cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Do you have a question about self-assessment or anything else? - Ask it here!
christine9
Level 1

Can currency exchange rates be changed to 1 GBP = 1.3 USD instead of 1 USD = 0.76 GBP?

 
Solved
Best answer April 15, 2020

Accepted Solutions
MarsStephanieL
QuickBooks Team

Can currency exchange rates be changed to 1 GBP = 1.3 USD instead of 1 USD = 0.76 GBP?

Hello there, christine9.

 

Yes you can change the currency rate in the actual transaction. Let's apply this in an invoice for example, when you have a customer with United States Dollar currency, and you as the Home currency is Great Britain Pound currency, this is how it look like.

 

invoice Curency.jpg

 

Aside from invoice transactions, you can change the rate with other transactions in QuickBooks Online.

 

Let me know if you need further assistance. I'll be here to help. Take care.

View solution in original post

4 REPLIES 4
MarsStephanieL
QuickBooks Team

Can currency exchange rates be changed to 1 GBP = 1.3 USD instead of 1 USD = 0.76 GBP?

Hello there, christine9.

 

Yes you can change the currency rate in the actual transaction. Let's apply this in an invoice for example, when you have a customer with United States Dollar currency, and you as the Home currency is Great Britain Pound currency, this is how it look like.

 

invoice Curency.jpg

 

Aside from invoice transactions, you can change the rate with other transactions in QuickBooks Online.

 

Let me know if you need further assistance. I'll be here to help. Take care.

christine9
Level 1

Can currency exchange rates be changed to 1 GBP = 1.3 USD instead of 1 USD = 0.76 GBP?

Can you tell me where the exchange are taken from for USD & CAD?

katherinejoyceO
QuickBooks Team

Can currency exchange rates be changed to 1 GBP = 1.3 USD instead of 1 USD = 0.76 GBP?

Thanks for coming back, @christine9. QuickBooks Online uses the most recent exchange rates from the Market. 

 

The foreign currency is always 1 unit, the exchange rate is the number of CAD that equals 1 USD. You can read this article for more information: About exchange rates. 

 

For future reference, check out this article to learn more about Multi-currency in QuickBooks. It contains links to different topics that explain the use of multicurrency and how it works with your business. 

 

Let me know if you have additional concerns. We're always delighted to help. 

 

Fiat Lux - ASIA
Level 15

Can currency exchange rates be changed to 1 GBP = 1.3 USD instead of 1 USD = 0.76 GBP?

@christine9 

As additional option, explore this 3rd party service if you are dealing with multi currency transactions. You may release an invoice and get paid in CAD, and your customer will pay it in their local currency (e.g US customer pays in USD). It supports QBO.

https://veem.grsm.io/veems

 

Need to get in touch?

Contact us