Currency and Parity Management with NetSuite

Today, the boundaries of businesses are no longer confined to physical geography. With the rise of digitalization, the number of companies selling products, managing suppliers, or offering services across different countries is rapidly increasing. This global expansion brings along complex financial processes—such as dealing with multiple currencies, managing exchange rate fluctuations, handling parity, and retrieving data from official exchange rate sources. At this point, managing these processes without a robust ERP infrastructure is virtually impossible.

At this very point, Oracle-powered NetSuite ERP stands out with its flexibility and powerful integration capabilities.

Currency and Parity Management with NetSuite

At this very point, Oracle-powered NetSuite ERP stands out with its flexibility and powerful integration capabilities.

Multi-Currency Management: A Must-Have for Global Businesses

NetSuite enables companies to carry out transactions in local currencies for operations across different countries. All modules—such as sales, purchasing, invoicing, banking, and financial reporting—support multi-currency transactions. This allows each operation to comply with local accounting standards and currencies, while making centralized consolidated reporting across holding or group structures much easier.

Save Time with Automated Exchange Rate Updates

NetSuite’s built-in automated currency rate update feature integrates general market exchange rates directly into the system. This eliminates the need for manual input and minimizes accounting errors caused by rate discrepancies. However, these exchange rates are typically pulled from global sources, which may not always align with the official or most appropriate rates for companies based in Turkey.

Custom Development: TCMB Exchange Rate Integration in NetSuite

At Minexa, we’ve developed a custom NetSuite integration with the Central Bank of the Republic of Turkey (TCMB) to better serve the needs of businesses operating in Turkey. This specialized solution offers the following:

• Official daily exchange rates published by TCMB are automatically pulled into NetSuite, but only on non-public holiday dates.

• These rates are directly recorded into NetSuite’s Currency Exchange Rate records.

• The system updates itself automatically every morning—no manual input is required by users.

• In addition to core currencies like USD, EUR, and GBP, all other currencies supported by TCMB are included.

• This integration ensures a more consistent and auditable currency management process, especially in line with Turkish tax regulations and internal audit procedures.

Parity Management: Small Margins, Big Impact

In high-volume transactions such as EUR/USD, USD/TRY, or GBP/TRY, even minor parity fluctuations can significantly impact profitability. NetSuite allows you to process transactions based on both spot and fixed rates, providing tools to help you strategically manage exposure to exchange rate changes. Additionally, the system offers straightforward processes for revaluation of foreign currency-based receivables and payables.

A Strong Foundation Backed by Oracle

As Oracle’s leading cloud ERP solution, NetSuite offers a scalable, secure, and fully integrated platform that supports high transaction volumes. Whether you operate solely in Turkey or manage multiple international subsidiaries, NetSuite enables centralized management of currencies, tax structures, and financial reporting. Moreover, with exchange rate records, revaluation journals, and integrated financial reports, the workload of your finance teams is significantly reduced.

Conclusion: Gain Strategic Advantage with NetSuite in Financial Operations

If you’re looking to eliminate risks like exchange rate discrepancies, parity fluctuations, and manual rate entries, you should leverage not only NetSuite’s powerful standard features but also Minexa’s custom TCMB integration. This approach not only enhances financial accuracy but also significantly improves operational efficiency in accounting and reporting processes.

At Minexa, we are proud to support your company’s globalization journey through expert NetSuite consulting, localization solutions, and custom integration developments tailored for the Turkish market and beyond.