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PradeepL
Level 2

Notional foreign currency exchange rate only for reporting

How do I set up a notional foreign currency exchange rate only for all my foreign currency to home currency reporting purposes. The actual currency exchange could happen at different prevailing rates at the times of transactions.

Solved
Best answer July 16, 2021

Best Answers
PradeepL
Level 2

Notional foreign currency exchange rate only for reporting

Hi,

 

I carried out one more step now and it seems to have worked:

 

On Currencies--> Edit Currency Exchange  for the currency I was working with--> revalue Currency --> Revalue History and here I was asked to Save the change that I had made earlier. Upon doing so, the revaluation was put in place. So I am OK to close this case.

 

Thanks for all the help I was provided here. 

View solution in original post

9 Comments 9
Joesem M
Moderator

Notional foreign currency exchange rate only for reporting

Thanks for checking this with us, @PradeepL.

 

QuickBooks uses exchange rates to get the home currency values of your foreign currency transactions. In case you want to use your own rate for multiple foreign currency transactions, you can update the rate in your currencies list.

 

  1. Go to the Gear icon, then select Account and settings.
  2. Select Advanced.
  3. In the Currency section, select Edit ✎.
  4. From the Home Currency ▼ dropdown, Find the exchange rate you want to update.
  5. Select Save.

 

Once you save the changes, the currencies list shows the new exchange rate, the date and time it was updated, and who made the update. For more information, see this article: Enter an exchange rate. This article also provides more details on how the system calculates the exchange rate. 

 

However, QuickBooks Online doesn't have a specific report that shows the foreign currency balance of an account, I'd encourage you to send feedback about this to our developers and let them know that you need such a report. Simply click the Gear icon and select Feedback.

 

For now, you'll want to run a quick report of your bank account. From there, you can add a column for the foreign amount. Follow these steps:

 

  1. Go to the Accounting menu and select Chart of Accounts.
  2. Locate the foreign bank account. Under the Action column, select Run report.
  3. Click the small gear icon next to the Export button and check the Foreign Amount tick box.
  4. Tap Run report to reload the report.

Capture.PNG Capture.PNG

You also want to export the report to an Excel file and make some changes and manual calculations. Do you need to personalise your financial reports? Please check this link: Customise reports in QuickBooks Online.

 

QuickBooks is compliant with the foreign exchange rate on how money conversion is being calculated. To learn more about how multi-currency and the exchange rate works in QuickBooks, please check out these links below:

 

 

Don’t hesitate to click the Reply button if you have other concerns. I’m always ready to lend a helping hand. Enjoy the rest of the day.

PradeepL
Level 2

Notional foreign currency exchange rate only for reporting

Thanks for the reply.

Is the change in currency rate put into effect retroactively or only onwards from the date on which it was manually set?

 

I set it today for USD to my home currency rate, but still find that if I pull out, the Balance Sheet for year ended 31 March 2021 now, the AR USD balance is at different exchange rate than the one I set for it today. 

Charies_M
Moderator

Notional foreign currency exchange rate only for reporting

Let me share some insights about changing home currency, PradeepL.

 

Any changes made in the home currency affect the previous reports or transactions made within QuickBooks Online (QBO).

 

Aside from that, QuickBooks made a prompt before turning on the multicurrency that, once it is turned on, the home currency can no longer be changed.

 

Here are the lists of articles you can read more about how multicurrency works:

If there's anything else that I can help you with managing multicurrency, just let me know in the comment section down below. Have a nice day.

PradeepL
Level 2

Notional foreign currency exchange rate only for reporting

My experience is this:

 

(My account in QBO has been setup as Multi currency account from Day One).

 

1. Changed the rate this morning for USD to my home currency in my QBO.

2. The Setup (Gear) --> Currencies shows the correct value that I entered along with a time stamp of when the change was made and who made it.

3. In the BS report for the FY that ended 31 March 2021, the USD bank account shows the value in home currency at a rate that is different from one I selected.

 

I am not sure where things are going wrong. 

JasroV
QuickBooks Team

Notional foreign currency exchange rate only for reporting

I appreciate you for your prompt reply and for sharing additional details, Prad.

 

Let's perform some troubleshooting steps to isolate and fix this issue. I'd suggest logging out and logging in back to your QuickBooks Online (QBO) account. This refreshes the system and for the changes to take effect.

 

If this is not the case, I propose logging in to your account via a private or incognito window. This way, we can check if this is a browser cache issue. 

 

Piled-up cache causes functionality issue with your account. Using a safe browser is a great way in verifying this issue as this doesn't save any junk files.

 

To open a private window, you can utilize these keyboard shortcuts: 
 

  • Press keys: Ctrl + Shift + N (Google Chrome browser)
  • Press keys: Ctrl + Shift + P (Mozilla Firefox & Microsoft Edge browser)
  • Press keys: Command + Shift + N (Safari browser)

 

If the report is showing you the updated rate, I recommend going back to your regular browser and clear its cache. If the issue remains, I suggest using other supported browsers. This way, we can verify if this is a browser-integrated issue.

 

Let me also share these handy materials that you can read for reference. These provide details on how to perosonalise your report and how multicurrency works:
 

 

Beep me up if you have any queries about multi-currency or managing your reports. I'm consistently available to help you. Have an awesome day!

PradeepL
Level 2

Notional foreign currency exchange rate only for reporting

Hi,

 

I tried the following-- all using Chrome that is my preferred browser.

1. Logged out and logged in again. No change-- the BS still reports the USD Account at a rate different from the one that I had set.

2. Logged in Incognito -- no change.

3. Cleared all cache from the browser and logged in again. Still no change.

 

 

JonpriL
Moderator

Notional foreign currency exchange rate only for reporting

Hello @PradeepL,

 

Since the issue persists even after following the suggestions shared by my colleagues above, I'd recommend contacting our Customer Care Support.

 

With their tools, one of our specialists can pull up your account on file and let our engineering team investigate what is the reason behind this unexpected problem To do so:

 

  1. Go to Help.
  2. Select Contact Us.
  3. Enter a few words describing your goal for today.
  4. Click Continue.
  5. Choose a channel where you wanted to connect with our team.

 

On top of that, I've also included this reference helpful with the resources needed so you can keep the security of your account up-to-date: Account management gathers topics for your Intuit Account.

 

Don't hesitate to post again here if you have other questions or concerns with QuickBooks tasks and navigations. I'm always around happy to help. Take care and stay safe!

PradeepL
Level 2

Notional foreign currency exchange rate only for reporting

Hi,

 

On clicking Help, I do not see any 'Contact Us' link. Instead, I am directed to an Assistant window for me to post my query-- I know eventually it will lead to me having to select a chat with one of your Help Desk persons. Is that what you are recommending ?

 

PradeepL
Level 2

Notional foreign currency exchange rate only for reporting

Hi,

 

I carried out one more step now and it seems to have worked:

 

On Currencies--> Edit Currency Exchange  for the currency I was working with--> revalue Currency --> Revalue History and here I was asked to Save the change that I had made earlier. Upon doing so, the revaluation was put in place. So I am OK to close this case.

 

Thanks for all the help I was provided here. 

View solution in original post