Exchange Rate not applied when Matching records in Banking

I'll share some details and where you can edit the rate, howardtm.

In QuickBooks Online, the exchange rate is always calculated as the number of Home currency units that equal 1 Foreign currency unit. To view the currency information, you can follow the steps below. Please note that you should not modify exchange rates from the Currency page unless it is to be used for an entire day.

1. Go to the Gear > Currencies.
2. Find the currency and click the Edit currency exchange link under the Action column.
3. Select a date to see the exchange rate. 
4. Click Save.

For more information about exchange rate, you can read these articles:

• About exchange rates
• Enter an exchange rate

If you have any additional questions about the exchange rate, or other concerns with QuickBooks Online, please let me know in the comments below. I'm here to help you out again. Thanks.

It's not that the QB exchange rate was different with my exchange rate. I am ok to use QB exchange rate.

The problem is QB not using the exchange rate when Matching bills in Banking.

When I "Match" a bank transaction to a bill, it uses "1" as the exchange rate. There was no problem to "Add". If I use "Add" for the transactions, it correctly apply the exchange rate.

Thanks for getting back here, howardtm.

We can try to undo the transaction and add it again. This is to check if the exchange rate will be updated.

Here's how:

1. Go to the Banking or Transactions on the left panel.
2. In the Categorized tab, find the transaction and click the Undo link.
3. Go back to the For Review page and check the rate. If it's correct, click the Match link.

Otherwise, contact our Customer Care Team to further investigate what's causing the exchange rate to show 1 when matching the transactions.

Before doing so, please check our support hours here. Then, follow these steps:

1. Click the Help icon located in the upper right-hand corner.
2. In the Help window, click the Contact Us button located at the bottom.
3. Enter your question and click Let's talk.
4. Choose either Start a chat or Call us.

If you have the new QuickBooks Assistant help update, you can follow these steps:

1. Go to the Help menu, and select Talk to a human.
2. Choose Talk to a human again. 
3. Proceed with I still need a human.
4. Click the Contact us link.
5. Select either Start messaging or Get a call.

Please feel free to leave a comment if there's anything else you need. I'm just a post away to help you some more.

Just had a chat with the Help desk.

There was an update in Oct 2020, so maybe it's a bug. The guy told me he would check with QB backend team. For the meantime, I have to edit the exchange rate myself. 

I think QB should have at least gave users the option to switch back to the old version after an update. It worked fine before.

Did you get a fix for this? I've got the same problem and I've wasted days on this!

I know the importance of keeping the exchange rates amount accurately in your QuickBooks Online (QBO) account, @jess36. That's why I'm here to guide you on the actions you need to get the latest update about matching transactions to an existing bill in foreign currency.

Currently, there isn't any product investigation created to further check the cause of the incorrect exchange rate amount when matching transactions from the Banking menu. With this, I'd recommend contacting our Customer Care team. They can securely pull up your account, check the cause of the issue, and guide you with a fix. You'll first have to check out our support hours to ensure we can assist you on time. Just visit this article's Support Hours section: QuickBooks Online Support.

In the meantime, you can manually edit the exchange rate of your transactions from your account register in the Chart of Accounts the same as what @howardtm suggested above.

Additionally, I'd recommend checking out this article to learn more about multicurrency: About Multicurrency. It includes related articles about exchange rates and how to manually enter one in QBO to name a few.

Please know that you're always welcome to comment below if you have other concerns or follow-up inquiries about the multicurrency feature in QBO. I'm just around to help. Take care always.

I just learned that correcting the date on the sales receipt will automatically bring in the exchange rate.  It's not a fix but just an observation.  It may also be a clue as to what is going wrong but QBO doesn't seem to listen.

It's like QBO is speaking a different language than its customers.  

We say there's a problem and they hear "Everything is great!"

Hi, Erikaestrada.
 

My colleague already addressed this issue to get in touch with Quickbooks agents you’ve encountered and got it sorted out for you. You can visit the link to view her recommendation: https://quickbooks.intuit.com/learn-support/en-sg/banking/re-exchange-rate-between-gbp-eur-being-set... 

Please don’t hesitate to contact us if you have any other questions or concerns with QuickBooks Online-related tasks. We’re always here to help. Take care always.