foreign exchange rounding problems

Hi-I am actually using Quickbooks desktop - but there is no option to select this.I am trying to pay off a foreign exchange transaction USD to AUD. It is a large amount of money & I am unable calculate the precise amount of the transaction - I can work out the exchange rate of the transaction on a calculator or in excel to about 10 decimal places ie : 1.xxxxxxxxxxx  - however when  I paste the exchange rate into pay bills the exchange rate is truncated down to 1.xxxxx which means that the foreign exchange amount does not calculate correctly .Is there a setting that we have to change to get really precise FX exchange rate  translations. Can anyone help


Answer

You are right that there is a precision limit - though i'm not sure what it is for FX rate. I do know that both price and quantity have a 5 decimal limit, which is the same as you are finding.  There is no way to beat this directly, but there is likely a way to combine a couple of entries to get what you need. It may not matter too much anyway if there's a small mismatch in rates -  it will just give rise to a small exchange gain/loss.

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MikeinBC , CPA-CMA
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