Problems with FX precision

[tkelly_uk]

I'm seeing two problems with the precision (or lack thereof) QB uses to store exchange rates.

The first is a discrepancy I'm seeing between my Desktop data and what I get when I upload that into QuickBooks Online. Here's a specific example. 

On QB Desktop, I have a Bill Payment check drawn on a EUR account, with an exchange rate of 1 EUR = 1.0497 USD -- i.e. specified to four decimal places. But when I import my file into QB Online that same check ends up with an exchange rate of 1 EUR = 1.049698 USD -- i.e. specified to six decimal places. That extra precision in QB Online is very welcome, but where is it getting those extra least-significant digits from? In other words, with a QB Desktop rate of 1.0497, why isn't the corresponding QB Online rate 1.049700?

The second problem is purely in Desktop, and I spotted it only when trying to fix the first problem. I'd always thought that QB allowed 5DPs of precision, so I changed that 1.0497 in the Desktop check to 1.04969. That was accepted, and it did improve the situation since it reduced the size of discrepancy between Desktop and Online.

But then, just in case I'd completely underestimated QB Desktop and in fact it would handle the same 6DP precision as QB Online, I tried changing the 1.04969 to 1.049498 -- i.e. to match QB Online exactly. The result was worrying -- the whole thing just snapped back to 4DP precision; i.e. to 1.0497. Just to be clear then, in QB Desktop, for the EXCHANGE RATE field in a Bill Payment Check:

If I enter 1.0497, I get 1.0497

If I enter 1.04969, I get 1.04969

but

If I enter 1.049698, I get 1.0497. (!)

(That last is a bug, surely.) 

[Rasa-LilaM]

Hello there, tkelly.

Thanks for dropping by the Intuit Community. I appreciate such detailed information for it gives me an overview of what’s happening.

Allow me to share some information as to how the exchange rates work in the desktop version and QBO.

In QuickBooks Desktop, you’ll be able to enter the six digits for the exchange rate. Once saved, the software will automatically round them off to four digits. I can see it doesn’t behave the same way with the online version, rest assured we’re looking into this and we take every opportunity to improve the software.

I don't want to leave you empty handed, so I'm including a link where you can see the latest news about the product and feature enhancements: The QuickBooks Blog.

The information I provided should help you moving forward.

If you have follow-up questions or other concerns, leave me a comment. I’ll be right here to answer them. Have a good one.

[tkelly_uk]

Hi @Rasa-LilaM 

Any news on this? I've now seen the QuickBooks Online issue many times and it is a source of many incorrect entries in QB Online after exporting from the Desktop.

Also, since I first mailed I've noticed another export problem related to currencies. We work with customers in FIVE different currencies, and so we have accounts and transactions corresponding to each of those. And in terms of the accounts themselves, those do appear to be accepted by the export process and they arrive safely in QB Online denominated in their correct currencies.

But when I look in our currency List, only FOUR of the currencies are shown. The fifth is not mentioned and I have to add it manually. And that may explain some of the FX rate problems I've been seeing. If a currency is missing, then presumably QB Online has to rely on market rates. But again, that seems broken to me.

Thanks for any input you can provide.

--

[Mark_R]

Hello there, @tkelly_uk.

We haven't received any update in exchange rates work in the desktop version and QBO. And allow me to share some information about the currency list in QuickBooks Online.

The reason you’re only seeing four currencies in the currency list since one of these is your home currency. And this home currency will not be listed on the list.

You might also want to read this article to know the supported currencies in QuickBooks Online: List of Supported Currencies.

Fill me in if you have any other concern. I'll be around if you need any help.

[tkelly_uk]

Thanks Mark

---

@Mark_R wrote:

...

The reason you’re only seeing four currencies in the currency list since one of these is your home currency. And this home currency will not be listed on the list.

That's puzzling, because it's not what I'm seeing. See the two attached screenshots.

The first is our Currencies List. Notice that, contrary to what you just said, one of them is our Home Currency, USD. But more important to me, notice too that Swedish Krona, SEK, is not in the list.

And then the second screenshot is of the A/R section of our CofA, showing that we are indeed using FIVE currencies, and that one of them is SEK.

But to be honest, I actually don't care what's on the Currencies List and what's not. That's just a means to an end. What I care about is simply being able to work with with my foreign currency exchange rates the way I used to in QuickBooks Desktop.In Desktop, you do that via the Currencies List; in QuickBooks Online ... well that's what I want to know.

And by "work with" I mean I want to be able to see/modify/delete historical exchange rates for all of my foreign currencies, and also add new historical rates where required. 

So, regardless of whether it's via the Currencies List, or via some obscure click-menu-click-submenu-click-shake-it-all-about route, how does one see/modify/delete/add historical exchange rates in QuickBooks Online?

thanks,

Thomas

[Rose-A]

Hello, tkelly.

Allow me to take over and provide you additional information about historical exchange rates in multi-currency via QuickBooks Online.

I appreciate the screenshots you've provided. To answer your questions, all the currencies that are on your lists will show on your QuickBooks Online account except the ones deleted. On the other hand, the chart of accounts is not connected in your currency's lists so it will still show all the five account, including the SEK currency.

For now, there isn't a way to add historical rates in QuickBooks Online. However, you can revalue the currency's amount and delete it if it's not associated with any accounts or transactions. 

Here's how:

1. Select the Gear icon on the Toolbar.
2. Under Lists, select Currencies.
3. From the Edit currency exchange drop-down menu in the Action column, select Delete.
4. Select Yes to confirm the deletion.

You can get more details in this article: https://quickbooks.intuit.com/community/Reports-and-accounting/How-to-turn-on-Multi-currency-and-add....

Drop me a reply below if you need additional help with multi-currency via QuickBooks Online. I'm always here to help.

[tkelly_uk]

---

@Rose-A wrote:

To answer your questions, all the currencies that are on your lists will show on your QuickBooks Online account except the ones deleted.

---

I fear we may be talking at crossed purposes. Let me re-state the situation as clearly as I can:

• In QuickBooks Desktop:
  • We have FIVE currencies in use, as evidenced by the five A/R accounts with their different currencies, AND:
  • We have FIVE currencies on our Currency List: USD (Home), CAD, EUR, GBP, and SEK

Then we export and the result is that:

• In QuickBooks Online:
  • We have FIVE currencies in use, as evidenced by the five A/R accounts with their different currencies, BUT:
  • We have FOUR currencies on the Currencies list: USD (Home), CAD, EUR, and GBP

So SEK was present on the list in Desktop, but SEK is not present on the list in Online. Now I certainly didn't delete it. Are you saying the export process did?

If not then doesn't the situation I'm describing directly contract you when you said:

---

@Rose-A wrote:

... all the currencies that are on your lists will show on your QuickBooks Online account except the ones deleted.

Thomas

[Catherine_B]

Hi there, Thomas. 

I reviewed our open investigations and can't find any similar cases about missing currencies when importing to QuickBooks Online. As previously shared, all currencies will be imported except for the deleted and inactive ones. Though, transactions type with three different currency types will not be imported as well.

You can call our phone support agents to report your concern. Here's how: 

1. Go to the Help icon indicated with a question mark.
2. Click the Contact Us button. 
3. Enter your question about multiple currencies not imported and then click Continue. 
4. Select Get a call back button and enter the necessary information. 
5. Then, click the Call button. 

The Community is always around to help you if you have additional concern.