Revalue Currency

Hello there, @karen_labase.

Thanks for reaching out us and providing details. I can help you update the home currency (NIO) to 32.3305.

I've checked my resources to verify if there's an on-going investigation about this. However, there are none. Let's work together to make sure your revalue currency is correct!

Here's how to update the rate:

1. Click the Gear icon.
2. Choose Currencies.
3. Look for the currency you'd like to change.
4. Under the Action column, click the Edit currency exchange link.
5. Choose the Your Rate radio-button.
6. Update the rate. 
7. Click Save.

Make sure to verify that the Rate column is updated. QuickBooks doesn't follow the retroactive effect. If there are transactions with the old rate, you will have to delete and recreate them.

For more details, please refer to these articles: 

• What are Home Currency Adjustments?
• Multicurrency in QuickBooks Online
• How to manually enter an exchange rate

If you've follow the steps above and still the rate is incorrect, you can try adjusting the rate using the incognito mode or private browsing mode.

• For Chrome, press Ctrl+Shift+N.
• For Internet Explorer or Firefox, press Ctrl+Shift+P.

If you got it to work, try clearing the temporary Internet files/cache in your browser (regular view). This helps clear old files that the browser may try to use that can cause display or access problems.  Then, you can also try other browsers.

That should get you going today, karen_labase. I'm still here to help you more if you have other questions about multi-currency. Just drop a comment or mention my name. Have a wonderful weekend!

@HoneyLynn_G This did not help. It only changed the market rate to 32.3305 as of today 3/11/2019.  I couldn't change the rate as of 12/31/2018.

I am going to have to do a manual entry to adjust these balances to the rate I need to report to the Nicaraguan government.

Please open an Investigation to look into this issue:  the Revalue Currency tool does not allow you to provide a Custom Rate.  It automatically uses the Market Rate.

Hello there, karen_labase.

Thank you for following my recommendation and providing the results. 

To investigate why the currency is using the Market Rate and not the Custom Rate, I advise subscribing to our callback feature. Checking the root cause of this requires tools, like screen sharing, that only the phone support team has. They can also create an investigation ticket if there are other customers experiencing the same thing.

Here's how to provide your company details:

1. Click the Help tab.
2. Choose Contact us.
3. Enter Phone support and click Continue.
4. Choose Get a callback.
5. Enter your phone number, full name and email address and then click Call me.

Let me know if there's anything else you need about QuickBooks. I'm still here to offer my assistance. Keep me posted as well on how the call goes. Just click the "Reply" button.

Thank you @Malcolm Ziman !  That worked!

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@HoneyLynn_G wrote:

 

Thank you for following my recommendation and providing the results. 

 

To investigate why the currency is using the Market Rate and not the Custom Rate, I advise subscribing to our callback feature. Checking the root cause of this requires tools, like screen sharing, that only the phone support team has. They can also create an investigation ticket if there are other customers experiencing the same thing.

 

---

Your recommendation was not responsive to the question being asked, and there is no need that I see for the asker to investigate anything.

My answer was given Kudos before your post and then marked as Solved, which indicates there actually was not a problem.  Your post is ridiculous if not insulting.

I experience the same Problem too,it says error whenever I try to save changes after I put in a custom rate. Quickbooks team please help

Hello, Immyche.

I've tried it and was able to save without getting an error. In your case, let's start a few basic troubleshooting steps to see if you can save the changes by using an incognito or private window. 

You can refer to these shortcut keys:

• Press Ctrl + Shift + P : Internet Explorer or Firefox.
• Press Ctrl + Shift + P : Google Chrome.
• Hold down Command + Shift + N : Safari.

If you're able to save your custom rate, I'd suggest clearing your cache. This helps eliminate browsing history that's causing QuickBooks to misbehave.

I also recommend using other browsers like Google Chrome, Mozilla Firefox and Internet Explorer.

If you have any other questions, just tag me directly. I'm here to help.

Revaluation expense account is showing in Profit & Loss report, but when you pull the Trial Balance, the account disappears. How can I customize the Trial Balance report to pull this account balance as well?

Also, how can I pre-map the revaluation transaction to go to a specified expense account in the ledger (I had created a separate account for exchange differences).

It's good to see you in this thread, Jack63.

In QuickBooks Online, the reports available that displays the unrealized gains or losses when revaluing your foreign currencies are the following:

• Profit and Loss report
• Balance sheet
• Customer Balance Detail report
• Vendor Balance Detail report
• Statement of Cash Flows

Thus, able to customize the Trial balance report to show the Revaluation expense account isn't an option since unrealized gains or losses doesn't reflect in the general ledger or trial balance.

To learn more how to run report in QuickBooks Online, visit these articles:

• Run reports
• Customize your reports in QuickBooks Online

For additional details about exchange rates, visit these articles: 

• About exchange rates
• Frequently Asked Questions about Home Currency Adjustments

If you need further assistance in managing your account, leave me a comment below. It's always a pleasure to help you. Take care.

I cannot revalue my currency and it shows an error message stating that an error has been occurred, try again later; when I tried it failed; multiple times.

Welcome to the QuickBooks Community, MirFazel. Let me help you fix the error you're getting when revaluing a currency in QuickBooks.

I recommend opening your QuickBooks account in a private browser. Then, revalue the currency from there. This is to rule out the possibility of a webpage issue that might cause you to display an unexpected error message.

Use these keyboard shortcuts based on the browser you're using:

• For Firefox or Microsoft Edge, press Ctrl + Shift + P.
• For Chrome, press Ctrl + Shift + N.
• For Safari, hold down Command + Shift + N.

If it works in incognito, you'll have to clear the cache of your regular browser. This clears the history or log of sites so you can begin with a clean slate. If the steps above don't work, use another supported browser as an alternative.

Lastly, I'm adding this article if you need steps on how to use your own exchange rate for a foreign currency transaction: Enter and use your own exchange rates.

Please let me know if you have further questions or concerns about managing currency in QBO. I'm always around to help, MirFazel. Have a good one!