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P
pezza
February 15, 2019
Solved

Multicurrency Exchange Rate

  • February 15, 2019
  • 11 replies
  • 39 views

Hi,

 

Just a quick question hopefully....

 

I have just set up multicurrency, as I might be starting a new contract in Belgium shortly and I believe that my invoices will be billed and paid in Euros.

 

Now, each time I raise a bill, the euros side will be fine, as I will bill in Euros and will be paid that amount of Euros, but the conversion from my business account, I suspect will differ each time, since the exchange rate will fluctuate.

 

My question is, if I set the exchange rate in the settings manually, will this affect past invoices?  By that, I mean would it go back and amend the exchange rate used in all previous invoices?  Or will this only impact new invoices/payments received?

 

Obviously, the aim is to end up where the converted (exchanged) euro payment in to Pounds matches the Pounds amount on my invoice so that everything matches up nicely :-)

 

Thanks

 

Andrew

Best answer by TaliaI

Hello Andrew,

 

Welcome back to the Community - thank you for your question!

 

If you alter the exchange rate within the settings, it will not affect any previous invoices/payments, only those going forward.

 

Please let us know if you have any further questions.

 

Thank you,

 

Talia

11 replies

T
TaliaIAnswer
Level 8
February 15, 2019

Hello Andrew,

 

Welcome back to the Community - thank you for your question!

 

If you alter the exchange rate within the settings, it will not affect any previous invoices/payments, only those going forward.

 

Please let us know if you have any further questions.

 

Thank you,

 

Talia

    Y
    Yassir
    April 5, 2020

    hello,

    Im Yassir i need to set a fixed exchange rate to all new and past invoice in quickbooks online

    Thanks

     

    A
    AbegailS_
    Level 6
    July 28, 2022

    How do I adjust the exchange rate in Quickbooks desktop?

     


    Hi there, @swilsey.

     

    Allow me to step in and share some information on how you can adjust your exchange rate in QuickBooks Desktop.

     

    QuickBooks Desktop downloads rates for active currencies only. In addition, you can only download rates if your home currency is the US dollar.

     

    To download exchange rates:

    1. Go to the Lists menu, then Currency List.
    2. Select the Activities button and select Download Latest Exchange Rates.

    To manually enter exchange rates:

    1. Go to the Lists menu, then Currency List.
    2. Double-click a currency.
    3. In the Edit Currency window, update the currency exchange rate for specific date/s.

     

    To learn more about the process, check out this article: Set up and use Multicurrency

     

    Stay in touch if whenever you need anything else. I'm always right here to help.

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