Seamless Government Integration: Always Accurate LatAm Daily Legal Exchange Rates in NetSuite
LatamReady’s LatamLink Legal Exchange Rates SuiteApp for Latin America is an automated integration to local Latin American governments that ensures Latin American daily legal exchange rates are always up to date and accurate in NetSuite.
Key Benefits
Why are multiple legal foreign exchange rates mandatory in Latin America?
In Latin America, sales transactions and purchase transactions use different daily legal exchange rates. A minimum of 2 daily legal exchange rates are required by Latin American countries. For example, Mexico and Argentina require companies to use 3 (Mexico) or 2 (Argentina) different exchange rate sources depending on the company type/industry.
What is the current workaround?
Without the LatamLink Legal Exchange Rates SuiteApp, local users must manually modify transactions to correctly set daily exchange rates. The NetSuite standard exchange rate integration is a great automation tool for financial consolidation; however, it only supports 1 daily exchange rate and the rate presented is an average rate calculated for financial purposes. LatamLink Legal Exchange Rates SuiteApp for Latin America extends NetSuite’s standard capabilities to support at least 2 daily exchange rates per country and automatically registers using legal exchange rates pulled directly from local governments.
Effortless Integration: LatamLink Legal Exchange Rates SuiteApp for Latin America
LatamLink Legal Exchange Rates SuiteApp is incredibly quick and easy to set up and supports NetSuite standard transactions as well as NetSuite custom transactions.
Installation and configuration are straight-forward and simple tasks. Once configured, LatamLink Legal Exchange Rates SuiteApp runs in the background using NetSuite services; no intervention or maintenance is required.