Updating Foreign Exchange Rates
Hi all,
Would anyone know how I can mass update foreign exchange rates in individual transactions?
What happened was transactions (bills, bank transactions, etc.) were brought in before the “currency exchange rates” page was updated (and eventually was hooked up to Thomson Reuters for automatic updates daily) so all the transactions are using a very old (and weird) system-generated foreign exchange rate, which is incorrect. I would need to update/ do some kind of a “refresh” so that it recognizes all those transactions actually have updated FX rates now and don’t use that old system one. Any idea how I can do this? As I really want to avoid having to go into every single transaction, seeing as how there are hundreds of them…
Thank you so much in advance!
as this will have financial impacts, are the Financial Periods still open?
what have you tried so far? I would start with triggering an update by CSV and the Internal ID of the transactions. Start with a small sample.
do you know the rate you want to have on each transaction? I would also then try mapping Internal ID and New Rate to the Currency Rate
Hi, thanks for your reply. Yes, all periods are still open (we are in the process of migrating accounting system from QBO to NetSuite). What I had done so far was go into the individual transactions and just re-input the exact same date and then the rate would get updated to what it’s supposed to be (however there are too many to go into each individually). It’s weird, the transactions were using an old system rate from 1/1/1970 and it’s as if it didn’t recognize that I had updated the FX tables for recent rates (from 2017 onwards). So now I’m trying to figure out if there is something I can do to ensure all transactions (all there are many) would have the correct FX rates..
Thanks so much.
