Will HMRC accept your exchange rates, until now I used the monthly HMRC rates, but it would be much more convenient if they accept your rates. thanks

[TaliaI]

Hello kgar,

QuickBooks uses the New York Stock Exchange for any exchange rates. If you are unsure if HMRC accepts this, it would be best to contact them to check.

Thanks,

Talia

[kgar]

Hello

in the meantime I have contacted HMRC but to e honest I didnt understand their answer. I would like to know if other QB users are using the NY stock exchange rates or if they change this rate to the HMRC manually for each transaction?

thanks a lfot

Karin

[IamjuViel]

Hello, @Karin.

Let me share the complete list of HMRC-recognised stock exchanges in the United States of America. 

• BATs Exchange Inc
• Boston Stock Exchange
• Chicago Board Options Exchange
• Chicage Stock Exchange
• International Securities Exchange
• National Stock Exchange
• New York Stock Exchange
• NYSE MKT
• NYSE Arca
• NASDAQ OMX PHLX
• NASDAQ

You can visit the HMRC website to see the complete guide of recognised stock exchanges within each country. Also, you can view which markets are classed by HMRC as having listed securities. You can browse this site: Recognised stock exchanges: section 1005 Income Tax Act 2007.

On the other hand, I've got these articles to learn how QuickBooks handles multicurrency:

• About exchange rates
• Multi-currency in QuickBooks

Always feel free to get back to us if you have other questions about managing your business using QuickBooks. Wishing you continued success!

[kgar]

Good morning

thanks a lot for your quick answer.

Unfortunately I am not an accountant, nor english and therefore not sure if I understood correclty.

I understood that HMRC will accept USD exchange rate from New York stock, as USD is  the currecny of the US.

But I am as well having Euro bank accounts in Germany, France and Spain and the UK. Will HMRC as well accept the Euro/GBP exchange rate from NY stock exchange, although this rate is not set by the respective country?

Thanks

Karin  

[AlcaeusF]

I appreciate you for getting back to us here in the Community, @kgar.

Let me share additional information about your stock exchange concern.

The website provided by my peer above includes other countries aside from the United States. I'm attaching the link on your behalf to check the information listed by HMRC:

https://www.gov.uk/government/publications/recognised-stock-exchanges-section-1005-income-tax-act-20....

I also suggest enabling the Multicurrency feature in QuickBooks to use recent exchange rates for your foreign transactions. For additional information and instructions, I've attached an article about entering exchange rates: Enter an exchange rate.

You can also reach out to an accounting professional for additional guidance of the process. They'll be able to share more details and guide you on how to handle the business transactions. 

I'm only a few clicks away if you have any other questions. Wishing you and your business continued success.

[kgar]

Hello

thanks for your answer, but my question is stillnot qnswered. I suppose its my fauflt as my engish isnot clear enough.

As far as I understood the autmatically proposed exchange rates from QBO no matter which currency are exchange rates set by NY stock exchange.

As far as I understood the HMRC note HMRC only accepts exchange rates for the respective county eg 

NY stock exchange for USD currency

for Euro transaction in Germany I have to use a german rate like from Frankfurt

for Spain a rate set by bolsa of Madrid  aso

Or could I use the NY stock exchange rate as well for Euro, NZD, CAD and AUD?

thanks

[RaymondJayO]

Let me clear up the confusion for you, @kgar. 

Yes, you're correct. QuickBooks Online (QBO) automatically uses the New York Stock Exchange (NYSE) as the default rate for foreign currency transactions. 

Based on the HMRC's guidelines, there are recognised stock exchanges for your other three countries. I'll enumerate some of them below: 

• Germany: Frankfurt, Berlin, or Dusseldorfer Stock Exchange
• France: NYSE Euronext Paris, MATIF, or MONEP
• Spain: Bolsa de Valores in Barcelona, Bolsa de Valores in Bilbao, or Bolsa de Valores in Madrid

In line with this, I'd still suggest consulting your accountant. They can help you determine whether you'll need to use the NYSE rate for the three countries or manually changing the rate per transaction for each country. That way, we can ensure your books will stay accurate and compliant with the HMRC rules and regulations. 

I recommend visiting this resource hub: Multicurrency Overview. It has in-depth details about the effects of using the Multicurrency feature on your company's accounts and balances. It also provides you links to learn more about this functionality in the program. 

Please know that you can count on me if you need anything else. Keep safe always. Stay healthy, @kgar. 

[paulrice99]

Those are approved exchanges for establishing the price of stocks and whether stocks and shares are securities that are publicly listed, nothing to do with currency rates.

HMRC allow you to use any published market rates that reflect exchange rates available for transactions in the UK or use the rates they publish.  So no, in theory you cannot use the rates on Quickbooks, however they might be close enough that a tax inspector would not challenge it.