Incorrect foreign currency exchange rates auto uploaded by Quickbooks

steveH4650 · ‎November 16, 2020

Hi all,

I am located in Indonesia and the home currency is Indonesian Rupiah. The company operates multi-currency and this is turned on. Foreign currencies used are USD, AUD, GBP, EUR and SGD. With the exception of USD, all other foreign currency exchange rates are incorrect by a factor of 100. As an example and to keep it simple USD1 = Rp 14,121.5 which is correct. Looking at AUD1 = Rp1,029,634.9 which is completely incorrect and should be Rp10296.3. The other exchange rates mentioned are similarly wrong by the same factor of 100.

These exchange rates are automatically uploaded via Quickbooks and Markit!

I can manually adjust the exchange rates but this defeats the purpose of always having accurate market rates provided by Quickbooks and will be cumbersome.

Is there something wrong in the set-up somewhere that is causing this.

Would greatly appreciate your help.

AlexV · ‎November 17, 2020

Good day, steveH4650.

You're right. The exchange rate in QuickBooks Online is automatically updated and uses the most recent exchange rates from Markit.

We can perform some troubleshooting steps to see if this issue is due to a browser error. Let's start by using an incognito window and check the exchange rates from there. Here are some of the keyboard shortcuts:

Google Chrome: Ctrl + Shift + N
Mozilla Firefox: Ctrl + Shift + P
Safari: Command + Option + P

We can also clear the cache since it can cause issues in QuickBooks Online. Lastly, make sure that the browser is updated or use a different one.

In addition, you may check these links for more details:

I'll be here if you need anything else. Wishing you all the best!

steveH4650 · ‎November 17, 2020

Hi Alex,

None of your suggestions worked.

The problem is at Quickbooks end where the exchange rates are out by a factor of 100 for GBP, SGD, EUR and AUD and possibly others when converting them to IDR home currency. USD is strangely correct.

Home currency adjustments are irrelevant to the question.

If AUD1 = IDR10,300 then that is what should reflect in Quickbooks' AUTOMATICALLY uploaded exchange rates. Instead in this example, the Quickbooks exchange rate is AUD1 = IDR1,030,000 and this affects all the foreign currency accounts accordingly.

The attached file shows the Currencies uploaded in Quickbooks.

There must be a solution to this. It is not user generated error, it is Quickbooks generated.

I hope you can resolve this for me.

Many thanks

AileneA · ‎November 17, 2020

Hi there, steveH4650.

I understand how it feels when everything is not working correctly. To isolate this case, I suggest reaching out to our customer support team. This way, we'll be able to pull up your account in a secure session and look over the underlying issue and help you get back to business in no time.

Here's how to contact our support team:

Sign in to your QuickBooks Online company. Then click Help (?).
Click Talk to a human.
Choose Talk to a human.
Press See examples.
Enter your concern.
Tap Contact us.
Choose either:

Post a question
Message an agent
Get a callback

Check out our support hours and contact us at a time convenient to you: Support hours and types.

I'll always be here if you need anything else. Wishing you all the best. Have a great day!

Fiat Lux - ASIA · ‎November 18, 2020

@steveH4650

As an additional option, if you deal with many multi currency transactions, explore to open a virtual account at TW and utilize the bank feeds. It offers a better exchange rate and a lower fee.

https://prf.hn/l/7gg1NWy

Incorrect foreign currency exchange rates auto uploaded by Quickbooks