Currency settings

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willyumcr

02 Nov, 2019 06:20 AM

Please tell me how to set up my currency settings. All of a sudden my net worth etc. is in the billions. I want to use USA $ as my base. I also have accounts in Costa Rica colons and Thai Baht and would like them to show latest exchange rates. Thanks.......William

  1. Support Staff 1 Posted by Maddy on 02 Nov, 2019 11:11 AM

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    Hi William,
    Thank you for contacting Moneydance support.

    In Moneydance it is only possible to assign one base currency to an account.
    You will need to choose the currency that is most in use or that you generally use as the base currency.
    To enter transactions with different currencies into the account, you will need to create categories that use the other currencies.

    For further details on creating categories, please refer to this article, "Create, edit or delete Categories"in the Knowledge Base.

    It might be useful to see "Create, Edit or Delete Currencies" available here, as well.

    The steps for entering different currency transactions into E.g.: a Travel cash card, are:
    Enter a transaction, assign the correct currency category, this will unlock the foreign amount area in the transaction and display the exchange rate, lastly save the transaction.

    Finally, you should install the Quotes and Exchange Rates extension. To do this, choose Extensions --> Manage Extensions.
    To update currency rates, you can use AlphaVantage or European Central Bank.

    The latest version of the extension is v.1024. You should see an 'Update' button if you're using an older version, or remove the extension and re-install.

    Can you also check which version and build of Moneydance you are running?
    To do this, open Moneydance and select Help --> About Moneydance (or Moneydance --> About Moneydance on a Mac) where the version and build number will be displayed.

    Moneydance previously obtained rates using Yahoo, but unfortunately they stopped supporting downloads to third party applications in the last year or so. Since then we've been trying to locate other services we can include, but few are free and reliable. We currently use Alphavantage and IEX Trading.

    Alphavantage worked well for some time, but recently changed their services and introduced a premium membership. This has limited the number of downloads per minute for free accounts, so you may find the updates are slower.
    We've included IEX trading as another source for updating rates. This website includes a list of eligible symbols IEX trading uses - https://iextrading.com/trading/eligible-symbols/

    Recently, a knowledgeable Moneydance customer and developer (Mike Bray) has created a third party extension called 'Quotes Loader'. This extension doesn't adhere to the same limitations as the program and is able to connect with Yahoo. You can find more information about the extension in this thread(the latest free third-party Quote Loader is post 205) from the public discussion board.
    Download the PDF attached to post 205 and have a read.

    To get an overview take a look at the YouTube video by using the link on page one of the PDF.

    I hope this information is helpful. Please let me know if you have further questions or need any assistance.

    --
    Maddy, Infinite Kind Support

  2. 2 Posted by willyumcr on 02 Nov, 2019 10:59 PM

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    Hi Maddy and thanks for your help. I installed Quotes and Exchange Rates extension. This works fine except one of the currency’s I use (Crc Costa Rica Colons) keeps showing 0.00. The current exchange is around 580 but I don’t know how to enter. I am still showing net worth in the billions which is not true. Ha ha wish it were. Very frustrating……..William

    Sent from Mail for Windows 10

  3. 3 Posted by willyumcr on 02 Nov, 2019 11:04 PM

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  4. 4 Posted by derekkent23 on 03 Nov, 2019 10:05 AM

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    I am not support staff, just a user.
    Hi willyumcr

    When using Quote and Exchange Rate updater the source European Central Bank does not support the Costa Rica colons. However, Alpha Vantages does but is very, very slow in downloading exchange rates.

    As suggested by Maddy there is a free third-party alternative Quote Loader. This does support the Costa Rica colons and is fast.

    See post 205 at https://infinitekind.tenderapp.com/discussions/investments/4039-quo...

    Download the PDF attached to posts 205 and have a read. To get an overview take a look at the YouTube video by using the link on page 1 of the PDF.

    Let us know how you get on or if you need help just post.

    Hope this helps.

  5. 5 Posted by willyumcr on 03 Nov, 2019 10:56 PM

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    Hi Derekkent23.
    Thank you for your help. I went and changed to Alpha Vantages and like you
    said, very slow but it did the trick. Everything is normal including my
    Costa Rican Colon account. I would like to change to Quote Leader however I
    am confused how to do this and also afraid to make changes as maybe it goes
    haywire again. Again thanks for your help........William

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  6. 6 Posted by derekkent23 on 04 Nov, 2019 08:12 AM

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    I am not support staff, just a user.
    Hi William

    Its vital to understand how Moneydance backups works in case as you say things go haywire.

    Moneydance 2019 has two methods for making a backup.
    The default backup location can be found under HELP – SHOW BACKUP FOLDER. In both cases you can select the backup location and as such it is good practice to set the location on a cloud server such as Dropbox, in case your hard drive fails.

    Manual backup. A manual backup can be made under FILE (MONEYDANCE on Mac) – BACKUP EXPORT. The file naming convention is yourdatasetname-yyyymmdd-tttt.moneydancearchive

    Automatic backup is set under FILE (MONEYDANCE on Mac) – PREFERENCES – BACKUPS. Auto backup makes a backup every time you close Moneydance. Moneydance only keep the last auto backup of the day, overwriting any previous auto backups for that day. You can set the number of backups to be kept. When this number is exceeded the oldest backup is deleted. The file naming convention is yourdatasetname.yyyy-mm-dd.moneydancearchive

    A moneydancearchive file is a compressed data set.
    The contents of a backup file is AES256 encrypted and provided you have set a password under FILE (MONEYDANCE on Mac) – PASSWORDS can only be opened by Moneydance by entering your password after using FILE (MONEYDANCE on Mac) – RESTORE FROM BACKUP.

    When you FILE (MONEYDANCE on Mac) – RESTORE FROM BACKUP you do not overwrite your existing data set. This is in case you later find you need access to your old data set. A new data set is created with the naming convention – from manual backup yourdatasetname-yyyymmdd-tttt.moneydance the date time code taken from the backup file - from auto backup yourdatasetname (plus at number) e.g. yourdatasetname 2.moneydance The default data set location can be found under HELP – SHOW DOCUMENT FOLDER. You can delete old data sets you no longer want. You can rename a restored data set with Moneydance closed as you would any other folder provided you retain “.moneydance” extension. A data set is a folder not a file containing other folders and files. When you open Moneydance it will open in the “Welcome to Moneydance” window with the data set name listed on the right.

    Once you understand and have worked with Moneydance backups you should feel far more confident in exploring Monydance’s features.

    I suggest you take a look at the video, this shows you how easy it is to install Quote Loader and use it. Follow the information in my post 4 in this thread. Then if at any time you want to try Quote Loader you have taken the first step.

    Have fun.

  7. System closed this discussion on 03 Feb, 2020 08:20 AM.

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