Exchange Rates - How does FreshBooks handle exchange rates?
In most cases you won’t need to worry about exchange rates, because your invoice and payment will always be in the same currency.
However, there are three places where exchange rates come into play such as the Profit and Loss report. For these situations, FreshBooks will have access to daily exchange rates of 50 popular currencies dating back to 2003 (courtesy of the Bank of Canada). Unknown exchange rates will be represented by a 1 to 1 conversion rate.
- Modifying the currency on an invoice: If you modify the currency on an invoice, an option will become available to convert existing amounts to their new currency equivalent. Choosing this option will prompt you for an exchange rate. Exchange rates (accurate within one business day) will be pre-populated if the rate is available.
- Profit and Loss report: Your “Profit and Loss” report will use historic conversion rates to calculate income.
- Report Cards: Your “Report Cards” will use historic exchange rates to calculate your business metrics.