Historic exchange rates have been quirky recently. for e.g. when selecting THB to USD rate on 31/12/2023, it was 0.029044 yesterday but 0.028652 today... what's going on?

Hi there, William.

Thanks for reaching us. I know how important it is to match your currency transactions in QuickBooks Online. I'll shed some light on how exchanging rates works in QuickBooks.

When you turn on the multicurrency feature, you can either use the exchange rates provided by IHS Markit or set up your own exchange rates for foreign currency transactions. This is why the rates may change from time to time. If you prefer to use your own rates, you can set them up and use them for one or more transactions.

Here's how:

1. Sign in to your QuickBooks Online Account.
2. Click on + New, then select the transaction you want to work on.
3. Choose the Payee and the Payment account from the dropdown button.
4. Then in the Rate field, enter the exchange rate.
5. Make sure to complete the transaction details, then hit Save and Close.

For more information you can check out this link: Enter and use your own exchange rates in QuickBooks Online.

Moreover, you may want to visit this article for future reference on how to get answers to frequently asked questions about using multi-currency in QuickBooks Online: Multi-currency FAQ.

Please don't hesitate to reach out to me here if you need further assistance with managing multiple currencies in QuickBooks. It's important to me that you feel supported and cared for. Have a great day ahead.

Hi Eman,

Yes, I know that daily rates fluctuate since QBO pulls them from IHS Markit. However, my issue is with historical exchange rates. Let me give you an example (which happened yesterday and today):

on 24th Apr, SGD to USD exchange rate on 31 Dec 2023 was 0.757848 (I was posting year-end adjustments)

on 25th Apr, SGD to USD exchange rate on 31 Dec 2023 (same day!) was 0.757174 (I am still posting year-end adjustments).

I did not enter manual rates in both cases, and I even made sure to click another date before clicking back to 31 Dec 2023 since there is a known bug that QBO rates might not refresh when duplicating journal entries/bills/invoices/etc. 0.757848 and 0.757174 were given to me by the system, for the same posting date. It cannot possibly be daily rate fluctuation as it's already 25 Apr now.

Regards,

William

Thank you, william72, for sharing more details regarding your concern about historical exchange rates.

I'm here to provide additional details and offer assistance on this matter.

Please note that exchange rates are date-specific and can vary for each adjustment. This means that the rate you see for December 31, 2023, may not be the same as rates on other dates.

To ensure accuracy when recording an adjustment for December 31, 2023, I'd recommend seeking advice from an accountant. They can guide you on the best date and exchange rate to use for your adjustment, ensuring that your financial records accurately reflect the information for that specific date.

Additionally, you can visit this resource for more information about exchange rates related to foreign currency transactions: Learn about exchange rates in QuickBooks Online. It will provide you with detailed insights into how exchange rates are handled and managed within the system.

Please let me know if there's anything else I can assist you with exchange rates or other concerns. I'll be happy to lend a hand always.

Hi Glinette,

Thank you for chipping in, but I don't know how to make it clearer.

I posted an entry yesterday, and another today. Individual entries into different accounts.

Both were for 31 Dec 2023. I did not post it on 23 Apr, nor did I post in on 24 Apr.

The ACTION of posting were on those dates, but the DATE to be posted were both 31 Dec 2023.

And I'm getting two different exchange rates for posting on the same day on 31 Dec.

Unless you mean theHISTORIC exchange rate on 31 Dec 2023 may still vary even when I'm posting entries in Apr 2024?

Let me explain further, William.

In QuickBooks Online, exchange rates refresh every four hours and it's working as designed. Thus, it's normal for the rates to change the next day.

Moreover, if you want the rates to remain steady, I can help you set it up.

Here's how:

1. Select the transaction you want to enter from the + New.
2. From the drop-down, select the Customer or Supplier.
3. Enter the exchange rate in the Rate field.
4. Select Save and close after you completing the transaction details.

Additionally, here's a helpful guide incase you'd be interested to learn how exchange rates works in QuickBooks: Learn about exchange rates in QuickBooks Online.

I'm right here if you have further questions and concerns. Take care.

Hi Shang,

Do you mean even the historic rate (on 31 Dec 2023) will also refresh every four hours? Meaning if I were to be back-posting on 31 Dec 2023 for the entire day today in a foreign currency (let's say THB), the system might give me different rates? That doesn't sound right. 

I guess the workaround is to manually input the rate for all transactions posted on 31 Dec 2023 then. 

This is not what we want you to experience, @william72. Let me provide additional details about historic exchange rates in QuickBooks Online (QBO).

It's important to know that the exchange rates are date-specific and may differ for each adjustment. Therefore, when you posted year-end adjustments for April 24 and 25, it creates two different exchange rates in December 31, 2023.

In your case, you can enter your own exchange rates and use them for foreign currency transactions if you want specific rates to avoid system changes. Before doing that, you must enable and use multicurrency in the accounts and settings.

Here's how:

1. Login to your QBO account
2. Go to the Gear icon, then select Account and settings.
3. Select Advanced.
4. In the Currency section, click the pencil icon to edit.
5. From the Home Currency dropdown arrow, select your currency.
6. Select the Multicurrency checkbox and confirm that you understand that you can't undo this option.
7. Click Save to confirm.

After that, you can now create your own exchange rates for a foreign currency transaction.

Here's how to do it:

1. Go to the Gear icon, then select Account and settings.
2. Select Advanced.
3. In the Currency section, select the Manage Currencies link.
4. Find the exchange rate you want to update and select Edit currencies exchange in the Action column.
5. Click Save to confirm.

Refer to this article for more details about creating your own exchange rates for foreign currency transactions: Enter and use your own exchange rates in QuickBooks Online.

In addition, if you want to learn how to receive and make payments with a foreign currency in QBO, please check this article: Receiving and making payment for a foreign invoice/ bill with a foreign currency.

If you have any other questions about exchange rates in QBO. Please leave a reply in the comment section. We're always here to assist you. Keep safe.

Hi Heide,

Goodness... Why is the QB team repeating the same non-answer? I don't know how to make it simpler...Here is my last attempt:

On 23 Apr, I posted a journal entry dated 31 Dec 2023. THB to USD exchange rate was 0.029044

On 24 Apr, I posted another entry, also dated 31 Dec 2023. THB to USD exchange rate changed to 0.028652

I know QB gets exchange data periodically form IHS Markit. So my question is:

Why is the HISTORIC exchange rate on 31 Dec 2023 changing? 

And I have already enabled multicurrency, if not I won't have this issue in the first place!

And one more thing, I KNOW I can set exchange rates manually, but the rates in QBO only applies to entries posted on that date. In the desktop version, the system automatically chooses the last rates used as per currency list. This means I just need to update the currency list monthly in the desktop version, but I have to manually input the rates for every single transaction in QBO unless I use IHS Markit's rates. 

QBO giving fluctuating historic exchange rates is obviously a but. Please report this to your technical team. After so many exchanges, I don't see any merit in your team defending this point.

We appreciate you for bringing this matter to our attention, William72. Let's perform some troubleshooting steps to get these historic exchange rates fixed in QuickBooks Online (QBO).

We commend you for performing the recommended solutions provided by my colleagues. We can isolate this issue by running QBO in a private browser that is free from cache files. The browser's cache may have been occupied with duplicative files that make QuickBooks unable to retrieve saved currency. Here are the useful shortcut keys you can use to access one:

• Ctrl+ Shift + N for Google Chrome
• Ctrl + Shift + P for Mozilla Firefox and Microsoft Edge
• Command + Shift + N for Safari

If it works, return to your default browser and clear your regular browser's cache. Every so often the cache becomes overwhelmed with older data which can potentially cause viewing and performance issues. Clearing it will refresh the system, and you'll be able to work with a clean slate. Switching to another compatible one to help rectify the issue.

However, if you're still experiencing the same issues, I suggest contacting our Customer Support Team. They have the tools to pull up your account in a secure environment and investigate what's causing this odd behavior of exchange rates. Here's how to reach them: 

1. Click (?) Help on the top menu. 
2. Select either tab to get started.
3. Assistant: Get quick, personalised answers. Select a suggested option, or type a question or topic you need help with. If you decide you need further help, you can still chat with a human.
4. Search: Type a question, keyword, or topic for QuickBooks Online self-help content or select Contact Us, type a question, and Continue.
5. Choose a way to connect with us: Start a chat with a QuickBooks support expert online.

Furthermore, you can review the articles shared by my colleagues, like resources for entering and using your exchange rates and about exchange rates.

If you have any further questions regarding multicurrency in QBO, feel free to reach out. I'll be here to help you out. Take care always.