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L
Linh-Mangotiger
September 5, 2024
Question

Exchange rate discrepancy in Transfer Funds

  • September 5, 2024
  • 1 reply
  • 0 views

Hi there,

I'm currently facing an issue regarding the exchange rate from the smaller currency to the bigger (VND to USD). I need to input an exchange rate of 0.00004011231441 because I exchanged 20,000 USD at the bank and received 498,600,000 VND in my account. However, QuickBooks Online only allows me to enter 0.0000401, which results in 20,000 USD being equal to 498,753,117.21 VND. How can I resolve this discrepancy to reconcile it with my bank transaction? Which account can I use to record this discrepancy so it does not affect my report, since it pertains to the QBO merchanism and not the market rate?

Thank you for your help!

 

 

1 reply

C
ChristineJoieR
September 5, 2024

I got your point about adding an exchange rate since the value changes the transferred total amount, Linh. Let me explain this to you and share solutions for resolving discrepancies in QuickBooks Online.

 

QuickBooks Online only permits adding rates to specific figures due to its rounding of decimals to smaller amounts. Because of this, we’ll need to record the transfer using the rate that the system provides.

 

To address the discrepancies, you can record them using a Journal Entry and seek advice from your accountant on handling the gain or loss and accurate expense account. Please refer to this page for detailed instructions on inviting your accountant: QuickBooks ProAdvisor.

 

On the other hand, we can submit feedback to our developers to share this topic about adding the ability to include rates without digit limits.

 

Here's how:

 

  1. You can go to the Gear icon.
  2. Under the Profile column, press the Feedback button.
  3. Write your product suggestion, then click Next.

 

Moreover, if your bank is linked to QuickBooks, I recommend excluding the downloaded transaction in the Bank Transactions section: Exclude a bank transaction you downloaded into QuickBooks Online.

 

The Community space is always available whenever you need additional help regarding your rates and transfers in QuickBooks Online. I'll be here to lend a hand.

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