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H
howardtm
November 2, 2020
Question

Exchange Rate not applied when Matching records in Banking

  • November 2, 2020
  • 1 reply
  • 0 views

I believe there was an update in Oct 2020 for the "Banking" section in QuickBooks Online.

 

Now when I match a transaction to an existing bill in foreign currency ("Bill Payment"), the exchange rate will be 1. For example, I created a bill with amount JPY 75000, which equals to USD 712.35 according to the QB rate. After I paid the bill, the transaction in "Banking" was correctly linked to this bill. But after "Match", the exchange rate it used was 1, which means the amount in JPY and USD were both 75000 in QB.

 

It used to apply the exchange rate automatically. Now I need to go to the "Chart of Accounts" and select the transactions one by one to modify the exchange rate. Please fix it or move back to the old version for now. 

1 reply

RenjolynC
RenjolynC
November 2, 2020

I'll share some details and where you can edit the rate, howardtm.

 

In QuickBooks Online, the exchange rate is always calculated as the number of Home currency units that equal 1 Foreign currency unit. To view the currency information, you can follow the steps below. Please note that you should not modify exchange rates from the Currency page unless it is to be used for an entire day.

 

  1. Go to the Gear > Currencies.
  2. Find the currency and click the Edit currency exchange link under the Action column.
  3. Select a date to see the exchange rate. 
  4. Click Save.

 

For more information about exchange rate, you can read these articles:

 

If you have any additional questions about the exchange rate, or other concerns with QuickBooks Online, please let me know in the comments below. I'm here to help you out again. Thanks.

H
howardtmAuthor
November 2, 2020

It's not that the QB exchange rate was different with my exchange rate. I am ok to use QB exchange rate.

 

The problem is QB not using the exchange rate when Matching bills in Banking.

When I "Match" a bank transaction to a bill, it uses "1" as the exchange rate. There was no problem to "Add". If I use "Add" for the transactions, it correctly apply the exchange rate.

 

RenjolynC
RenjolynC
November 2, 2020

Thanks for getting back here, howardtm.

 

We can try to undo the transaction and add it again. This is to check if the exchange rate will be updated.

 

Here's how:

 

  1. Go to the Banking or Transactions on the left panel.
  2. In the Categorized tab, find the transaction and click the Undo link.
  3. Go back to the For Review page and check the rate. If it's correct, click the Match link.

Otherwise, contact our Customer Care Team to further investigate what's causing the exchange rate to show 1 when matching the transactions.

 

Before doing so, please check our support hours here. Then, follow these steps:

 

  1. Click the Help icon located in the upper right-hand corner.
  2. In the Help window, click the Contact Us button located at the bottom.
  3. Enter your question and click Let's talk.
  4. Choose either Start a chat or Call us.

If you have the new QuickBooks Assistant help update, you can follow these steps:

 

  1. Go to the Help menu, and select Talk to a human.
  2. Choose Talk to a human again. 
  3. Proceed with I still need a human.
  4. Click the Contact us link.
  5. Select either Start messaging or Get a call.

Please feel free to leave a comment if there's anything else you need. I'm just a post away to help you some more.

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