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awinfield
Level 1

Is there a way to manage the exchange rate for a foreign currency for multiple days?

Quickbooks Desktop allowed the option for entering a different exchange rate over multiple days. QBO seems to only allow the entry for the current day or in the specific transaction. Is it possible to enter multiple days' rates at one time?
4 Comments
Pabz_L
QuickBooks Team

Is there a way to manage the exchange rate for a foreign currency for multiple days?

Hello, @awinfield.

 

You can keep track of your transactions in foreign currency in QuickBooks Online. To do this, let us make sure that Multicurrency is turned on to add an exchange rate. 

 

When you add a new currency with a new customer or vendor and then add a transaction (such as an invoice or bill) at the same time, no exchange rate is immediately available. Manually add an exchange rate to complete the transaction.

 

To change the currency when adding a new transaction, here’s how.

 

  1. Create an invoice or bill.
  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.

 

Let me leave to you these articles to learn more about multicurrency:

 

Please let me know if you have any questions. Thank you and keep safe!

awinfield
Level 1

Is there a way to manage the exchange rate for a foreign currency for multiple days?

I am aware of how to change the exchange rate on a current transaction and how to apply it to all new transactions after the first transaction.

 

I am needing some help with managing the rate over a period of days to catch all of those instances where the original transaction was not edited properly.

 

It would be helpful if there was a place within QBO where one could enter the exchange rate for every day of said month at one time and override the system entered rate on every transaction.

 

Thank you,

JasroV
QuickBooks Team

Is there a way to manage the exchange rate for a foreign currency for multiple days?

Thanks for sharing the details with us, @awinfield.

 

In QuickBooks Online (QBO), you can assign an exchange rate for a day. However, after 24 hours, QBO will update it to the recent exchange rate.

 

As a way around, you'll want to enter the rate for that time in the memo field or to the custom field of your invoice. This way, you'll be able to keep track of the exchange rate for that day. 1.PNG

I'm also adding this article that you can read for future reference. This can guide you on how to personalize your invoice and make it attractive to your customer: Customize invoices, estimates, and sales receipts in QuickBooks Online.

 

Let me know in the comment section if there's anything else I can help you with. Keeping you in working order is our top priority. Take care and more success in your business!

Fiat Lux - ASIA
Level 15

Is there a way to manage the exchange rate for a foreign currency for multiple days?

@awinfield 

As additional option, explore this 3rd party payment service to deal with multi-currency transactions. You may release invoices and get paid in your local currency, and your customers will pay in their local currency.

https://veem.grsm.io/veems

 

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