I need to input exchange rate upto 7 decimal points (for eg: 0.8409015) instead of 6 as due to this i am unable to reconcile my bank statement with the QB balance. Advise

Hi Nasir.Mushtaq997,

I agree with your idea when it comes to entering the 7th decimal number at the exchange rate.

I consider that this is a valuable product add-on feature and that this could really help us improve the customer experience for QuickBooks Online.

This has been appraised and I have included my proposals for it. It would be excellent if you can also submit a feedback for this one through the Gear icon then the Feedback link.

As QuickBooks Online FX rate source is Wall Street Journal  which has 4-5 decimal places, QBO defaults/only have a limit of the decimal digit.

The recommended workaround is you can either round to the nearest or only use the max digits.

If you have further questions please let me know.

That doesn't seem to be a workaround as the US currency amount still ends up wrong.

Hello there, @Al_S.

Our goal is to make QuickBooks Online the go-to software for small business owners. We place a value on your ideas and take them into consideration when improving the product. I’ll send feedback on your behalf about entering more than six decimal numbers on transactions.

For future reference, here’s a link containing articles on how to manage finances and tips to choose the right location for the business: QuickBooks Resource Centre. 

I know there’s a difference in the amount once you round off the numbers to the maximum digits. I still suggest following the workaround provided above and then create an adjustment to keep your records in order.

The following provides an overview of how to fix reconciliation differences and steps to create an adjusting entry.

• How to adjust a reconciliation
• Resolve reconciliation differences

Leave a comment below if you have any other concerns while working in QuickBooks. I’m here ready to assist further. Have a good one.

I notice that based on feedback you increased decimals for exchange rates to 7 decimal points, which had the flow on effect for inventory.

Are you able to do a further increase to 16 decimal places (or worst case at least 8) in order to be able to track cryptocurrency - Eth rounds to 16 decimal places & a lot of Eth tokens round to 8 or 16....

Hello there, CryptoChaser. 

Your feedback are on how we can improve the quality of our software. I suggest making manual adjustments to the rates for us to be able to reconcile transactions correctly. As suggested by my colleagues, you always visit our QuickBooks Blog for more updates on new implemented features. 

Also, you can log in to your QuickBooks Online account and click the bell icon at the upper-right for notifications on what's new with QuickBooks. 

The Community is always open if you have other questions. Feel free to drop your reply. You take care always!

Hi There

Dear Quickbooks - your response makes no sense to me.  I need the number of decimal points to be INCREASED.  Manual adjustments will not fix the problem as to do that I need to keep extensive spreadsheets outside Quickbooks & be constantly adjusting multiple inventory and cash accounts - which will never reconcile anyway - as cryptocurrency is actually valued at between 8 & 16 digits - also, why would you want to be reconciling - huh?