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.
