I NEED to input exchange rate up to 8 decimal points !!!!!

I PAY FOR MY SUBSCRIPTION WITH QUICKBOOKS AND I AM NOT EVEN ABLE TO MAKE THE SAME EXCHANGE RATE IN QUICKBOOKS AS IN MY BANK STATMENT AS QUICKBOOKS HAS A LIMIT OF 7 DECIMALS WHEN I NEED 8!!!

IS A JOKE , NOT A COMPANY!

Hi there, manceps,

I understand how you want the use the 8 decimals for the exchange rate. 

The Currency & Exchange Rates list is updated to display the new currency with the most recent rate from Markit. Hence, QuickBooks Online uses 7 decimals. See the exchange rate and how it's calculated in QuickBooks Online for more details.

To  ensure you have accurate balance when you reconcile the account, you'll need to create a dummy bank account. This will help facilitate the movement between 2 different foreign currencies.

1. Select the Gear icon, then select Chart of Accounts
2. Select New
3. Under Account Type column, select Cash and cash equivalent. Under Detail Type column, select Cash on hand. And under Name column, type in Dummy Bank
4. Before saving and closing, make sure that it is in the home currency (which is SGD in this case).

After that, record the payment of the foreign invoice. In the Receive Payment module, set the Deposit To field to Dummy Bank Before saving the transaction, take note of the home currency (SGD) amount displayed at the bottom right.

For example, you've received USD 1000 payment for the invoice and this gives me SGD 1300. You'll have to transfer this SGD 1,300 from Dummy Bank to the EUR bank account. Here's how:

1. Click + New, then choose Transfer.
2. Under Transfer Funds From column, select Dummy Bank from the drop-down arrow.
3. Under Transfer Funds To, select EUR Bank from the drop-down arrow.
4. Under Currency column, select SGD from the drop-down arrow.
5. Under Transfer amount column, type in 1300
6. Under Exchange rate, the exchange rate will automatically appear which is 1.625 in this case.
7. You can manually change the rate.

To pay for this USD invoice, the customer paid EUR 800. To get EUR 800 from SGD 1300, we divide 1300 with 800 to get 1.625 as the exchange rate.

Let me know if you need additional information by commenting below. I'm always right here to help.

I need to input an exchange rate up to 12 decimal points is there any add on feature that I could give me the access to do so ? I am also willing to pay extra for this.. I do not want to create a dummy account as that is just to time consuming and frankly silly.  I have subscribeed for the plus pakage and will definitely have to cancel as this is very inconvinent !! Please get back to me ASAP !! 

Thanks for following this thread, Mohamed Fawaz.

As mentioned by my peer, the Currency & Exchange Rates list is updated to display the new currency with the most recent rate from Markit. That’s why QuickBooks Online uses 7 decimals. Click here for more details.

I recognize the importance of adding more than seven decimal points to the exchange rate. I recommend sending feedback on adding this feature for consideration in future enhancements.

Ideas like this will help us identify the feature our customers need the most. Let’s log in to your company to submit your feedback.

1. Go to the Gear icon at the top and choose Feedback under Profile.
2. Type the information of how you wish the program to works.
3. Then, click the Next button.

I’m adding an article that will guide you on how to enter your exchange rates so you can use them for foreign currency transactions: Exchange rates.

Don’t hesitate to post a comment below if you still need help with QBO. Please know the Community and I are here to assist further.

@Mohamed Fawaz  

I believe you are using SGD as the home currency. To which country do yo have to deal with? We may recommend one app as workaround to deal with multi currency transactions. 

the currency I am using is Sierra Leone Leones.

@Mohamed Fawaz  

We have yet to find any workaround to deal with Sierra Leone Leones. You may keep posting data in SGD and your vendor in a few countries in Afrika accepts the payment in their local currencies (i.e Egypt, Nigeria, Ghana, South Africa, Kenya, Tanzania, Morocco, Uganda).

https://transferwise.prf.hn/l/75dqNgB

Your suggested solution just doesn't help. Because you enforce converting a smaller currency to bigger currency (for ex. THB to SGD, VND to SGD, IDR to SGD), where allow the other way would work magically. 

QBO simply doesn't understand user's pain point and study cases for exchange rate. It's too late for me to migrate to another platform. Have been living with this issue. 

Regarding submitting feedback, I did.

Taking the chance of this post, where another use reports similar issue as mine. I repeat my feedback again. 

I hope this is fixed ASAP.

QBO is not supporting multi-currency well for currencies like VND, THB, IDR, whose value is significantly smaller than SGD/USD/AUD.
I don't have issues with USD, AUD, SGD, GBP, EUR because their currency values are close. FX about 1 plus, 2 plus.

Xero for ex. allows 1 SGD = 17135.4 VND
But QBO forces VND = x SGD with limited spaces for decimal points. which can only record 1VND = 0.0000586SGD - where it should have been recorded as 1VND = 0.000058 569

As a result, 31,991,792 VND - which should be 1,867 SGD - recorded as 1,855.52 SGD and I can't change it.

If QBO like Xero allows 1 SGD = 17135.4 VND then there should be no issue.

Same situation for THB and IDR.

This limitation is really inconvenient because I deal with multiple currencies often. And I keep creating Journal transactions for it to do reconcile.

Thank you.

@HelenDoan 

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@HelenDoan wrote:

Your suggested solution just doesn't help. Because you enforce converting a smaller currency to bigger currency (for ex. THB to SGD, VND to SGD, IDR to SGD), where allow the other way would work magically. 

Explore a workaround as I mentioned in earlier post. Let your clients pay in their local currency and you will received it in SGD.

 

It's too late for me to migrate to another platform. Have been living with this issue. 

You may purchase a 3rd party conversion service.

 

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Receiving payment in Foreign currency is still OK to deal with , through Undeposit Fund account. You don't need to create a Dummy bank account for this purpose. Upon depositing into Home currency, you can make adjustment then. 

Paying bills in Foreign currency is a PAIN. You can't use the same method as above. Creating a dummy bank account won't help. 

@HelenDoan 

I didn't mentioned about creating a dummy bank account. You may open the SGD bank account at TW as a workaround. e.g with the current exchange rate, you will receive SGD 7,58 in your account when your customer paid IDR 100.000. Run the bank feeds if required.

The same process with your bill payment. You may transfer out SGD 200 from your TW account and your vendor will receive IDR 2.128.613. 

Just my 2 cents.

Thank you.