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Currency problems when exporting Company Card expenses into Quickbooks Desktop

Jace
Jace Expensify Customer Posts: 4 Expensify Newcomer

Hi there,

I have been working with the import spreadsheet option with the Company Cards. The mapping is working correctly; and if I look at the expenses in Expensify, it shows the amount in CAD as the expense amount, and underneath, in italics, it shows the amount in USD (original currency). The total matches the statement balance for a given period.

But when the completed report is imported into QuickBooks, it imports the CAD total into the USD amount field, and then applies an arbitrary exchange rate, making the expense drastically higher (I should say probably QB is applying the arbitrary exchange rate). I will also note that I can't figure out how to import the exchange rate, which is part of the problem, as I think QB needs that to be populated.

Is there any way to fix this?

Thanks,

Jace

Answers

  • Karisa Latta
    Karisa Latta Expensify Success Coach - Admin, Expensify Team Posts: 144 Expensify Team

    Hey @Jace !

    Can you confirm what home or base currency is set for your QuickBooks company file? QBD doesn't allow us to export exchange rates as a data point. 😥

    If your base/home currency in QBD is USD, you may wish to switch your policy in Expensify from CAD to USD currency as well. The key is that you want the currencies to match.

    You'll need to redo this report and make a new one in order to have Expensify and the export correctly post into QBD. It might be less work to manually correct QBD's current data and then fix up the Expensify policy currency so future reports run smoothly.

    I hope this helps! Please let me know if you have more questions.

  • Jace
    Jace Expensify Customer Posts: 4 Expensify Newcomer

    Our base currency for Quickbooks is CAD and so is our Expensify policy. So just confirming I understand - QBD won't let Expensify export the exchange rates? (That is what it looked like the problem was so that makes sense).

    So in order to get the export to work, I would need to change QBD and Expensify policy to USD?

    And if I can't or don't want to do that, (we don't have the USD transaction volume to justify switching QBD to USD), there is no other option, correct? I will just need to manually go through and update the transactions after they're exported to QBD and switch the information around and correct the exchange rates.

    If you could just confirm I'm not mistaken in these assumptions that would be super helpful!

    Thanks,

    Jace

  • Nicole Mendonca
    Nicole Mendonca Expensify Customer, Expensify Team Posts: 109 Expensify Team

    Hey @Jace!


    Hm, if your QBD base currency, and policy currency are both in CAD, then these shouldn't be exporting as USD.


    Do you mind sharing with me a Report ID of a report that exported to QBD in USD? I'd also love to see a screenshot of what that report looks like in QBD. Do you mind emailing that to [email protected], or starting a chat with us via the blue bubble within your account?



  • Jace
    Jace Expensify Customer Posts: 4 Expensify Newcomer

    Hi again,

    Experiencing a similar issue and when I googled it, my question came up as the first result. Tried to sort this out with Concierge but looks like it's maybe not Expensify's problem?

    However, now the issue is slightly different / worse. Whereas apparently last year, I was having an issue where the CAD amount was exporting in the USD field, now, even though everything looks fine in Expensify, when I export it to QuickBooks Desktop, it changes to a completely random amount. I was resigned to having to change the exchange rate on every single entry, but not having to change both the amount and the exchange rate!

    I will be reaching out to QuickBooks Desktop support in case there is something there I can toggle, but just wanted to post this update in case anyone has any additional suggestions or thoughts? When it was exporting the CAD amount in the USD field, that was one thing, but having completely random numbers makes this is a complete mess.

    Thanks!

  • Lauren Schurr
    Lauren Schurr Expensify Team Posts: 102 Expensify Team

    Hi @Jace! I just reviewed the conversation with Concierge. I don't have any other info to offer here, but it will be good to see what QBD's support team has to say about this issue! I'd recommend responding via Concierge when you hear from them. Thanks!

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