Foreign Exchange Rates

Thanks for using QuickBooks Online, BethR_Ballentine. I'm here to help you update your exchange rate.

QuickBooks will automatically update the exchange rate if you choose a date in the past. You'll need to manually enter the rate if you wish to modify it to a future date.

Here's how:

1. Go to the Expense or Sales menu.
2. Look for the specific transaction you want to change the rate and click View/Edit.
3. Under the Customer selection box, you can change the tax rate for that particular transaction.
4. Change the date of the transaction.
5. Click Save.

If you need to move money from one account to another, refer to this article: Transfer funds between accounts.

If you need further assistance with managing multicurrency, please don't hesitate to reach out again. We're always here to help you out. Have a great day ahead!

Thank you for your reply however, when I select an expense from September 1, choose edit>copy, then change the date to September 22, the exchange rate does not update to the exchange rate for September 22.  I thought the point of Quickbooks syncing with IHS Markit was so that users wouldn't have to manually enter exchange rates.  That's why I'm hoping there's a setting somewhere I need to select. 

I understand the need for QuickBooks to be up-to-date with current exchange rates, @BethR_Ballentine. Rest-assured we will find a solution for you.

First off, let's consider the fluctuation of exchange rates and recheck difference in the exchange rate between September 1 and September 22. Secondly, I recommend doing browser troubleshooting since this might also be a cache-induced issue. Let's start by accessing your QuickBooks Online account through your browser's Incognito Mode. Here's how:

For Google Chrome / Microsoft Edge / Opera:

• Windows: Ctrl + Shift + N
• Mac: Command ⌘ + Shift + N

For Firefox:

• Windows: Ctrl + Shift + P
• Mac: Command ⌘ + Shift + P

For Safari:

• Shift + Command ⌘ + N

You may proceed to clear your browser's cache when this works. When this still doesn't work, I recommend using another supported browser or device. Please contact us at QuickBooks Online Support if the issue persists. 

Also, you might want to run and customize a Transaction Detail Report in the future to keep track of past exchange rates. Let me refer you to these articles as your guide:

• Memorize reports in QuickBooks Online
• Customize reports in QuickBooks Online

Feel free to let us know should you need further assistance with Multicurrency set-up in QuickBooks in the way your business needs. We are always here to assist. Have a wonderful day.

Thank you, Mark, for your reply.  I have worked with my IT department to clear caches and I've also tried using a window incognito.  Neither have resolved my problem. (Microsoft Edge does not appear to support QBO, and my company does not allow us to use FireFox, so I can't try that browser).

This is the example of when it a happens:  I go to the chart of accounts and open one of the bank registers.  I click on one of the entries, choose edit, and then I make a copy.  When the duplicate entry loads I change the date (I'll use the date Oct. 1 as an example) and the exchange rate changes to the correct rate.

THEN, I choose another entry to copy, and when the duplicate entry loads it already has the date Oct. 1 because that's the last date I used, however the exchange rate does not match the exchange rate for Oct. 1.  This is the problem - shouldn't the exchange rate update to the date in the entry?  Otherwise I have to back out of what I'm doing, find the exchange rate, and write it down because I'm generally copying 10-20 entries at a time for the same date, and only the first one I do updates to the correct exchange rate.

Welcome back to the Community space, @BethR.

I appreciate the additional information you shared and for your patience in performing some troubleshooting steps on your end. 

Since you're getting the same issue, I recommend contacting our Customer Care support team. By doing this, they can review and offer a solution on this matter. Follow the steps below:

1. Select Help (?) at the top part of the page.
2. Select either tab to get started:

• Assistant: Get personalized answers quickly. Choose from suggested options or type in your question or topic. If you need more help, it's still available to Talk to a human.
• Search: Search the QuickBooks Online knowledge base directly, or select Contact Us and choose a way to connect with us:
  • Start a chat with a support expert.
  • Get a callback from the next available expert.
  • Ask the community to get help from businesses like yours.

Here's an article on the basic questions about Home Currency Adjustments: Frequently Asked Questions about Home Currency Adjustments.

If you have any further inquiries, we are just a post away. Good day.