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userandrewkhine
July 20, 2024
Question

There is not enough decimal place for yen to dollar amount. When we do a bank transfer, the amount does not translate to the correct figure. How do you solve this problem

  • July 20, 2024
  • 1 reply
  • 0 views
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1 reply

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MirriamM
July 20, 2024

It's nice to see you posting here in the Community forum, userandrewkhine.

 

QuickBooks Online (QBO) utilizes an exchange rate from IHS Markit, and the displayed rate in your QBO account varies daily based on the current rate.

 

In relation to your concern about the insufficient decimal places for yen to dollar, the default decimal places in QBO are two. You can modify the number format in your Account and Settings to select the format that best suits your needs.

 

Here's how:

 

  1. Go to the Gear icon at the top.
  2. Choose Account and Settings. 
  3. Select Advanced from the left menu.
  4. Go to the Other Preferences section.
  5. In the Currency format dropdown, select your preferred Number Format. 
  6. Click Save, then Done. 

 

Once you have completed the steps above, it'll modify the amount's format in other transactions and reports.

 

To learn more about multicurrency, check out this article: Set up and use Multicurrency in QuickBooks Online.

 

Let me know if you have other banking and multicurrency concerns or questions about managing transactions in QBO. I'm always ready to help, userandrewkhine.

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userandrewkhineAuthor
July 20, 2024

Hi MirriamM,

 

I apologise, my message wasnt that clear.

 

Under bank transfers, I am transferring from SGD from my JPY account to SGD account.

However, the currency exchange is only given up to 6 decimal places, which isnt sufficient for an accurate amount. Eg, actual rate from bank 0.00[removed]09, but quick books only allow up to 0.008578. 

This creates a difference in my bank accounts.

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Ethel_A12
July 20, 2024

I appreciate all the additional information you provided, @userandrewkhine.

 

When transferring from SGD to JPY, you can add the exact amount as an exchange rate. However, if the decimal numbers exceed seven (7), QuickBooks automatically round it off. Thus, it will make a difference.

 

In the meantime, you can submit a feedback request to our product engineers. This will enable our team to understand your concerns better and enhance your experience using QuickBooks.

 

Here's how:

 

  1. From the Gear icon, select Feedback.
  2. Type in your feature suggestions.
  3. Click Next to submit.

 

I'm adding this article that contains information about exchange rates in QuickBooks Online: Learn about exchange rates in QuickBooks Online.

 

For future reference, here is an article you can read to get answers to the common questions about QuickBooks multi-currency: Multi-currency FAQ.

 

Don't hesitate to comment below if you need assistance transferring currency in QuickBooks Online. I'm always here to help. Have a great day.

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