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Level 2

Is it possible to lock-in Foreign Exchange rates month to month? AED to USD is usually flat, and I want to use a fixed rate.

 
7 Comments 7
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QuickBooks Team

Is it possible to lock-in Foreign Exchange rates month to month? AED to USD is usually flat, and I want to use a fixed rate.

We really appreciate you sharing your suggestions, @Q-B Online User 1.

 

The foreign exchange rates used in QuickBooks Online is based on a locked-in daily rate from the Markit (acquired the Wall Street On Demand foreign-exchange rates).

 

Currently, the ability to lock-in the Foreign exchange rates on a monthly basis is not available. When you save a transaction, the Currency & Exchange Rates list is updated to display the new rates automatically. 

 

Once you post a USD entry for a specific transaction, it will be recorded at a rate of 1:1 or the last entered rate. When an adjustment is  made to the currency, the system recalculates them based on a new rate. Here's a great article I've attached for your reference: What are Home Currency Adjustments?

 

Let me know if there's anything else I can help you with using the Multicurrency feature in QuickBooks. I'm always hre to help.

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Level 3

Is it possible to lock-in Foreign Exchange rates month to month? AED to USD is usually flat, and I want to use a fixed rate.

Hi,

How can we reach the support team to work on locking the exchange rate for longer then a day? 

It's really annoying to have jump all the time when we use 1:1 rate all the time. 

Highlighted
QuickBooks Team

Is it possible to lock-in Foreign Exchange rates month to month? AED to USD is usually flat, and I want to use a fixed rate.

Thanks for dropping by here in the Community @Matar,

I know how important it is to have the ability to lock-in the Foreign exchange rates. As of this time, this is not available in QuickBooks Online. What you can do is to keep a copy of the current rate that you are using. Then, enter it in the exchange rate field every time you make a transaction.

Also, I’ve attached an article about frequently asked questions for Home Currency Adjustments.

Always feel free to post here in the Community if you have any concerns.  

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Level 3

Is it possible to lock-in Foreign Exchange rates month to month? AED to USD is usually flat, and I want to use a fixed rate.

I make 30 to 50 transactions a day, do you think it's that pleasant to keep changing the rate ?

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Level 12

Is it possible to lock-in Foreign Exchange rates month to month? AED to USD is usually flat, and I want to use a fixed rate.

@Matar 

Explore this app if you deal with a lot of multi currency transactions. It supports QBO. You may release invoice and get paid in your local currency and your customer will pay in theirs.

https://veem.grsm.io/veems

 

Hope it helps.

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Level 3

Is it possible to lock-in Foreign Exchange rates month to month? AED to USD is usually flat, and I want to use a fixed rate.

I'm not looking for solution to send and receive money, I just need to fix  the exchange rate in QBO 

Highlighted
QuickBooks Team

Is it possible to lock-in Foreign Exchange rates month to month? AED to USD is usually flat, and I want to use a fixed rate.

Thanks for getting back to us, Matar.

 

Let me add up some clarifications about fixing the exchange rate in QuickBooks Online (QBO).

 

QBO uses the most recent exchange rates from Markit. You should not change exchange rates from the Currency Center unless the rate is to be used for an entire day. Therefore, locking-in for a month isn't an option.

 

There are two ways of entering an exchange rate:

 

a. From the Currency Center

  1. Go to Settings ⚙ and select Currencies.
  2. Locate the currency to change.
  3. In the Action column, select Edit currency exchange rate.
  4. In the Edit currency exchange rate dialog, select Your rate.
  5. Enter the new rate in the field provided.
  6. Select Save.

b. When entering a transaction

  1. Create the invoice or bill as usual.
  2. Under Customer or Vendor name field, select the Currency field.
  3. Enter the exchange rate to use for the new currency.
  4. Select Use for this transaction only or Use for all new transactions in (currency) for (date).
  5. Complete the transaction and select Save.

You can refer to the About Multicurrency page for other related topics about exchange rates in QuickBooks.

 

Let me know if you have follow--up questions, and I'm always around to help you out.

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