Learn how to enter your own exchange rates so you can use them for foreign currency transactions in QuickBooks Online Essentials, Plus and Advanced.
When you turn on multicurrency, you can use exchange rates from IHS Markit or your own exchange rates for foreign currency transactions. If you want to use your own rates, you can set them up so you can use them for one or more transactions. Here's how.
Use your own exchange rate for a foreign currency transaction
If you want to use your own rate for a foreign currency transaction, you can change the rate when you enter the transaction.
- Select + New, then select the transaction you want to enter.
- Select the Customer or Supplier from the ▼ dropdown.
- In the Rate field, enter the exchange rate.
- Complete the transaction details, then select Save and close.
Use your own exchange rate for multiple foreign currency transactions
If you want to use your own rate for multiple foreign currency transactions, you can update the rate in your currencies list. QuickBooks uses your new exchange rate for foreign currency transactions you enter for the day.
Note: You can use the exchange rate for the whole day. If you want to use it again, you need to re-enter the rate.
- Go to Settings ⚙, then select Account and settings.
- Select Advanced.
- In the Currency section, select the Manage Currencies link.
- Find the exchange rate you want to update and select Edit currency exchange in the Action column.
- Select Save.
Once you save the changes, the currencies list shows the new exchange rate, the date and time it was updated, and who made the update.