Multi-Currency: Exchange Rate in QBO doesn't match bank statement's rate

Forum|Forum|5 years ago
April 9, 2021
1 reply
1 view

Hi,

I'm located in Canada so CAD is my main currency. My QBO has the multi currency feature turned on. What I would like to know is how QBO can detect the right currency exchange rate when I send an invoice from an USD provider to [email address removed].

Right now the rate that Quickbooks gives on the date of the transaction is not the same rate that I was actually charged in.

When I do a transaction in USD with my credit card, the exact exchange rate I was charged at shows up in the description of the expense in Quickbooks. Would there be a way for QBO to recognize that rate in the description of the expense and apply this one instead?

I've attached an example here showing that the exchange rates don't match.

Thank you

QuickBooks Online

LeithG

Level 2

Hi Mikael

QuickBooks uses it's own source of exchange rates provided by a third party and associates that rate with any transactions posted in your system; however, you always have the option of overriding the exchange rate on a given transaction.

Once you've entered the data including the transaction date - QBO populates the exchange once the date is chosen - you can enter the CAD amount, or exchange rate to override the automatically applied rate. Note, for these types of transactions, it's advisable to add the bank statement or other proof of the CAD value as backup.

Hope this helps!

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