How to change the currency of a Category
I have just changed countries from NZ to USA. Now, whenever I
enter a transaction in my US$ accounts it treats it as a foreign
currency transaction. I think this is because all the categories
have NZ$ as their currency - thats what they were by default when I
created them. But there is no way for me to change the currency of
a category - the drop list is greyed out.
This is affecting my budget where every category is being shown in
NZ$ rather than US$ even though the expenses are entered in a US$
account.
Do I really have to enter a whole new set of Categories with US$ as
their currency?
I have changed the base currency to US$, but this hasn't
helped.
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1 Posted by Jon Hoover on 05 Aug, 2012 01:50 PM
Hi,
Unfortunately there is not an easy fix for this. Categories are just accounts by another name and if you change the currencies of your existing categories it would mess up the historical data for those categories when they were doing transactions in NZ$. Unfortunately there is not currently an easy way to create or duplicate a whole new set of categories in the same account. The best I could suggest if you don't want to manually create categories and you use a lot of Moneydance's default categories is to create a new Moneydance file for your USA accounting and keep your old data for archival reference.
I'm sorry I could not provide a better solution.
Sincerely,
Jon Hoover, Moneydance Support
2 Posted by Chris Newfield on 18 Aug, 2012 04:21 PM
Hello,
Can you tell me how to prevent Moneydance from inserting a conversion amount--either one that it pulls up from historical currency websites, or, in the most irritating case, offering a USD/EUR "payment rate" (exchange rate to the rest of the world) of 100,000, and translating a 750 Euro honorarium into a $7,500,000 deposit. nice. I have deleted this 10 x to no effect.
I was concerned by the response to the question above because it suggests that as someone who receives income in two or three different currencies in a given year, I need to have, say "honorarium-USD" and "honorarium-EUR" as separate categories, rather than using the same categories in different accounts demoninated in the different currencies. I hope it IS possible, in spite of the discussion list answer, to have USD as the base currency, receive a EUR honorarium that is deposited in my French EUR account and recorded in that Moneydance account, define a real dollar equivalent myself, and then get a total for "honorariums" from all money accounts in the base currency.
please help - CN
3 Posted by Scott Meehan on 19 Aug, 2012 02:17 PM
Hi Chris,
Are you using the Quotes and Rates extension, and having it update automatically? That may fix the exchange rate issue that you're having.
Scott Meehan
Moneydance Support
4 Posted by Kim Jensen on 13 Sep, 2012 06:02 AM
Given that I move around internationally and have activities in more than one country I face both of the above issues. Is there a way to group or associate expense categories, e.g. in the above example "honorarium-USD" and "honorarium-EUR" could be separate categories but a honorarium-sum category would do the translation. Alternatively, is it possible to have the currency determined at the time of the report creation or to include this in future versions? With the QnR extension we have a whole database of historical cross rates already so the data should be there.
5 Posted by Jon Hoover on 13 Sep, 2012 03:03 PM
Hi Kim,
You could create a parent expense category in USD for instance, and then create child expense categories in various currencies; that I think would give you what you are looking for in reports.
What exactly do you mean by having the currency determined at the time of report creation?
Sincerely,
Jon Hoover, Moneydance Support
6 Posted by peo on 15 Dec, 2013 12:26 PM
Hi,
I have the same problem mentioned, living in different countries and having expenses in many currencies. I am currently using Quicken, and there the categories are not having a currency dedicated. This means when doing a report the same categories in different currencies are translated into the report currency (Home currency). I can also very easy switch home currency, and then all reporting are displayed in the new currency.
I was hoping Moneydance would be an alternative to Quicken since I desperately want to switch to future proofing the product support outside US.
With this rather crude implementation in Moneydance, it feels less like an alternative in an international environment. I really would like to be able to create complete overview of all my different accounts, do budgeting etc. without having to create separate files for using in different countries. I also would like to have history data to compare with, especially for my investment.
If there is any simple solution to this problem, not forcing me to have the same categories in 5-7 different currency variants, please let me know.
Per-Olof
7 Posted by Scott Meehan on 17 Dec, 2013 07:39 PM
Hi Per-Olof,
Unfortunately there isn't an easier solution than the one that Jon posted regarding setting up multiple categories with your currencies.
I'm sorry I don't have better news! Please let us know if we can be of further assistance!
Scott Meehan
Moneydance Support
Scott Meehan closed this discussion on 17 Dec, 2013 07:39 PM.