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UlricAlgar
Level 3
posted
‎November 17, 2020 11:57 AM
last updated ‎November 17, 2020 12:02 PM

Currency Conversion no longer correct - presume on VAT portion

 

Something changed on 12th Oct.
Maybe the tech team can advise if there was an update around this time?

 

Here is how we found the error.

The downloaded statements from the bank, the "for review" shows a transaction value of R208.04 
QB automatically calculates the currency conversion in £s.
VAT is on SA 15%. 
Everything is A OK, so it's Added.
Screenshot 2020-11-17 at 12.58.40.png

Moving now over to the Bank Register.

The transaction value has now changed. The value is now R208.13
This means the account can't be reconciled. 

Screenshot 2020-11-17 at 13.11.46.png

 

If we open up that transaction to see more detail.

The currency conversion amount hasn't changed. The £ amount hasn't changed. But the Rand amount of the transaction has.

Screenshot 2020-11-17 at 13.12.30.png

We have hundreds of these a month, so trying to find a manual recalculation or using currency gain/loss offset transaction isn't going to work for us.

As mentioned, this all worked fine until 12 Oct. What changed?

 

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2 Comments 2
Jen_D
Moderator
Moderator
‎November 17, 2020 02:12 PM

Currency Conversion no longer correct - presume on VAT portion

Good day, @UlricAlgar,

 

QuickBooks updates the multi-currency rates on transactions based on the current Forex rate of the day. In the meantime, try to check the updated rate and compere it to the amount you see on the entry.

 

If the rate is same as the original rate and only the amount has changed, try opening a private browser.

 

Incognito mode will not save any data in the cache which will help us identify if the problem is cause by a browser problem.

  • Google Chrome: press Ctrl + Shift + N  
  • Mozilla Firefox: press Ctrl + Shift + P
  • Safari: press Command + Shift + N

Clearing the cache can also help resolve browser issues in QBO.

 

See this link to learn more about the reconciliation process in QuickBooks: Reconcile your bank account with QuickBooks.

 

You can also get in touch with our Support Team if the same thing happens. They can check on this further and review why the amounts were change.

 

Simply go to the (?) Help menu then enter your billing concern in the QB Assistant box.

 

Let me know how things go. I want to make sure this is resolved and I'm here if you need anything else. Have a good one!

Reply
UlricAlgar
Level 3
‎November 18, 2020 03:25 AM

Currency Conversion no longer correct - presume on VAT portion

Thanks for the reply Jen_D

 

We are using the QuickBooks App (Mac)
Our accountants are using QuickBooks App (PC)
I've also just checked the same process on Chrome (Mac).
Don't think it's a caching or cached currency conversion.
From my screenshots you can see that the currency conversion is consistent in both the initial statement transaction calculation, and when moved to the bank register. 

The mention of reconciling is irrelevant now, as the figure in the bank register doesn't match the actual statement.

Will take your advice and see if there is a way of escalating to the QB support.

Reply