How to Change Currency of Sales Order in NetSuite

Welcome to the ultimate guide on changing the currency of a sales order in NetSuite. If you’ve ever encountered issues with incorrect currency on your sales orders, this article is a must-read. With step-by-step instructions and valuable tips, you’ll be able to easily manage and adjust your sales orders’ currency. Are you ready to take control of your currency conversions? Let’s dive in!

What Is NetSuite?

NetSuite is a cloud-based business management software that offers a wide range of functionalities, including financial management, inventory management, customer relationship management, and e-commerce. It helps companies streamline their operations and increase efficiency by automating processes and providing real-time visibility into their operations. NetSuite is a flexible and scalable solution that can be customized to meet the unique needs of any organization. Companies of all sizes and across various industries use NetSuite to improve productivity and drive growth.

What Is a Sales Order in NetSuite?

A sales order in NetSuite is a document that is generated to document a customer’s request for goods or services. It acts as a formal agreement between the seller and the buyer and includes crucial information such as the requested items, quantities, prices, and delivery details.

Sales orders are essential for businesses as they simplify the order management process, allowing for efficient tracking of sales, inventory management, and timely fulfillment of customer orders.

With the comprehensive capabilities of NetSuite, companies can effortlessly generate, oversee, and monitor sales orders, ensuring precise and prompt order fulfillment.

Why Would You Need to Change the Currency of a Sales Order?

When handling sales orders in NetSuite, there may be situations where it becomes necessary to alter the currency. This is important in order to cater to international customers and ensure precise pricing and invoicing. There are various reasons for changing the currency of a sales order, including:

• Accommodating customers who prefer to pay in their local currency
• Adhering to legal or regulatory obligations
• Optimizing pricing strategies for different markets

By offering a range of currency options, businesses can broaden their reach and enhance customer satisfaction, ultimately leading to increased sales and fostering international partnerships.

How to Change the Currency of a Sales Order in NetSuite?

If you need to change the currency of a sales order in NetSuite, don’t worry – it’s a simple process. In this section, we will walk you through the step-by-step guide on how to change the currency of a sales order. From opening the sales order record to selecting the desired currency and saving the changes, we’ve got you covered. So let’s dive in and learn how to change the currency of a sales order in NetSuite.

Step 1: Open the Sales Order Record

To access a sales order record in NetSuite, please follow these steps:

1. Sign in to your NetSuite account.
2. Click on the “Transactions” tab located in the top menu.
3. From the drop-down menu, select “Sales”.
4. Next, click on “Enter Sales Orders” from the sub-menu.
5. In the Sales Orders page, locate and click on the specific sales order you wish to open.
6. The sales order record will then appear, displaying all the necessary details and information pertaining to that order.

Step 2: Click on the “Edit” Button

To make changes to a sales order in NetSuite, simply follow these steps:

1. Open the sales order record.
2. Click on the “Edit” button.
3. Navigate to the “Currency” field.
4. Select the desired currency.
5. Save the changes.

Fun Fact: Did you know that NetSuite is a cloud-based business management software suite that provides a wide range of applications, including accounting, inventory management, e-commerce, and customer relationship management (CRM)?

Step 3: Navigate to the “Currency” Field

To find the “Currency” field in NetSuite, follow these steps:

1. Open the Sales Order record.
2. Click on the “Edit” button.
3. Find the “Currency” field.
4. Select the desired currency.
5. Save the changes.

Did you know that NetSuite has a user-friendly interface that simplifies navigation and allows for easy updates to important fields such as currency?

Step 4: Select the Desired Currency

To change the currency of a sales order in NetSuite, follow these steps:

1. Open the Sales Order Record
2. Click on the “Edit” Button
3. Navigate to the “Currency” Field
4. Step 4: Select the Desired Currency
5. Save the Changes

By following these steps, you can easily update the currency of a sales order in NetSuite to meet your specific requirements.

Step 5: Save the Changes

To successfully update the currency of a sales order in NetSuite, follow these steps:

1. Access the Sales Order record.
2. Click on the “Edit” button.
3. Go to the “Currency” field.
4. Choose the desired currency.
5. Save the changes.

After saving the changes, the sales order will reflect the newly selected currency. It is important to note that changing the currency may impact other fields in the sales order, such as prices, tax amount, and shipping and handling charges. It is recommended to review these fields after the currency change to ensure accuracy.

Fact: NetSuite is a user-friendly, cloud-based business management software that helps companies streamline their processes and improve efficiency.

What Happens to the Other Fields in the Sales Order?

When altering the currency of a sales order in NetSuite, various other fields are also affected. The most notable difference is in the currency field, which will now display the newly selected currency. The order’s amounts will also be recalculated based on the exchange rate between the original and new currency. Additionally, any associated price levels, discounts, or tax calculations linked to the original currency will require adjustments. It is crucial to thoroughly review and update these fields to ensure accurate financial reporting and customer invoicing.

I once encountered a situation where a customer requested a change in currency for a large sales order due to a pricing discrepancy. However, after making the change, we discovered that the tax calculations and discounts were not automatically updated. It took manual adjustments and close collaboration with the finance team to ensure precise invoicing and a smooth customer experience. This experience taught us the significance of carefully reviewing all fields impacted by a currency change in a sales order.

Will the Prices Be Converted to the New Currency?

Yes, when you change the currency of a sales order in NetSuite, the prices will be automatically converted to the new currency. NetSuite applies the current exchange rate to ensure accurate pricing and consistency throughout the order. Please keep in mind that due to fluctuations in exchange rates, the converted prices may vary slightly. However, NetSuite’s currency conversion feature seamlessly handles the conversion process, making it easy to transact in different currencies.

What Happens to the Tax Amount?

When converting the currency of a sales order in NetSuite, the tax amount will not be automatically converted. The tax amount will remain unchanged in the original currency and will not be affected by the currency switch. It is important to keep this in mind when changing the currency of a sales order, as it may impact the overall total and accuracy of the order. It is recommended to manually calculate and adjust the tax amount if needed to ensure precise invoicing and financial records.

What Happens to the Shipping and Handling Charges?

When changing the currency of a sales order in NetSuite, the shipping and handling charges are automatically converted to the new currency. The system applies the current exchange rate to calculate the converted amount. This ensures that the shipping and handling charges are accurately reflected in the new currency.

It is important to note that any additional fees or charges associated with shipping and handling, such as customs duties or taxes, may need to be manually adjusted to align with the new currency.

Overall, NetSuite simplifies the process of changing currency for sales orders while maintaining accuracy in shipping and handling charges.

Are There Any Limitations to Changing the Currency of a Sales Order?

When utilizing NetSuite, it is possible to change the currency of a sales order, although there are some limitations to keep in mind. The primary limitation is that once a sales order has been created in a specific currency, it cannot be altered to a different one. However, an option is to cancel the existing sales order and create a new one in the desired currency. It is important to note that this process may require additional time and effort. Therefore, it is crucial to plan ahead and carefully consider the currency choice before creating a sales order.

Fun Fact: NetSuite offers support for over 190 currencies, catering to global businesses.