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DiaA1
Level 2

Historical rates in QBO

Hello everyone
I'm using QBO and multi currency option.
So I made entries for expenses and revenue since 01/2020 but as I'm checking reports the total is not correct as QBO uses rate 1=1. How can I upload or change since the beginning of year all rates so that reports will work properly.
In currency center I didn't find anything at all.

5 Comments 5
Fiat Lux - ASIA
Level 15

Historical rates in QBO

You can export the data out to XLS, modify them, and reimport them back in bulk by using a 3rd party tool.

https:// transactionpro.grsm.io/qbo

 

SarahannC
Moderator

Historical rates in QBO

Hi there, DiaA1.

 

Let me share some information on how  the multi-currency feature works and why QuickBooks uses the rate 1=1.
 

I've tried this on my end, and it seems like we have the same outcome. It's because the system depends on foreign exchange. If we want to change all rates from January, we can revalue the old transactions within QuickBooks. We'll only need to make sure that the foreign exchange has been changed. Otherwise, we're unable to modify the rate as it's already using the correct one.

 

Here's how to do it:

 

  1. Go to the Gear icon.
  2. Click Currencies under Lists.
  3. Select the currency you'll want to revalue.
  4. Under the Action column, click the drop-down arrow next to the Edit currency exchange rate.
  5. Hit Revalue currency.

 

Here are the sample screenshots:

 

Then, all reports depend on the rate used on the transaction. Aside from that, we can export them to Excel and modify the rate. Then, use a third-party application that integrates with QuickBooks and import them all at once. 

 

Also, you may read through the frequently asked questions about the currency adjustment in QBO. It helps us get more details about the said feature in QuickBooks Online.
 

Let me know if you have other questions. I'm always here to assist. Have a good and take care always.

slevetin
Level 1

Historical rates in QBO

How do you export the historical rates from QBO to excel?

MaryLandT
Moderator

Historical rates in QBO

Thank you for joining thing thread, slevetin,

 

QuickBooks Online (QBO) only allows you to enter rates manually.

 

I'll take note of your concern and pass it to our Product Team. This way, they can take a look at exporting historical rates from QBO to Excel.

 

For now, you can take a screenshot of the currency list in QuickBooks for your copy.

 

You can also visit our Firm of the Future page to know the latest updates and improvements in QuickBooks.

 

Don't hesitate to post again if there's anything else you need. I'm always around here in the Intuit Community to help.

Fiat Lux - ASIA
Level 15

Historical rates in QBO

You may export your Invoice data with currency and exchange rate info to XLS as the workaround.