I have a canadian customer and we billed him 1,500 USD. It should have cleared his account for 1903.55 but cleared for 1957.24. Is there a special rate that gets charged?

I can help you get to the bottom of your multicurrency concern without any moment's delay, @jessica102.

When you turn on multicurrency, QuickBooks uses exchange rates to get the home currency values of your foreign currency transactions.

The cleared amount (1957.24) is the total for unrealized foreign exchange gains or losses. It's either a profit or loss that has occurred on paper due to changes in exchange rates. Then, it's only realized after the transactions have been completed, when money has actually been collected or paid.

To get more details on your unrealized gains or losses, I'd recommend pulling up either the Profit and Loss or Balance Sheet report. You can select the amount displayed on the report for the account you're reviewing to open the Transaction Report for that account. To pull up any of the reports above, go to the Business overview section from the Reports menu's Standard tab.

Then, you can refer to this article to answer the most commonly asked questions about unrealized gains and losses: Frequently Asked Questions about Home Currency Adjustments.

Also, I'm adding this article to learn more about how QuickBooks uses exchange rates: Learn about exchange rates in QuickBooks Online.

Let me know if you have other concerns about managing multicurrency transactions and customer payments in QBO. You can drop a comment below, and I'll gladly help. Keep safe always, @jessica102.

Thanks for the reply. I dont think I understand your answer. This will be the second time we have invoiced this Canadian customer. The first time, it didnt clear for a different amount than what we charged on our end. The second time we charged him, it cleared for an odd amount as stated in the original question. 

We billed him $1,500 US so on his end it should have cleared 1,898.84. Instead it cleared for 1,957.24. So the 58.40 extra he was charged is what I dont understand considering the first charge didnt do that. 

Hello there, @jessica102.

I'm glad to share information about the payment you receive from a Canadian customer. I'll make sure you'll be able to match the amount you receive and the invoice.

The $58.40 difference that you can see is because of the currency exchange rate. The exchange rate is changed.QuickBooks base the rates on the IHS market.

I suggest updating the exchange rate of the affected invoice. If there is an extra amount, you can refund or credit it to the customer's profile.

Refer to these articles to know more about the foreign currency exchange rates:

• Enter and use your exchange rates.
•  
• Learn about exchange rates in QuickBooks Online.
• Turn on and use multicurrency.

For additional reference, you can check the following articles to learn more about categorizing transactions: Categorize and match online bank transactions in QuickBooks Online.

Please know that I'm just a reply away should you need anything else about the foreign currency exchange rate. I'll be around to help.