnswer article : Currency Exchange Rate Integration. Find your timezone and the schedule update from NetSuite’s integrated exchange rate sources.
Choose to schedule the NBP exchange rate integration after the NetSuite integrated exchange rate update schedule.
This is to prevent NetSuite from overwriting the exchange rates for currencies that are also included in the integrated exchange rate schedule.
Setting up FX Rate Update Preferences
To enable the exchange rate integration from NBP:
Type “page: [STA] FX Rates Preferences” in the NetSuite global search bar and click [STA] FX Rates Preferences.
Click the Edit link.
On the Settings subtab, mark the Enable Updates from ECB checkbox.
Click the Save button.
For the Polish Localization SuiteApp, the supported bank source is NBP.
Setting up Currencies for FX Rates Update
To set up currencies for FX rates update:
Type “Page: [STA] FX Rates Currencies For Update” in the NetSuite global search bar and click [STA] FX Rates Currencies For Update.
Click New [STA] FX Rates Currencies For Update button.
Select the Currency from the drop-down.
Select the Source from the drop-down.
Click the Save button.
Setting up the localization settings for NBP Exchange Rate
To configure the correction invoices feature:
Navigate to Setup > Staria Poland Localization > NBP Currency Exchange Preference > New.
Alternatively, you may type the following keyword on the global search: “page: NBP Currency Exchange Preference”. Click new.
In the Folder ID, enter the file cabinet folder ID which will store the NBP Currency Exchange Rate JSON files and the CSV files used for the NetSuite currency exchange rate import.
Define the list of foreign currencies to be scheduled for import from NBP and into NetSuite. These currencies will be the default selected values in the NBP exchange rate record when running the integration manually.
In the “Currencies for NBP Rate Import” multi-select field, select all foreign currencies that need conversion from Polish Zloty as the base currency.
In the "Currencies for Inverse NBP Rate Import" multi-select field, select all foreign currencies to be imported using inverse NBP rates.
Click the Save button.
NBP Currency Exchange Preferences Fields
Field | Description | |
|---|---|---|
| 1 | Folder ID | Nominated file cabinet folder ID for storing the JSON exchange rates downloaded from the National Bank of Poland and the CSV files used for importing NetSuite Currency Exchange Rates. |
| 2 | Currencies for NBP Rate Import | Select the foreign currencies that require exchange rate updates from NBP.
|
| 3 | Currencies for Inverse NBP Rate Import | Select the Currencies for inverse NBP Rate Import. Foreign currencies selected in this list will be imported with the following data:
|
The NBP Exchange rate Table A list of currencies is always downloaded for each execution of the integration.
Table B is downloaded if there are currencies selected which are not found in Table A.
Integration Statuses
Status Name | Description |
|---|---|
Not Started | The initial status of the NBP Exchange rate integration record when it is created. |
Pending | The process is initiated and the scheduled script is in the script queue. |
Query In Progress | The downloading of NBP Exchange Rate is initiated |
Query Completed | The downloading of NBP Exchange Rate is completed |
Query Failed (Retrying) | Query from the NBP Exchange Rate returned an error 404. 404: “In the case of lack of data for a correctly determined time interval” |
Query Failed | The downloading of NBP Exchange Rate failed either from invalid date or other errors aside from 404. |
Import In Progress | CSV Import Task from NBP Exchange Rate is initiated. |
Import Completed | CSV Import Task initiated result is Completed. |
Import Failed | CSV Import Task initiated result is Failed. |
Failed | Unexpected error encountered |
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