If you have multi-currency turned on in QuickBooks Online you have the ability to create all sorts of transactions with different currencies. But what happens if your import file does not contain the exchange rate rate? No worries we have recently added the ability to let QuickBooks Online calculate the amount of the transaction for you. Read more about this new option called: Auto Exchange Rate below.
Auto exchange rate is available for following import types:
You first need to turn on Multicurrency(see screen below) in QuickBooks Online by going to Gear/Company Settings/Advances. Below is a screen shot from Quickbooks Online Currency settings for your review.
After turning the Multicurrency fields on you will be able to set the currency only (leave the exchange rate field blank) and Exchange rate is calculated automatically for the transaction date (Txndate) of the transactions. Please see the Transaction Pro Importer mapping screen (see screen below).
Once the transactions are imported, you can see your import in Quickbooks Online in both currencies (see screen below).
- To avoid auto calculation of exchange rate, you need to map the exchange rate column of the sheet. For e.g. if you want to apply exchange rate from AED to USD to $22, then you need to map the currency and exchange rate both e.g. In this case map, currency column value to AED and Exchange rate value to 22 either in your import sheet or manually enter while mapping these fields into QBO.
- Sometimes Intuit API is not able to return the exchange rate for the same date, in this case you will receive the Error message “Invalid transaction date or exchange rate, problem fetching the exchange rates”. In this scenario, you can add the currency and exchange rate for that date manually to apply the rates for the transactions.
We hope this new feature will save our QuickBooks Online multicurrency users a lot of time. Any questions or comments please post them below.