cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Discover the updated GST rates in QuickBooks Online Singapore Find out more
shuanwei-corpag-
Level 1

Where does quickbooks get the daily exchange rates from

 
1 Comment 1
RCV
QuickBooks Team
QuickBooks Team

Where does quickbooks get the daily exchange rates from

Let me share some information about exchange rates for foreign currency transactions, shuanwei-corpag-.

 

QuickBooks Online (QBO) downloads and uses exchange rates from IHS Markit. When turning on multicurrency, QuickBooks uses exchange rates to get the home currency values of your foreign currency transactions. Here's an article you can refer to for more details about exchange rates in QuickBooks Online. We can also enter and use your own rates to use them for foreign currency transactions in QBO Essentials and Plus versions. Here's how to use your own rate for a foreign currency transaction: 

  1. Click the + New Plus icon.
  2. Select the transaction you want to enter.
  3. From the dropdown, choose the customer or supplier.
  4. In the rate field, enter the exchange rate.
  5. Complete the transaction details, then press Save.

 

I've got some articles here for more details about multicurrency:

 

I'll address any other concerns you might have regarding the home currency adjustments for your foreign balances. If you'd like to take care of receiving and making payment for a foreign invoice/ bill with a foreign currency, lay down the details below and I'll help you out.