How can we ensure QuickBooks Online calculates the ExchangeRate?

patdrd · ‎July 10, 2020

Hello,

The company I work for deploys Dispatching and Trucking software that exports invoices into QuickBooks Online for our mutual clients. Recently, we've expanded to support multiple currencies, but herein lies the issue. When an invoice is exported from our software into QuickBooks Online, the exchange rate seems to be defaulting to 1. Several of our mutual customers deals with Canadian and American clients and this throws off their profits significantly.

We've noticed that after we've posted our invoices, we receive a JSON response the indicates the ExchangeRate is 1. We currently do not send ExchangeRate with our posts because we were under the impression that QuickBooks Online would calculate the ExchangeRate on it's own as it does with invoices that are created from within QuickBooks Online, but this is not the case. As such, we are at an impasse.

When we export invoices (we do not send the ExchangeRate) the invoice defaults to a 1:1 ExchangeRate.

However when an invoice is created within QuickBooks Online, the ExchangeRate is automatically calculated:

Is there a special value we can send in the ExchangeRate field to ensure that QuickBooks Online calculates the proper ExchangeRate for the currencies used on the invoice without our software explicitly supplying it?

GraceC · ‎July 10, 2020

Hello there, @patdrd.

You can manually enter your exchange rate by selecting Your rate on the Edit currency exchange rate page in QuickBooks Online (QBO).

Here's how:

Go to the Gear ⚙ icon, then Currencies.
Locate the currency to change.
Under the Action column, click Edit currency exchange rate.
In the Edit currency exchange rate dialog, choose Your rate.
enter the new rate in the field provided.
Select Save.

For additional information, you can check this article: Enter an exchange rate. This article also provides more details on how the system calculates the exchange rate.

Please check this article to see steps on how to create a new customer in a sales form and assign a foreign currency: Assign a foreign currency or multicurrency to a customer.

Please let me know if you need anything else with QuickBooks. I'm here to help you out.