Skip to main content
V
Venera Meskhi
September 13, 2024
Question

the exchange rate used in the process of converting the balance

  • September 13, 2024
  • 1 reply
  • 0 views

Hello Team. Help me understand the exchange rate used in the process of converting the balance of the bank account into USD. The main currency in the company is the EURO. Transactions are made at one rate, and the account balance is converted at a completely different rate. This difference for 2023 led to a discrepancy of more than 100%. Attached is a screenshot of transactions for 07/20/2023 help me understand the exchange rate used in the process of converting the balance of the bank account into dollars. The main currency in the company is the euro. Transactions are made at one rate, and the account balance is converted at a completely different rate. This difference for 2023 led to a discrepancy of more than 100%

1 reply

G
GlinetteC
September 13, 2024

I'm here to help you understand how QuickBooks uses exchange rates for foreign currency transactions, Venera.

 

Activating multicurrency in QuickBooks allows the software to utilize exchange rates to convert your foreign currency transactions into their equivalent values in your home currency.

 

Please note that QuickBooks Online uses IHS Markit to determine the exchange rates.

 

The exchange rate tells you how many units of your home currency are needed to obtain one unit of foreign currency. For more details, refer to this article: Learn about exchange rates in QuickBooks Online.

 

I’ve added a few helpful resources about exchange rates that will be useful in the future:

 

 

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.

Terms & ConditionsAccessibility statement