In NetSuite Payment is not allowed in any currency other than what is set on the customer record, but on a scenario where a Customer currency is different from a Bank Account the following steps will work as a solution.
Scenario:
- Customer currency is US dollars, the Invoice Amount is 100.00
- Foreign currency bank account is SG dollars, exchange rate used on the date of payment deposit = .64935
- Accept Payment for the invoice amounting to USD100.00
- Ensure that the UnDeposited Funds button is marked to enable the user to later deposit the payment to the bank account.
- The above payment will be deposited to the SGD Bank account through the Make Deposits page.
Solution:
- Open the Invoice which needs to be paid
- Click On Accept Payment
- On Accept Payment, check mark the ‘Undep. Funds’ button and ‘Save’
- Navigate to Make Deposits > Transactions > Bank
- Select the Foreign Currency Bank(SGD Bank)
- Notice the exchange rate, which might be different from the date of payment (Any exchange rate difference is accounted by NetSuite under the Unrealized Matching Gain/Loss)
- Under payments tab, enter the SGD amount and mark the payment of the related Invoice and save.
