The quick answer
Go to Lists > Accounting > Currencies, click New, and enter the currency's Name, Default Locale (which fills the ISO Code), and Default Exchange Rate. The rate is how many units of your base currency one unit of the new currency is worth. Saving stores that rate on Currency Exchange Rates as the currency's first rate, effective 01/01/1970. A transaction uses the latest rate for its subsidiary's base currency that's effective on or before its date, so this rate applies until a newer one exists. Before you can bill a vendor in the new currency, add it to the vendor's Currencies sublist. On the bill, choosing that Currency fills Exchange Rate from the rate table.
The screenshots show sample data. Person and operating-company names are fictional. Use your own records and values when following the steps.
Before you start
This example adds New Zealand Dollar to an account whose base currency is US Dollar, then bills an existing supplier, Southern Cross Woolens, in it. The account already uses Euro, Mexican Peso, Japanese Yen, and Singapore Dollar, with rates loaded nightly from a rate provider. You need the Administrator role or a role that can create currencies and edit vendors.
Check the features first. Go to Setup > Company > Enable Features and open the Company subtab. In the International section, Multiple Currencies and Currency Exchange Rate Integration are checked. Multiple Currencies is required to add currencies, and it's always on in OneWorld. Treat it as permanent; don't turn it on in a production account to try something. Nothing needs to change here, so leave without saving.
Automatic rate updates come from the provider set in Setup > Accounting > Accounting Preferences. On the General subtab, the last section is Exchange Rate Integration. Here Rate Provider is Xignite and Use triangulation calculation by Netsuite is clear. The providers you can pick depend on your account. Leave this page without saving too.
01. Create the currency
Go to Lists > Accounting > Currencies. US Dollar is the Base Currency, and the other four currencies are listed. New Zealand Dollar isn't, so it can't be used on transactions yet. If your account already has it under another name or code, use that one instead of adding a second.
Click New and enter Name New Zealand Dollar. The form starts on Default Locale United States (English) with ISO Code USD. Set Default Locale to New Zealand (English). ISO Code changes to NZD, and Format Sample previews how amounts will look, $1,234.56 here. Check the ISO Code before you save. Leave Override Currency Format clear unless you need your own symbol or format.
Enter Default Exchange Rate (To Root Subsidiary Currency) 0.5875. NetSuite reads exchange rates as base-currency units per one unit of the foreign currency, so this means 1 NZD = 0.5875 USD. Leave Automatic Update checked so the provider adds dated rates from its next daily update.
Click Save. The Currencies list shows the confirmation and a new row: New Zealand Dollar, NZD, Base Currency No, Automatic Update Yes.
02. Check the stored exchange rate
Go to Lists > Accounting > Currency Exchange Rates. The list shows the latest rate for each base and source currency pair as of its As Of date, 09/28/2026 in this example. The US Dollar to New Zealand Dollar row has Exchange Rate 0.5875, Effective Date 01/01/1970, a blank Rate Provider, and Method N/A. That's the first rate NetSuite created from the default you just typed, not a provider rate. The other currencies have rates effective 09/28/2026 from Xignite, with Method Direct.
Automatic updates run about 6:00 a.m. in the base currency's update time zone. A currency added after that run keeps its default rate until the next one. The provider adds new dated rates. It doesn't rewrite the 01/01/1970 rate, and it doesn't overwrite a rate you entered by hand for the same pair and date. In OneWorld, each subsidiary base currency gets its own rates, not only the root's. If your account uses Currency Exchange Rate Types, the provider updates only the default rate type.
03. Let the vendor use the currency
A vendor can only be billed in its Primary Currency and the currencies on its Currencies sublist, and it has to be available to the bill's subsidiary. Go to Lists > Relationships > Vendors and open Southern Cross Woolens. On the Financial subtab, Primary Currency is US Dollar and the Currencies sublist lists only US Dollar.
Click Edit and open the Financial subtab. On the Currencies sublist, set Currency to New Zealand Dollar, click Add, then Save. The sublist now lists US Dollar and New Zealand Dollar, and Primary Currency stays US Dollar. You don't need to change the primary currency or create an NZD accounts payable account, but the A/P account on the bill can't be limited to another currency.
04. Enter the bill in the new currency
Go to Transactions > Payables > Enter Bills and select Vendor Southern Cross Woolens. Currency fills with the vendor's primary currency, US Dollar, and Exchange Rate shows 1.00. Date is 09/28/2026.
Change Currency to New Zealand Dollar. Exchange Rate changes to 0.5875, the latest New Zealand Dollar rate with an effective date on or before the bill date. No provider rate for New Zealand Dollar exists yet, so the first rate applies. After the next automatic update, a bill on or after that date would take the provider's rate instead.
Enter Reference No. SCW-4417. On the Items subtab, add Merino Crew Sweater with Quantity 40 and Rate 62.50. The line amount is 2,500.00 in New Zealand Dollars.
Click Save. The bill shows Currency New Zealand Dollar, Exchange Rate 0.5875, and Amount 2,500.00, which is in New Zealand Dollars. In US Dollars that's 2,500.00 × 0.5875 = 1,468.75.
Check the result
- The Currencies list shows New Zealand Dollar with ISO Code NZD and Base Currency No.
- Currency Exchange Rates shows US Dollar to New Zealand Dollar at 0.5875, effective 01/01/1970, Method N/A.
- The vendor's Currencies sublist lists New Zealand Dollar, and Primary Currency is still US Dollar.
- The saved bill shows Currency New Zealand Dollar and Exchange Rate 0.5875.
If Exchange Rate isn't what you expect, check the bill's Subsidiary and its base currency, the rate type if your account uses them, and which rates on Currency Exchange Rates are effective on the bill date. A custom form, workflow, or script can also set the field, and the rate can be edited on the bill when the form and your permissions allow it.
Common questions
Which direction does a NetSuite exchange rate go?
It's base-currency units per one unit of the foreign currency. With US Dollar as the base, 0.5875 on New Zealand Dollar means 1 NZD = 0.5875 USD, so a 2,500.00 NZD bill is worth 1,468.75 USD.
Why is a new currency's exchange rate dated 01/01/1970?
That row is the first rate NetSuite creates from the Default Exchange Rate when you save the currency. The date isn't a business date. It makes the rate apply to any transaction until a later dated rate is added, by hand or by the rate provider.
Why can't I pick the new currency on a vendor bill?
Creating the currency isn't enough. The vendor has to have it too. Open the vendor, add the currency to the Currencies sublist on the Financial subtab, and save. Then it shows up in the bill's Currency field.
When does Automatic Update replace the default rate?
When the provider's daily update runs, around 6:00 a.m. in the base currency's update time zone. A currency created after that day's run keeps its default rate until the next one, so bills entered in the meantime use the default. You can still check the Exchange Rate on the bill before you save it.
Do I need a separate A/P account for each currency?
Usually not. The bill stays in the vendor's currency and NetSuite converts its accounting to the subsidiary's base currency at the bill's exchange rate. The A/P account you use can't be restricted to a different currency.