I currently have an exchange rate issue. Our home currency is IDR. Auto update exchange rates were working well, but recently we got unreasonable rates (eg. AUD: IDR = 1044627.440563, which is 100 times bigger than it normally will be, it also happens to GBP / EUR, but USD is fine).
We still want to have the auto update function. How can we fix this problem?
I can help you get rid of the unexpected behavior, Sarah_2020.
QuickBooks Online lets you use recent exchange rates for your foreign transactions, saving you that extra time. It can be that your regular stored cache files that caused the unusual response of your exchange rates. We can perform a few browser troubleshooting steps to verify that.
Log in to QuickBooks and check the exchange rate settings in a private browser. To open one, you can follow the keyboard shortcuts below:
If the rate calculates as expected, you can switch back to the main browser and clear the cache. If you get the same thing, you can try using othe support browsers to isolate these kinds of issues.
For more details about multi-currencies, feel free to visit these pages:
Keep me posted if there's anything else that you need help with. You take care and have a great day!
I tried private browser mode, and even logged in using a different browser which I never used for the QuickBooks login. Neither can fix my issue.
Do you have other suggestion? I know I can manually enter exchange rate, but if possible I still want the system to update the daily rate for me as before.
I'm glad to see you here in the Community, @Sarah_2020.
I appreciate that you've tried the recommended solution from the previous post. In addition, when adding a new currency with a new customer or supplier you need to manually add an exchange rate to complete the transaction. However, you can still change the currency when you add a new transaction
Here's how you can do it:
If you want to change the currency of all the related transaction for your vendor or customer you can use the revalue currency feature, here's how:
Here are some related articles that can help you in dealing with currency:
I'll be around to answer your questions if you need clarification. Take care and stay safe.
However in this way I need to manually enter exchange rate, and the auto update function will be lost. How can I have the function back with a correct exchange rate updated daily?
Thanks for your prompt reply, Sarah_2020.
In QuickBooks Online, a new rate will automatically be generated when creating a transaction. Altering the exchange rate within the settings will not affect any previous/historical transactions, this will only apply moving forward.
As mentioned above, if you want to change the rate, when you first create a transaction for the day, you'll have to manually modify it, then select to update the currency on the same date. You may follow the steps provided by my colleague above.
Please take a look at these articles for more details about using the multi-currency in your sales transactions:
Keep me posted if you need anything else. Take care and have a good one.
I followed the steps as suggested, created a new journal transaction using a more reasonable rate, then go to Edit currency exchange then click Revalue currency. however after applying a custom rate and clicking Revalue and save button, there's an error message "Unable to load https://c37.qbo.intuit.com/qbo37/neo/v1/company/1304639065/multicurrency/doHomeCurrencyAdjustment status: 400". the system doesn't allow me to do the revaluation.
I appreciate it that you've tried everything as instructed. However, at this point, I would recommend contacting our Support team. That way, they can start a screen-sharing session and investigate this further. They are open during the usual business hours in the UK.
If you have other questions in mind, please don't hesitate to go back to this thread.