Can you clarify what is the source of exchange rate for EUR and RUB for multicurrency transactions. The main currency is USD. Can you give the web link to this data?

Hi there, Yury.

For now, we don't have a specific link to provide about the updated exchange rate for EUR and RUB.

QuickBooks Online uses the most recent exchange rates from Markit. And, exchange rates are stored based on a combination of currency code and the rate’s effective date (the as-of date).

However, you'll have the option to change the rate of the currency. I suggest creating your own rate by going to Currencies Center. Before doing that, make sure that the Multicurrency feature is turned on to add an exchange rate.

Here's how to set your own exchange rates:

1. Click the Gear icon at the top right. Then choose Currencies.

2. Find the currency to change and click Edit currency exchange rate from the Action column.

3. From the Edit currency exchange rate window, choose Your rate radio button.

4. Enter the new rate in the field provided.

5. Hit the Save button.

You can also manually add an exchange rate when entering a transaction. For more information, see the When entering a transaction section through this article: Enter an exchange rate. This article also provides more details on how the system calculates the exchange rate.

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:

• About Multicurrency
• About exchange rates

Please let me know if you have other questions related to QuickBooks. I'm always here to help you.

Thanks but I don't understand. If I want to know a rate of EUR in USD where can I check it for example for yesterday 11.05.20 in internet? What website?

I read in help that currency is automatically updated every four hours in QuickBooks from Wall Street On Demand. I can't find this site. So rate is not one for a day? It can changes?

Thanks for checking this with us, Yury.

QuickBooks Online updates the currencies automatically. While you can use Google or other trusted sites that regularly provides accurate currency updates, we don't have a specific website to keep you updated with the currency. 

Feel free to get back to me for more questions, I'd be more than happy to help. Take care and have a wonderful day ahead!

Is it a forex rate or any bank?

It's good to see you back, @Yury.

The source of foreign exchange rates in QuickBooks Online (QBO) is Wall Street On Demand. 

You can take a look at this link to get the exchange rates list: http://online.wsj.com/mdc/public/page/2_3021-forex.html. 

Moreover, QBO by default uses the current rate the day a transaction is recorded. This is the reason why the rates can be different. 

As always, visit our QuickBooks Community help website for reference for tips and related articles in the future: QBO Self-help.

Please post again in the Community if you have additional concerns. I'm here to keep helping. Take care!

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Could you clarify the rate is changing every few seconds. So what will be the rate for yesterday? The date for exchange close moment? And how to determine it for today for EUR, as example?

Hello, Yury.

Yes, the rates do change every second, but this depends on the market's movement. The rates also depend on what is shown in the Currencies list in QuickBooks Online. We're unable to check the historical rates in QuickBooks Online at this time though. 

To check for the recent rate update:

1. Click the Gear icon, then select All lists.
2. Choose Currency.
3. Look at the LAST UPDATED column to know when the rate was updated. 

If you need to edit an exchange rate, you'll want to follow ChristieAnn's steps. For convenience, click Edit currency exchange rate, then tick Your rate. Enter the new rate, then hit Save. 

As mentioned by my colleagues, you can check other financial websites that offer charts for foreign exchange rates. 

I personally deal with stocks and play with currencies, too. I use a variety of financial websites to check for updated and historical exchange rates. I would suggest going to Google, and search "historical foreign exchange rates" or something similar. 

When you found a specific website, you can check the yesterday and today's rate for EUR. You can also compare QuickBooks' rates versus what is shown on the website's chart. 

We also have a feature to revalue your currency by creating an adjustment. This is usually made for accounts payable or receivable processes. I'd suggest reading this article here: Enter home currency adjustments for your foreign balances.

If you need help with other QuickBooks Online tasks, I'd recommend reading our articles. We have a number of them in our Help Articles page. 

The Community Team is always here to help around the clock. Post another question or leave a reply below if you have other questions. 

@Yury 

Consider to utilize this payment service to deal with multi-currency transactions

https://veem.grsm.io/veems