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Revalue Currency

When trying to close our multi-currency books for the year in Quickbooks Online, I went to the Currencies list and chose Revalue Currency for USD.  Under "Rate" it gives you two options:

 

1)  Market Rate on Revalue Date

2)  Custom Rate

 

In order to comply with Nicaraguan government requirements, we need to revalue our currency using the Nicaragua Central Bank rates.   Thus, I chose "Custom Rate" and added in our custom rate or 32.3305.

 

However, the revalue calculation still used the Market Rate of 32.3705, even though I didn't not click that circle.  I deleted the Journal Entry that was made and tried again, without luck.  So our accounts are currently showing balances in the home currency (NIO) that are not correct according to the government requirements here in Nicaragua.

 

Could this be a programming glitch?  Has anyone else experienced this?  I can add a manual journal entry to adjust these USD balances, but obviously this is something that Quicbooks should be able to do.

Best answer 03-11-2019 10:44 AM

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Established Community Backer ***

Re: Revalue Currency

@karen_labase 

I tested this and I did not find the problem you found. What I did notice is there is a little bug in that  if you click Custom,  enter a rate, then click Market and back to Custom it does not change, so don't click Market and back to Custom.  I tested this in the USA version

6 Comments
QuickBooks Team

Re: Revalue Currency

Hello there, @karen_labase.

 

Thanks for reaching out us and providing details. I can help you update the home currency (NIO) to 32.3305.

 

I've checked my resources to verify if there's an on-going investigation about this. However, there are none. Let's work together to make sure your revalue currency is correct!

 

Here's how to update the rate:

  1. Click the Gear icon.
  2. Choose Currencies.
  3. Look for the currency you'd like to change.
  4. Under the Action column, click the Edit currency exchange link.
  5. Choose the Your Rate radio-button.
  6. Update the rate. 
  7. Click Save.

1.PNG

Make sure to verify that the Rate column is updated. QuickBooks doesn't follow the retroactive effect. If there are transactions with the old rate, you will have to delete and recreate them.

 

For more details, please refer to these articles: 

If you've follow the steps above and still the rate is incorrect, you can try adjusting the rate using the incognito mode or private browsing mode.

  • For Chrome, press Ctrl+Shift+N.
  • For Internet Explorer or Firefox, press Ctrl+Shift+P.

If you got it to work, try clearing the temporary Internet files/cache in your browser (regular view). This helps clear old files that the browser may try to use that can cause display or access problems.  Then, you can also try other browsers.

 

That should get you going today, karen_labase. I'm still here to help you more if you have other questions about multi-currency. Just drop a comment or mention my name. Have a wonderful weekend!

Community Contributor *

Re: Revalue Currency

@HoneyLynn_G This did not help. It only changed the market rate to 32.3305 as of today 3/11/2019.  I couldn't change the rate as of 12/31/2018.

 

I am going to have to do a manual entry to adjust these balances to the rate I need to report to the Nicaraguan government.

 

Please open an Investigation to look into this issue:  the Revalue Currency tool does not allow you to provide a Custom Rate.  It automatically uses the Market Rate.

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Established Community Backer ***

Re: Revalue Currency

@karen_labase 

I tested this and I did not find the problem you found. What I did notice is there is a little bug in that  if you click Custom,  enter a rate, then click Market and back to Custom it does not change, so don't click Market and back to Custom.  I tested this in the USA version

QuickBooks Team

Re: Revalue Currency

Hello there, karen_labase.

 

Thank you for following my recommendation and providing the results. 

 

To investigate why the currency is using the Market Rate and not the Custom Rate, I advise subscribing to our callback feature. Checking the root cause of this requires tools, like screen sharing, that only the phone support team has. They can also create an investigation ticket if there are other customers experiencing the same thing.

 

Here's how to provide your company details:

  1. Click the Help tab.
  2. Choose Contact us.
  3. Enter Phone support and click Continue.
  4. Choose Get a callback.
  5. Enter your phone number, full name and email address and then click Call me.

 

Let me know if there's anything else you need about QuickBooks. I'm still here to offer my assistance. Keep me posted as well on how the call goes. Just click the "Reply" button.

Community Contributor *

Re: Revalue Currency

Thank you @Malcolm Ziman !  That worked!

Established Community Backer ***

Re: Revalue Currency


@HoneyLynn_G wrote:

 

Thank you for following my recommendation and providing the results. 

 

To investigate why the currency is using the Market Rate and not the Custom Rate, I advise subscribing to our callback feature. Checking the root cause of this requires tools, like screen sharing, that only the phone support team has. They can also create an investigation ticket if there are other customers experiencing the same thing.

 


Your recommendation was not responsive to the question being asked, and there is no need that I see for the asker to investigate anything.

My answer was given Kudos before your post and then marked as Solved, which indicates there actually was not a problem.  Your post is ridiculous if not insulting.