When a transaction is recorded in foreign currency, QuickBooks Online records the debits and credits in both the foreign currency values and the home currency values.

Where do the exchange rates come from?

• Exchange rates are manually entered for each transaction as it is entered

• Exchange rates come from the currency list, which is populated automatically by real-time exchange rates every four hours

• Exchange rates come from the currency list, which needs to be manually updated with exchange rates

• Exchange rates cannot be changed; they are set when you activate your file and can only be updated once a year for End of Financial Year