Exchange Rate Integration

Owned by Lou Dizon
Last updated: May 16, 2022
2 min read

Overview

Latvian Localization also offers more accurate foreign exchange rates through an integration with European Central Bank that fetches daily euro exchange rates. This feature serves as an alternative to NetSuite’s standard foreign exchange rate feature where some instances are not applicable for Latvia.  

This feature gives users the ability to update exchange rates from ECB manually or via a schedule. 

This feature only supports subsidiaries where country is in Latvia and base currency is Euro.

FX Rates Update Manual Run

To run the exchange rates update manually:

  1. Go to Setup > Customization > [STA] FX Rates Update Manual Run

  2. The user will be redirected to the [STA] Update FX Rates SS Script Deployment record.

  3. Edit the deployment record.

  4. Go to the Parameters subtab.

    1. Define the Effective Date, This will determine the effective date of the published exchange rate when the FX rate script gets the exchange rates for the selected currency.

      • Input a value if you want to get the exchange rates for a specific effective date.

      • Keep the effective date field empty if you want to check for the most recent published FX rate.

    2. Check any of the currency checkboxes (NBP, MNB, ECB) if these sets of parameters only apply to specific currencies. Leaving all checkboxes unchecked will apply the parameters to all enabled currency exchange rate integrations in [STA] FX Rates Update Preferences.

    3. Select the Get Exchange Rate: You can choose between two options on which date the FX rate will be based.

      • Before Effective Date - exchange rates published a day before the effective date will be used. If the day before falls on a weekend, published rates from the previous Friday will be used.

      • On or Before Effective Date - exchange rates published on the day or a day before the effective date will be used. If the day before falls on a weekend, published rates from the previous Friday will be used.

  5. Click Save and Execute.

  6. Refresh the Scheduled script status until you find that the execution has been completed.

  7. Review the updated currency exchange rates by going to Lists > Accounting > Currency Exchange Rates.

 

For instructions regarding the scheduled update, see Script Deployment for Exchange Rate Integration.

Some banks only support getting fx rate data on or before 90 days from the present day.

For questions or concerns, please contact support@staria.com.

 

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