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portiaarellano
Level 1

How can i find the zwd or zwl (local currencies as an option). Is it there - or does it mean I cant use?

 
7 Comments 7
ChristieAnn
QuickBooks Team

How can i find the zwd or zwl (local currencies as an option). Is it there - or does it mean I cant use?

Hi there, portiaarellano.

 

Currently, the Zimbabwe Dollar (ZWD) currency is unavailable in QuickBooks Online. It may show Zimbabwe Dollar (ZWD) as the home currency but it uses the United States Dollar (USD). Zimbabwe uses both USD and ZWD. At this time, QuickBooks Online (QBO) uses USD as the official currency. This is the reason the system won't show ZWD as an option.

 

For additional information, you can check this article: Turn on and use multicurrency.

 

Once you already set up Multi-currency for your transactions, QuickBooks Online uses the most recent exchange rates from Markit.

 

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:

 

 

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

Shasha
Level 1

How can i find the zwd or zwl (local currencies as an option). Is it there - or does it mean I cant use?

The point is that because the official currency is the Zimbabwe Dollar, even if we manually change the rate, we cannot establish a rate against the USD and since you cannot change your home currency, even if you fix the issue, we will not be able to benefit from the fix. 

Fiat Lux - ASIA
Level 15

How can i find the zwd or zwl (local currencies as an option). Is it there - or does it mean I cant use?

@Shasha 

Consider using QB Desktop instead. It provides ZWD

ZWD.jpg

For QB Pro 1 user with a one time license, you may purchase it for US$300 directly, or US$200 thru a partner/reseller. Then you may deploy a private cloud or put your license on an authorized QB cloud hosting should you need to access your data file by internet connection.

 

 

sasas

Shasha
Level 1

How can i find the zwd or zwl (local currencies as an option). Is it there - or does it mean I cant use?

ZWL has been the official currency of Zimbabwe since 2019 and its value is no long 1:1 to the USD - in fact officially according to the website of the Reserve Bank of Zimbabwe it is 700:1.  I am integrating with Clock PMS and it needs to match the currency name (ZWL, ZAR, USD, etc) - to the currency name in Clock.

 

Because ZWL is not listed on QBO, I cannot import the ZWL transactions into QBO from Clock-PMS. Which basically bricks the entire concept of integrating the two systems.  If I could add ZWL as a currency symbol, this problem would go away.  Even using ZWD as the home currency will not help because the names don't match (ZWD was abandoned in 2008).

Fiat Lux - ASIA
Level 15

How can i find the zwd or zwl (local currencies as an option). Is it there - or does it mean I cant use?

@Shasha 

You can switch to another accounting app, purchase a 3rd party service to convert data from QBO and use a connector to migrate data with Clock-PMS

 

ZWL.jpg

Shasha
Level 1

How can i find the zwd or zwl (local currencies as an option). Is it there - or does it mean I cant use?

This does not seem match my QBO screen and if it is, the symbol renains ZWD. When I set my home currency to Zimbabwe  dollars, it selects ZWD and not ZWL. Hence, the Clock integration program will not export to it as it cannot match the field names.  I don't need updated currency rates. I just need the currency abbreviation to be ZWL. 

Fiat Lux - ASIA
Level 15

How can i find the zwd or zwl (local currencies as an option). Is it there - or does it mean I cant use?

The screenshot was taken from another accounting app.