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BethR_Ballentine
September 25, 2023
Question

Foreign Exchange Rates

  • September 25, 2023
  • 1 reply
  • 0 views

I recently started using QBO.

When I copy a transaction and enter the new date, the foreign exchange rate does not update to the date I've entered.  Is there a setting I need change?

1 reply

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Mark_AG
September 25, 2023

Thanks for using QuickBooks Online, BethR_Ballentine. I'm here to help you update your exchange rate.

 

QuickBooks will automatically update the exchange rate if you choose a date in the past. You'll need to manually enter the rate if you wish to modify it to a future date.

 

Here's how:

 

  1. Go to the Expense or Sales menu.
  2. Look for the specific transaction you want to change the rate and click View/Edit.
  3. Under the Customer selection box, you can change the tax rate for that particular transaction.
  4. Change the date of the transaction.
  5. Click Save.

 

If you need to move money from one account to another, refer to this article: Transfer funds between accounts.

 

If you need further assistance with managing multicurrency, please don't hesitate to reach out again. We're always here to help you out. Have a great day ahead!

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BethR_BallentineAuthor
September 25, 2023

Thank you for your reply however, when I select an expense from September 1, choose edit>copy, then change the date to September 22, the exchange rate does not update to the exchange rate for September 22.  I thought the point of Quickbooks syncing with IHS Markit was so that users wouldn't have to manually enter exchange rates.  That's why I'm hoping there's a setting somewhere I need to select. 

AlverMarkT
AlverMarkT
September 25, 2023

I understand the need for QuickBooks to be up-to-date with current exchange rates, @BethR_Ballentine. Rest-assured we will find a solution for you.

 

First off, let's consider the fluctuation of exchange rates and recheck difference in the exchange rate between September 1 and September 22. Secondly, I recommend doing browser troubleshooting since this might also be a cache-induced issue. Let's start by accessing your QuickBooks Online account through your browser's Incognito Mode. Here's how:

 

For Google Chrome / Microsoft Edge / Opera:

  • Windows: Ctrl + Shift + N
  • Mac: Command ⌘ + Shift + N

For Firefox:

  • Windows: Ctrl + Shift + P
  • Mac: Command ⌘ + Shift + P

For Safari:

  • Shift + Command ⌘ + N

 

You may proceed to clear your browser's cache when this works. When this still doesn't work, I recommend using another supported browser or device. Please contact us at QuickBooks Online Support if the issue persists. 

 

Also, you might want to run and customize a Transaction Detail Report in the future to keep track of past exchange rates. Let me refer you to these articles as your guide:

 

 

Feel free to let us know should you need further assistance with Multicurrency set-up in QuickBooks in the way your business needs. We are always here to assist. Have a wonderful day.

 

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