Money Conversion between Different Currency Investment Accounts

DrgnMastr's Avatar

DrgnMastr

18 Sep, 2019 06:37 PM

I have two investment accounts, one in USD and one in CDN. So here is the problem. I did an Xfr from the CDN one to the USD one, using the USD account as the category. Moneydance took its internal downloaded currency rate for the transfer. I have no place to enter the actual conversion rate, so of course the USD account received the wrong amount of money. I had to go to the USD account and execute an Adjustment category XFR to make it the right amount.

The currency rate downloaded by Moneydance is fine for the value of the foreign currency in reports and such, but typically trades in foreign currency the banks have a surcharge they charge when you buy, and deduct when you sell.

Anyone see any way around this two step process. If one doesn't adjust the other side, there is a major issue.

If the Xfr class allowed an entry in either the shares box to indicate the other side amount that it should be, or the price box for the conversion rate, then it would solve the problem

  1. 1 Posted by mikeharv on 19 Sep, 2019 11:05 PM

    mikeharv's Avatar

    Hello, I am a user.
    Version MD 2017.10
    I use the "Bank Register" instead of the "Register" to enter transfers between Investment Accounts with different currencies. You can either enter the exchanage rate or the foreign amount. This keeps both accounts correct.

  2. 2 Posted by DrgnMastr on 20 Sep, 2019 11:55 AM

    DrgnMastr's Avatar

    Perfect, that was just the ticket. Thank you!

  3. DrgnMastr closed this discussion on 20 Sep, 2019 11:55 AM.

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