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Everything you need to know about banking in QuickBooks Online - Discover more
Level 1

HMRC Exchange Rates

QuickBooks Online lacks the functionality to use HMRC's published exchange rates.


Given the notable difference between QuickBooks' rates and HMRC's rates:


QuickBooks Rate: $1 = £0.80096
HMRC Rate: $1 = £0.791703


Is there an app available to automate the updating of exchange rates?

QuickBooks Team

HMRC Exchange Rates

Hello Stephen45, thanks for posting on the Community page, So QBO only updates the rated on a weekly basis where banks update daily, we don’t use HMRC and we are not sure who does but you can enter in your own exchange rates right across the board or per individual transactions.  We use stock market that is where we get the rates from. 

Level 1

HMRC Exchange Rates



I just updated the exchange rates through Settings > Currencies


Will these stay as they are until I change them on the 1st October or will Quickbooks update and change them?



HMRC Exchange Rates

I can share additional information on how the exchange rate works in QuickBooks Online, Stephen45.


QuickBooks Online uses the latest exchange rates provided by IHS Markit. 


The system will utilize the exchange rate for the transactions you have entered throughout the day. However, please note that QuickBooks obtains and applies exchange rates from IHS Markit, which means that the rate you have entered will not remain valid until October 1st. Therefore, if you wish to continue using that rate, you'll need to update it again in the subsequent days.


Furthermore, I suggest checking out the Multicurrency Overview resource hub. It provides comprehensive information on how using the Multicurrency feature can impact your company's accounts and balances. It also offers links to explore this functionality further within the program.


I'm glad to have you here today. If you have additional queries with exchange rates or any QuickBooks-related concerns, don't hesitate to reply to this post. I'll be willing to lend a hand. Take care!

Level 1

HMRC Exchange Rates

Yes I noticed it changes back every day.


Its a shame you cannot set the currency exchange rate for a date range like in Xero.

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