Foreign currency exchange rates different for the same date
Hi,
I am having a problem with the exchange rates on the new AccountRight Premier.
I have an instance where I have three different rates for the same day - only one is manually entered as it was a bank fee transaction - so I manually adjusted the rate.
This is for the date of 28th June.
I have one with the GBP conversion rate of .55208 and two that I entered today under 28th June's date have the rate of .55597.
The amounts I am talking about are not huge in this instance, but sometimes they are and that could make a huge difference to our profit and loss figures.
According to the RBA historical data the rate for that day was .5535
So, where do MYOB get their rates from and why is there different rates calculated by MYOB for the same day?
Thanks Andrea
Hi Connockity
Live currency exchange rates will update every 5 minutes and are provided by Open Exchange Rates's API. As this is updated regularly and the exchange rate may fluctuate during the day a different exchange rate is possible for the same date for the same currency.
For more information on exchange rates do see Help Article: The Currency List
