QB Issue Resolution:

Just confirm that it is asking to Update, not Upgrade.  Update will add whatever patches have not been added to your QB2016.  Obviously nothing “new” but it will bring your software up to the latest update they had on QB2016.

 

Upgrade will take you to a screen to purchase the latest QB2019 software.  You can easily cancel out if you hit it by mistake.

 

If you want to use the Bank Feed – automatic download from your bank and payment of of bills – you will need to upgrade to QB2019.  The End of Life for QB2016 was in May, so this function will no longer work.  QB2016 will continue to work just fine on your computer, just the online options and support through Intuit has stopped.

 

I don’t use foreign currency rates, but typically with QBs you need to set those numbers before using them.  Even if you can modify them after the fact.  I’ve found that you’re better off setting them first, then making sure the numbers come out the way you’re expecting them to.  If not, it’s much easier to just back out to where you started if you haven’t done anything else.  (Always make a Backup if you’re about to try something new!)

 

You may want to post a new message just on Foreign Currency and someone that uses those areas of QBs is more likely to see your question.

Resolution for Issue 'Update' available: Yes (Solved).
Source: Intuit Community forum.

Update: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

Support for foreign currency
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Error Recovery for foreign currency [Canada]
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