While integrating helcim transactions in QBO, QBO applies an exchange rate of 1 USD = 1 CAD. This leads to incorrect foreign exchange gain/loss entries. Any solution?

Hi there, sbhajikhau91. When Helcim syncs payments into QuickBooks Online, the exchange rate applied to those transactions is controlled by the data Helcim sends through the system. If Helcim does not include the specific exchange rate with the payment data, QBO defaults to a 1:1 rate.

Since the exchange rate on the payment doesn't match the rate on your original invoice, QBO calculates the difference and records it as a gain or loss. To resolve this, you can manually update the exchange rate by going to the Gear icon > Currencies > locate the currency > Edit currency exchange.

Once you've updated the rate, QBO will automatically recalculate the foreign exchange gain/loss based on the corrected exchange rate, and your financial reports should reflect the accurate amounts.

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