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william72
April 25, 2024
Question

Historic exchange rates have been quirky recently. for e.g. when selecting THB to USD rate on 31/12/2023, it was 0.029044 yesterday but 0.028652 today... what's going on?

  • April 25, 2024
  • 1 reply
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Anonymous
April 25, 2024

Hi there, William.

 

Thanks for reaching us. I know how important it is to match your currency transactions in QuickBooks Online. I'll shed some light on how exchanging rates works in QuickBooks.

 

When you turn on the multicurrency feature, you can either use the exchange rates provided by IHS Markit or set up your own exchange rates for foreign currency transactions. This is why the rates may change from time to time. If you prefer to use your own rates, you can set them up and use them for one or more transactions.

 

Here's how:

 

  1. Sign in to your QuickBooks Online Account.
  2. Click on + New, then select the transaction you want to work on.
  3. Choose the Payee and the Payment account from the dropdown button.
  4. Then in the Rate field, enter the exchange rate.
  5. Make sure to complete the transaction details, then hit Save and Close.

For more information you can check out this link: Enter and use your own exchange rates in QuickBooks Online.

 

Moreover, you may want to visit this article for future reference on how to get answers to frequently asked questions about using multi-currency in QuickBooks Online: Multi-currency FAQ.

 

Please don't hesitate to reach out to me here if you need further assistance with managing multiple currencies in QuickBooks. It's important to me that you feel supported and cared for. Have a great day ahead.

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william72Author
April 25, 2024

Hi Eman,

 

Yes, I know that daily rates fluctuate since QBO pulls them from IHS Markit. However, my issue is with historical exchange rates. Let me give you an example (which happened yesterday and today):

on 24th Apr, SGD to USD exchange rate on 31 Dec 2023 was 0.757848 (I was posting year-end adjustments)

on 25th Apr, SGD to USD exchange rate on 31 Dec 2023 (same day!) was 0.757174 (I am still posting year-end adjustments).

 

I did not enter manual rates in both cases, and I even made sure to click another date before clicking back to 31 Dec 2023 since there is a known bug that QBO rates might not refresh when duplicating journal entries/bills/invoices/etc. 0.757848 and 0.757174 were given to me by the system, for the same posting date. It cannot possibly be daily rate fluctuation as it's already 25 Apr now.

 

Regards,

William

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GlinetteC
April 25, 2024

Thank you, william72, for sharing more details regarding your concern about historical exchange rates.

 

I'm here to provide additional details and offer assistance on this matter.

 

Please note that exchange rates are date-specific and can vary for each adjustment. This means that the rate you see for December 31, 2023, may not be the same as rates on other dates.

 

To ensure accuracy when recording an adjustment for December 31, 2023, I'd recommend seeking advice from an accountant. They can guide you on the best date and exchange rate to use for your adjustment, ensuring that your financial records accurately reflect the information for that specific date.

 

Additionally, you can visit this resource for more information about exchange rates related to foreign currency transactions: Learn about exchange rates in QuickBooks Online. It will provide you with detailed insights into how exchange rates are handled and managed within the system.

 

Please let me know if there's anything else I can assist you with exchange rates or other concerns. I'll be happy to lend a hand always.

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