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sean-tlysolution
Dec 16, 2021 10:14 AM UTC
Solved

Can I stop QBs asking for 'exchange rate or original foreign currency amount' so that I don't have to manually enter every transaction in a foreign currency account?

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EmmaMAnswer
Dec 16, 2021 4:54 PM UTC

Yes, that's correct and put much better than I did... Thanks


Hello Sean, The rules only work on GBP transactions because of the fx rate needing to be agreed upon (some users use their own rate and want to amend the rate QB uses) so unfortunately if you created the rule it would not auto add.

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5 replies

Ashleigh1
Dec 16, 2021 12:46 PM UTC

Hello Sean-tysolution, 

 

Welcome to the Community page, 

 

Can you please go to the main cog wheel>company settings and select advanced> then go to currency and check that you have set it up correctly in there. When you create an invoice on the date you create it, it will put in the exchange rate if using on  the bank, it should auto fill it for you anyway. 

sean-tlysolutionAuthor
Dec 16, 2021 3:25 PM UTC

Hello Ashleigh,

Maybe I'm missing something. It seems to be set-up correctly in Advanced settings, but all I can do as far as I'm aware is check that Multicurrency is on. I can set it for each Invoice but that's not the way I'm using Quickbooks. Here's some more info:

All the transactions are pulled in from my Wise USD account so they are already in dollars, but when I want to add them to my accounts I get the message shown in the attached screenshot. If I click on the transaction, it expands showing the exchange rate has been worked out backwards to GBP automatically, so I just click add. I say just, but this is two clicks for what will be 100's of transactions. Obviously I'd like to use the auto-rules for this number of transactions but I can't with this error message. These are purchases and no invoices are being raised.

I hope this makes more sense. Is there anyway around having to do this?

Many thanks for your time,

Sean

EmmaM
Dec 16, 2021 4:10 PM UTC

Hello sean-tlysolution, To confirm, essentially you would like to create rules for the US currency transactions so that they auto add to QB is that correct?😊

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