Why did exchange rate change?

Let me explain how exchange rate works in QuickBooks Online, Evgeny19.

You can use the rate for the entire day. If you'll want to use it again, you'll have to re-enter the rates. The reason is we base our rates from IHS Markit.

Feel free to check this article for more information: Enter and use your own exchange rates.

If you have more questions, don't hesitate to let us know. We'll respond as soon as we can. Keep safe!

Dear Kristine,

Thank you for the prompt reply.

The issue is that I entered and reentered the transaction for the same date in the past. An I did not expect that the IHS Markit rate for that date (Jan-27th-2021) would amend:

EUR.CHF 1.07813 for Jan-27th-2021 as os Jan-31st (I entered the expense)

EUR.CHF 1.07565 for Jan-27th-2021 as os Feb-28-th (I deleted and reentered the expense)

Which one is correct?

Regards,

Evgeny

Hi there, Evgeny.

Let me share additional information about how exchange rates work.

To ensure that your records are accurate, you'll have to follow the original rate when the transaction happened. Since the rate fluctuated on that day, it's best to coordinate with your bank and check the actual exchange rate used when the expense was paid.

Additionally, I recommend reading these articles to help manage your foreign currency transactions in QuickBooks Online:

• Learn about exchange rates
• Enter and use your own exchange rates 
  
  

Feel comfortable to add a comment below if you have any other concerns or questions. I'll be right here to keep helping.

Hi, there,

I set up my own exchange rate but it won't fixed, it change every time when I logout.  How can I fix the exchange rate?

Hi, @disable multicurrency.

I understand how beneficial it is to set a fixed exchange rate. In your case, you may haven't chosen the option to use it for all new transactions in a specific country for that particular day. That's why it changes every time you log out.

However, if you're able to choose this option but it doe not take effect, we can isolate this issue by running QuickBooks Online in a private browser that is free from cache files. The browser's cache may have been occupied with duplicative files that make QuickBooks unable to retrieve saved currency.

You can follow these keyboard shortcuts after running your supported browser:

• Google Chrome: Ctrl + Shift + N
• Microsoft Edge: Ctrl + Shift + P
• Firefox: Ctrl + Shift + P
• Safari: Command + Shift + N

If you're able to choose the option "Use for all new transactions..." successfully, and able to log out and login back to see the exchange rate as saved is right on the invoice, I suggest clearing your regular browser's cache. This will empty previously-stored browsing data that might have caused the issue. Alternatively, you can try using other supported browsers.

Furthermore, you can review the articles shared by my colleagues, like @KlentB's resources for entering and using your own exchange rates and about exchange rates.

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.

Got it, thank you.

Hi there, @angvillanueva-co.

I'm happy my colleague was able to help get you back to working order with the exchange rate of your foreign transactions in QuickBooks Online. 

As always, let us know in the comments below if you have any other QuickBooks concerns. The Community space got you 24/7. Take care and have a good one!