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So in April I revalued my non-home currencies because it was year end on the 31st March.
Now as I ready for the audit I went back in to check and the market rate for the 31st March has fluctuated from what I used (I used the market rate I didn't set a custom rate) so now all the currencies appear to be off from market rate and need revaluating.
I'm not sure how this can be I thought QBO took the feed from IHS Markit so what was true of the market rate in April for the 31st March can't be different in September for the 31st March can it?
Revalued in April at 5.274067
wants to revalue in September at 5.250169
Both revalue dates are for the 31st March 2023.
Screenshot attached.
I appreciate you for bringing this matter to our attention, bugs1.
QB will rely on the exchange rate provided by IHS Markit, as you have chosen the market exchange rate.
Consider deleting the journal entry and then rerun the revaluation without selecting the market exchange rate. Instead, you can manually enter the specific rate that you have specified.
I'm providing this guide to assist you in configuring your exchange rates, enabling you to utilize them for any transactions involving foreign currencies: Enter and use your own exchange rates.
After configuring your exchange rates, you can generate reports to provide a comprehensive view of your firm's performance in various areas such as sales, finances, operations, and customer satisfaction.
If you need more help managing currencies in QBO, you can post them in the comment below. I'll be here to assist and guide you more.
Dear GlinetteC
I'm surprised that the market rate "floats" over time for a given date. However I can accept your solution to set a customised rate that ignores the market rate if that is what is happening.
Regards
Bugs
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