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pezza
February 15, 2019
Solved

Multicurrency Exchange Rate

  • February 15, 2019
  • 11 replies
  • 47 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

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

    pezzaAuthor
    February 15, 2019

    Thank you Talia. Perfect!

    IamjuViel
    IamjuViel
    Level 8
    July 27, 2020

    Hi, 

     

    Thank you for the details explanation and steps here. 

    I have a more important questions as since we deal with customers with different currencies - is there any way to fix the pricing to that currency and not base it on the exchange rate?

     

    For examples, 

    I sell the home customer (US) at $10.00 per unit. However I would like to sell to a foreign customer (UK) at £15.00 per unit. 

    The currency exchange will give the price per unit £8.50 for instance.

     

    Is there anyway to set it to £15.00 without involving the currency exchange? if this is possible it will be great help.


    Hello, @AnnieUK2020.

     

    I can share additional information on how the multi-currency features work in QuickBooks.

     

    Since you've mentioned that your home customer is in the US, are you perhaps using QuickBooks Online US version? If yes, you can use the Price Rules Beta which is available only in the QuickBooks Online US version.  It enables you to enter an optional or fixed price on your multi-currency products.

     

    Here's how to set it up:

    1. Click the Gear icon ⚙.
    2. Choose Account and Settings.
    3. Select the Sales tab.
    4. In the Products and Services section, select Edit ✏️.
    5. Put a check-mark to Turn on price rules Beta.
    6. Hit Save and then Done.

    Once turned on, you can follow the steps below to creating a price rule.

    1. Go to the Gear icon ⚙️.
    2. Choose All Lists.
    3. Pick the Price Rules link.
    4. Select Create a rule. 
    5. Type in your rule a name and enter the necessary information.

    You can read through this article for more in-depth information: Set pricing rules in QuickBooks Online.

     

    Also, you can browse these articles to know more about multi-currency in QuickBooks Online:

    Swing by here again if you have other questions about tracking your income and expense multi-currency transactions in QuickBooks. I'd be more than willing to lend you a hand.

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