Question

Why do I have to specify a currency exchange rate in my invoices? Can I set it up to automatically use today's rate?

Forum|Forum|6 years ago
December 19, 2019
2 replies
0 views

When I create a new invoice in USD (not my home currency) the exchange rate is defaulted at 1:1 and I have to change it manually. Then the system asks me if it should use that rate for today or just this transaction. Kind of time consuming to add this all the time especially when I automatically get my USD transactions loaded in QB externally. This forces me to adjust all the transactions to an exchange rate that is close to the real one for that day. This also happens when I create a new invoice from within QB.

However, when I go to the USD bank account there is a current exchange rate that the system uses so it can report in CAD. How can I ge that system exchange rate to be the default rate in my new invoices?

QuickBooks Online

J

JamesM

Hi there,

I appreciate you reaching out to the Community with great feedback. I'd be happy to give you a hand with this so you can create your invoices with ease.

When you add a new currency with a new customer or vendor and then add a transaction (such as an invoice or bill) at the same time, no exchange rate is immediately available. You'll have to manually add an exchange rate to complete the transaction. I know how useful it is to have the system enter the exchange rate automatically. I encourage you to send this as feedback to our engineers by clicking the gear icon and looking for Feedback. Otherwise, check out the steps below for more info on changing the currency.

To change the currency when you add a new transaction:

Create the invoice or bill as usual.
Under Customer or Vendor name field, select the Currency field.
Enter the exchange rate to use for the new currency.
Select Use for this transaction only or Use for all new transactions in (currency) for (date).
Complete the transaction and select Save.

When you save the transaction, the Currency & Exchange Rates list is updated to display the new currency with the most recent rate from Markit.

Learn more about the exchange rate and how it's calculated. If you still have questions, please contact our support team using this link.

J

john40-_Author

Thanks for the reply. I did notice that today the currency exchange does indeed auto populate. You are right when you say it will not do so if you just added the customer and then want to create an invoice for example. Interesting that this does NOT happen when the invoice is created from the API (when my invoices are created via Zappier from Strip transactions).

AddieC

Integrations with third-party programs means that sometimes your transactions behave differently than they would if you created them from the QuickBooks environment. I know how handy it would be for you to see this currency conversion all the time, regardless of how the transaction is recorded. I recommend using the method provided by my colleague above to submit feedback to our product development team. This is the best way for your voice to be heard, and I can assure you that we truly take your suggestions to heart.

If there's anything else you need help with in regards to your foreign currency transactions, please reach out to our tech support team.

Have a wonderful day.