Exchange rate between GBP & EUR being set as 1:1 when matching a receipt from bank feed to an outstanding invoice

Hello @itsonlymelee,

I appreciate you for sharing detailed information here in the Community. I know going to each transaction takes too much time so let me help you fix the problem in QuickBooks.

Since the exchange rate updates when toggling the dates, the browser's stored cache may be full. It can cause unusual behavior in the product, like what you encounter with the currencies.

I'd first suggest logging into your QBO account using a private browser. It doesn't store data in the cache. Thus, it's a great way to isolate browser-related issues.

Use these keyboard shortcuts depending on the browser you're using:

• Google Chrome: press Ctrl + Shift + N
• Mozilla Firefox: press Ctrl + Shift + P
• Internet Explorer: press Ctrl + Shift + P
• Safari: press Command + Shift +N

If private browsing doesn't work, use other supported web engine to get the best and most secure experience with the program.

I've also attached an article you can use to make home currency adjustments in QuickBooks: Enter home currency adjustments for your foreign balances.

You're always welcome to post any questions you have in this space. I'll be happy to help you some more. Have a good day.

Thank you for your response, but I can say categorically it is not a cache/web browser issue (am a web developer in the other half of my working day).

The 1:1 exchange rate is being applied at the time the receipt is matched on the banking screen. I have just repeated the action, and never visited the receive payment screen to check, but can see that a rate of 1:1 Euro->GBP has been applied to the receipt as this is shown on the realised gains and losses report.

It seems to me that their is a bug that the correct exchange rate is not applied at the time of matching a bank receipt on the banking screen to an outstanding invoice.

Hello again, @itsonlymelee.  I appreciate your prompt response. 

Right now,  QuickBooks Online (QBO) uses the most recent exchange rate from the Markit. Thus, the rate showing in your QBO account changes day by day depends on the new rate. To resolve the issue, you can manually edit the rate if you'd not prefer using the 1:1 exchange rate. 

You can see this reference for a guide in manually editing the rate: Enter an exchange rate. Also, to know more how exchange rates work in QBO, take a look at this article: About exchange rates. 

If you have further questions about this process, let me know by commenting below. I'm always here for you. Have a nice day.

This is not a browser cache issue 100%. It's an issue experienced by all of us trying to automate the pushing of documents from HubDoc or ReceiptBank to QBO. It actually occurs to Xero as well, not that this gives QBO an excuse.  In Canada we have functionality within QBO that is supposed to be like a HubDoc or ReceiptBank but can't pick up the most basic of information and we would need to enter it all manually.

This 1:1 currency issue is why they turned off auto-processing of foreign currency rules in QBO. They too saw the issue and the quickest way to get around it is to cease pushing foreign currency bills into QBO.

We categorize the transaction from the Banking window - never just use the add without opening the transaction and ensuring there is a currency exchange value.  An alternate we tried was to use a tool that bulk adjusted the exchange rates in bills and payments but it was inefficient to do this every day and we need up to date reconciliation and the ability to pull P&L and BS reports at a moment's notice.

I have the same issue.  And I verified that changing the date does in fact bring up the exchange rate.  And it IS NOT a browser cache issue.  Its is the same in all 3 of my browsers, Safari, Chrome and Firefox.

There has to be a fix for this. PLEASE TAKE US SERIOUSLY AND CHECK INTO IT!!!!!!

I have the same issue.  And I verified that changing the date does in fact bring up the exchange rate.  And it IS NOT a browser cache issue.  Its is the same in all 3 of my browsers, Safari, Chrome and Firefox.

There has to be a fix for this. PLEASE TAKE US SERIOUSLY AND CHECK INTO IT!!!!!!

Hello there, @4043 4782 6. Welcome to the thread.

The exchange rates that QuickBooks Online (QBO) uses are from IHS Markit. And the rate showing in your QBO account changes day by day depending on the new rate. That said, when toggling the dates, the exchange rate differs. If you prefer to use your exchange rates, you can do so by following these steps:

1. In the left menu, click the + New button.
2. Choose the transaction you want to enter.
3. From the ▼ dropdown, select the customer or supplier.
4. In the Rate field, enter the exchange rate.
5. Enter the necessary transaction details.
6. Select Save and close.

For more details, see this reference for a guide in manually editing the rate: Enter and use your own exchange rates. 

In addition, for more insights about how exchange rates work in QBO, take a look at this article: Learn about exchange rates in QuickBooks Online.

Keep in touch here in the thread if you need more assistance with exchange rates in QuickBooks. We're always available to help you out. Have a great day.

Any updates on this? We just started matching payments from the bank feed, and the exchange rate does not update to the date of payment, but uses the exchange rate from the invoice.  This is a problem; no exchange gain or loss is calculated which is the whole point of turning on multicurrency feature.

The exchange rate will update if we manually toggle the date in the "receive payment" screen. As other notes, this has to be done for each individual payment and takes way too much time.  Help please.

We appreciate you joining the thread, @GenaHop.

We recognize the importance of this matter, and having the automated option when updating the exchange rate can help you save time from dealing with payments inside QuickBooks Online (QBO). Upon checking here on our end, the option is unavailable inside the program, and that said, you'll have to manually toggle changes to update the exchange rates when handling payments.

If you wish to have this feature available, we can help you send a request to our Product Development Team. This way, they'll evaluate your suggestion and consider your recommendation for future program updates. We'll write down the steps below to get you going:

1. Access your QuickBooks Online company.
2. Select the Gear icon at the top, then Feedback.
3. Enter your comments or product suggestions. Then select Next to submit feedback.

Furthermore, here are some articles to help you manage exchange rates, handle foreign invoice payments, and ensuring your data stays accurate inside QBO:

• Enter and use your own exchange rates.
• Receiving and making payment for a foreign invoice/ bill with a foreign currency.
• Run reports in QuickBooks Online.
• Customise reports in QuickBooks Online.

@GenaHop, the Community space is open 24/7 if you have any additional QuickBooks-related concerns or a task you'd like to perform inside the program. We'll be here, ready to help you address them right away. Stay safe, and have a great day ahead!