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Community Contributor *

Currency Exchange List showing incorrect Home Currency exchange value

We are running QuickBooks 2016 (yes, a bit old but works). We were updating the Currency List when we realized that our Home Currency exchange rate was showing an incorrect value. Our Home Currency is CAD and we have British Sterling Pounds and US Dollars as other currencies. They all show correct values and get updated when we choose to manually update the exchange rates. However, the Canadian Dollar currency shows a strange format. I can't remove it since this is our Home Currency. Any ideas. I'm posting this by request from our Finance person so I can't say for sure if this is normal behaviour, but I highly doubt it.

I've included a screenshot of the Currency List box. I would expect the Home Currency exchange to show a 1:1

 

qb2016-currency_error.png Currency List table

 

Thanks,

Mathew

Solved
Best answer 07-18-2018

Accepted Solutions
QuickBooks Team

Re: Currency Exchange List showing incorrect Home Currency exchange value

Hi Admin_Iqos,

 

Thanks for posting to our community!

This is a known issue which begun in last few days. All supported versions of QuickBooks are pulling through an exchange rate against the home currency in the currency list. As you point out this should not be the case.

Fortunately, this issue is a purely visual one; Using home currency, and foreign currencies in QuickBooks will not be effected by this anomaly. Our developers are investigating this issue, and looking to find a solution as soon as possible.

If you have any further questions, please feel free to post back.

Thanks!

12 REPLIES 12
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QuickBooks Team

Re: Currency Exchange List showing incorrect Home Currency exchange value

Thank you for contacting the Community. I can see that you are using our Desktop product so I will transfer your query to our Desktop support team to assist you further.

QuickBooks Team

Re: Currency Exchange List showing incorrect Home Currency exchange value

Hi Admin_Iqos,

 

Thanks for posting to our community!

This is a known issue which begun in last few days. All supported versions of QuickBooks are pulling through an exchange rate against the home currency in the currency list. As you point out this should not be the case.

Fortunately, this issue is a purely visual one; Using home currency, and foreign currencies in QuickBooks will not be effected by this anomaly. Our developers are investigating this issue, and looking to find a solution as soon as possible.

If you have any further questions, please feel free to post back.

Thanks!

Community Contributor *

Re: Currency Exchange List showing incorrect Home Currency exchange value

Has there been any update to this? We are still seeing the none zero value for Home->Foreign exchange value and now other parts of the system are experiencing issues.

 

We are now seeing memorized transactions showing up as $0 value or *overflow*

QuickBooks Team

Re: Currency Exchange List showing incorrect Home Currency exchange value

Hi admin_Iqos.

 

I'm going to look into this for you now. As soon as I have an update I will be back in touch :)

 

 

Community Contributor *

Re: Currency Exchange List showing incorrect Home Currency exchange value

AshH,

   Is the issue with Foreign Exchange for Home Currency in all versions of Quickbooks or is it limited to our QB2016 v26.0.4013.0?

Our Accounts Receivable person ran into another issue with the Foreign Exchange where it set the exchange rate to a number larger than the allowable currency value and then prevented any invoices from being created. Running the Update Currencies once more, than set a new, smaller, value which allowed the invoice to be generated, but from the earlier post saying that this is strictly visual is no longer the case. 

Is there a way to manually set the Foreign Exchange rate for the Home Currency? This seems to be the source of all problems and its a fairly new problem as we haven't had this issue for the 2 years we've been using QB2016.

 

 

QuickBooks Team

Re: Currency Exchange List showing incorrect Home Currency exchange value

Hi admin_lqos,

 

Thank you for getting back in touch.

 

I have transferred your query to our Desktop specialist so they can assist you further.

QuickBooks Team

Re: Currency Exchange List showing incorrect Home Currency exchange value

Hi Admin_Iqos

 

This issue is indeed effected all issues of QuickBooks desktop, not just QB2016 v26.0.4013.0. The issue is on the server side, and is to do with where we are pulling the exchange rates from rather than the software itself. I am frequently requesting updates as to when this will be rectified. The third party responsible for the FX rates are now looking into this as priority and as such we should have a resolution soon.

In terms of what we can do for the moment, I'm afraid there is no way to manually set a foreign currency exchange range in a master sense for the whole company's home currency, as  this should ideally always be 1:1 when QuickBooks is able to work as designed and there is usually no need at all to amend this.

The only workaround would be to do what your colleague has done so far; if you are having trouble with the exchange rate not allowing for transactions to be created you can...

a) re update to the 'latest currency exchange rates' and then attempt to create transactions again, as has been done previously by your colleague

or

b) If these are recurring transactions, they would have to be created manually rather than from the recurring transaction template.

I will keep on checking in with the team who are looking into a resolution on this, and post back when I have any update.

If you have any questions in the meantime, please don't hesitate to post back to this thread.

Thanks,

Chris.





QuickBooks Team

Re: Currency Exchange List showing incorrect Home Currency exchange value

Hi Admin_Iqos,

I have consulted with the third party who provide Exchange rates to QuickBooks desktop, and they have confirmed this issue should not be fixed.

If you go into your QuickBooks Desktop company file, go to 'Company,' 'Manage Currency,' '  Download latest exchange rates,' you should now see a home currency exchange rate of 1:1.

Thanks for your patience in this matter!

Chris.

Community Contributor *

Re: Currency Exchange List showing incorrect Home Currency exchange value

So now when I try to Download the rates, I get an error downloading the exchange rates.

"QuickBooks could not save the updated exchange rate. Verify that your system time is within 5 minutes of the current time, that your system date is correct, and then try again."

 

So I have confirmed that the time and date are correct. The server is synced with an Internet Time Server (time.nrc.ca). I have rebooted the server and I have also checked for any new updates. All works, except the exchange rate download.

 

Mathew

QuickBooks Team

Re: Currency Exchange List showing incorrect Home Currency exchange value

Hi Matthew,

I had this exact issue the other day on my QuickBooks 2016 when the home currency issue was still ongoing.

In my case, restarting my computer seemed to resolve this. When you say you have rebooted the server, have you also rebooted the workstation P.C on which you access QuickBooks desktop?

 

Thanks,

 

Chris.

 

Not applicable

Re: Currency Exchange List showing incorrect Home Currency exchange value

I'm struggling with the same issue. My current bank account (home currency) is now being shown in my foreign currency amount which is incorrect. Any solution to this yet?

QuickBooks Team

Re: Currency Exchange List showing incorrect Home Currency exchange value


Hello there, Morgan de Klerk.


Thanks for letting us know about the situation you're currently experiencing. Let me share some information about the foreign exchange showing the incorrect amount.


As of the moment, there isn’t a specific time frame as to when the issue be resolved. Our engineers are diligently working towards resolving this.

 

I’d suggest contacting our Technical Support Team so they can add you to our notification list. You’ll be notified through email once an update is available.

 

To contact support:

 

  1. In your browser, enter this link: https://help.quickbooks.intuit.com/en_GB/contact .
  2. Select QuickBooks Desktop.
  3. Choose your QuickBooks for Windows version.
  4. Select the issue/topic.
  5. Click on the Get Phone Number button to see the support number.

If there's anything else that I can help you with, leave a comment below. I'll around to assist you further.