Hi - I'm new to QB and just trying to figure out how QB handles currency (in particular for Profit and Loss items) as I'm running into some issues, but don't know if it's just the way I'm doing things.
Background: We operate with just two currencies - CAD is our reporting currency, but daily transactions are done in USD. We have moved from FinancialForce. For Profit and Loss items, we used to wait until month end and run a currency revaluation for the entire month using the average rate - one process and a few minutes to do. I understand QB is based on a daily rate rather than monthly average.
My issue is, if I do not enter a USD > CAD rate in advance, and someone posts a USD entry (e.g. a sales invoice), it will get recorded at a rate of 1:1, or at the last entered rate.
- I do not want to review and manually update hundreds of transactions at the end of month.
- I do not really want to ask the whole finance team to start updating currencies as I want to retain control/oversight of what rates are used.
- I do not really want to do home adjustments for every single day as that would feel very inefficient in terms of time wasted.
What is best practice here:
- Is there any way to get QB to automatically grab the FX rate at the start of a day?
- Is there any way to get QB to automatically grab historical FX rates and batch update records rather than just the current?
- If the answer to the above two are no, can I easily batch update FX rates used for a certain period?
Thanks,
Daniel
