cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Not applicable

Override exchange rate/force calculate on values?

Multicurrency question:

 

I've got money coming out of a USD account into a LAK petty cash account. I'm unable to set the exact rate of exchange in QBO, presumably it's too many points past zero (0.[removed]). The closest I can get shows -- albeit very slightly -- a different amount into petty cash.

 

Is there no way to provide both USD in and LAK out & have the rate calculated?

 

This is routine in gnucash. Surely it's possible in QBO?

Solved
Best answer 05-03-2019

Accepted Solutions
Not applicable

Re: Override exchange rate/force calculate on values?

That doesn't quite do it. I don't want to set this rate as the standard for USD:LAK; I just need it for the one transaction.So I've entered it in the transaction record, watched helplessly as QBO did me the favor of rounding it, and then made a journal entry to account for the difference, which was only a few cents, anyway.

 

I'd have liked to skip that extra step, though, so it would be great if QBO could work toward making the exchange rate in the transaction dialogue a little more useful.

View solution in original post

4 Comments
QuickBooks Team

Re: Override exchange rate/force calculate on values?

Delighted to have you here, @A78nEn

 

You can enter your own currency exchange rate in QuickBooks regardless of how many digits it has. I can help walk you through in doing so.

 

  1. Go to the Gear Icon.
  2. Choose All List.
  3. Select Currencies.
    1. Look for LAK currency.
    2. Click on Edit Currency Exchange link in the Action column.
    3. Select Your Rate.
    4. Type in the exact exchange rate of 1 LAK = USD.
    5. Click Save

This will allow you to manually enter an exchange rate.

 

On the other hand, you can do Home Currency Adjustment if you want to record the changes in the foreign currency exchange rates in your account. This will enable you to run financial reports to show a current home currency value of your foreign balances. 

 

These Help articles provide more information:

If you ever have other questions we can help you with, feel free to swing by the Community again. I'm always here to help.

Not applicable

Re: Override exchange rate/force calculate on values?

That doesn't quite do it. I don't want to set this rate as the standard for USD:LAK; I just need it for the one transaction.So I've entered it in the transaction record, watched helplessly as QBO did me the favor of rounding it, and then made a journal entry to account for the difference, which was only a few cents, anyway.

 

I'd have liked to skip that extra step, though, so it would be great if QBO could work toward making the exchange rate in the transaction dialogue a little more useful.

View solution in original post

Not applicable

Re: Override exchange rate/force calculate on values?

Thanks, that almost helps.

 

I don't want to set the rate in question as the default rate for USD:LAK -- we need to keep that at a slightly looser standard (so that we don't show unrealistic amounts of LAK, for which 500 is the smallest bill one can normally find).

I really just needed to set it for this transaction, so that the right amounts were showing both out and in. I took care of it by just making a journal entry to account for the difference (of a couple cents), but it'd be great if that rate dialogue on the transaction page would accept the additional digits (instead of rounding what I put in there).

QuickBooks Team

Re: Override exchange rate/force calculate on values?

Hi @A78nEn,

 

As of the moment, there isn't an option to override the exchange rate of the currency in your invoice.

 

You're correct. In addition, the only workaround we have for now is to manually create a journal entry.

 

While you're unable to enter the exact exchange rate of the currency in your invoices, I can pass along your request to our product developers.

 

This way, they'll be able to know your sentiments and the need for such feature to manually override the exchange rate of the currency in your invoices.

 

Please let me know in the comment section down below if you have any other questions. It'll be always my pleasure to help.

Need to get in touch?

Contact us