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JoeMark17
Level 1
posted
‎January 06, 2021 07:18 AM
last updated ‎January 06, 2021 7:18 AM

Exchange Rate Object

I have been looking through the API docs and noticed there is an "exchangerate" object. However, in both Stitch and Fivetran documentation for QuickBooks connectors I do not see an exchangerate table? I know exchange rate is only recorded in your QB profile if you elect to record more than one currency. I am working with data right now that is only on one currency; however, as it seems we will expand and have transactions in another currency I want to be prepared if I will be able to reference an exchangerate object for exchange rates? Or will I need to get all exchange rate information via the transaction tables (journal entry, bill, sales receipt, etc.)? 

 

Also on this topic of exchange rates, are they updated each day to reflect the current exchange rate between the currencies or is it static for the date of the transaction? For example, if a transaction occurred in EUR in April, will the exchange rate to USD listed in the table stay the same, or will it update each day for the accurate exchange rate? As the exchange rate in April will be different than when we report in December.

 

Any help is appreciated! Or if I missed a previous discussion on this topic it would be appreciated if you could direct me there.

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1 Comment 1
Pabz_L
QuickBooks Team
QuickBooks Team
‎January 06, 2021 08:38 AM

Exchange Rate Object

Hello there, @JoeMark17.

 

Let me share some insights about the multicurrency feature.

 

In QuickBooks Online, the multicurrency feature allows you to track transactions conducted in more than one currency. It can be assigned to customers, vendors/suppliers, credit card accounts, and accounts receivable/payable. 

 

The currency exchange rate is always recorded as the number of home currency units it takes to equal one foreign currency unit.

 

To have more clarification, I recommend getting in touch with our Intuit Developer support to get all of the information you need regarding this concern. 

 

I’m adding an article for your additional reading about multicurrency and how to use it with QuickBooks Online API: Manage multiple currencies.

 

Always feel free to leave a post below if you have other questions about multi-currency in QuickBooks. I'm always here to lend a hand.

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