*Deposits* not respecting the foreign currency conversion rates?
Looking back at my 2023 transactions - (preparing to import 2024 foreign bank transactions) - I noticed that the debit column applied the correct Ruble => USD conversion - however the deposits were not converted. Of course, my balances are totally trash.
Questions:
1. Why aren't the deposits being converted to USD, but are being added to the balance directly?
2. Is it possible to retroactively convert the prior amounts back to some earlier point in time and have everything work as it should?
3. Is it possible to add a new balance column - Balance in USD - to my foreign registers?
The idea would be to have all the register entries be in Rubles, just as they are in the Russian bank statements - debits, credits, and the associated balances, all in Rubles. Then there would be an extra balance column for USD where the ruble balances are converted to dollars based on that day's exchange rate. Then the dollar amounts would be used in the reports I generate for my tax accountant.
Example:
Date Check Payee Memo Debit ₽ Credit ₽ Balance ₽ Balance (USD)
3/21/24 this one 2000.00 45,322.22 566.53 [45322.22 / 80.00 rubles per dollar]
3/23/24 that one 5000.00 50,322.22 629.03 [same conversion factor]
etc. . .
Is this possible?Comments are currently closed for this discussion. You can start a new one.
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1 Posted by Ali on 23 Mar, 2025 11:38 AM
Is this foreign currency account designated to be in Ruble in Moneydance? If not, it will always show you the balance in USD (assuming that's your base currency in the app). To fix this you will need to have your Ruble transactions put in an account with Ruble as the currency, so that then when you run the transaction reports or other summaries, the app will automatically convert the transactions/balances for you into USD based on the exchange rate you have set for that currency.
I am managing accounts in over half a dozen currencies and this technique works out great by maintaining the account in it's native currency.
2 Posted by jimrh on 23 Mar, 2025 12:55 PM
The issue is not reports, but the register itself.
If the base currency is "X", and the foreign currency is anything other than "X", a foreign currency register should have all the usual columns in the foreign currency and one extra column which is the balance at that time converted to the base currency using the exchange rate for that day.
In my case the foreign currency is Russian Rubles and the base currency is USD.
The initial three columns should be in the foreign currency, (Rubles), and there should be a final column that is the balance at that instant in time converted to the base currency (USD).
Is this something I can do now?
I have the foreign transaction accounts set as ruble accounts and (some of) the balances convert to rubles.
The big problem is that only debits are being converted to dollars, credits are added as-is.
(i.e. withdrawals are converted - 5000 rubles becomes $67.42), but deposits are not converted (i.e. a 5000 ruble deposit is added as if it were $5000 USD).
How do I fix this?
Is it possible to add an extra balance column for the base currency and maintain everything else in the foreign currency?
3 Posted by jimrh on 23 Mar, 2025 01:09 PM
I have attached a screen shot of one of the registers.
Note that it is very confusing - apparently the debit, credit, and balance columns are in the foreign currency - and there's a notation associated with the debit column indicating what the debit's conversion into the base currency is.
IMHO, this is manifestly confusing. Also it's difficult to understand that when I make reports and use the category "household expenses" (for example) that exists in all my registers - including all the registers in the base currency - what happens to all the transactions - deposits and withdrawals - that happen in the foreign currencies.
Additionally, though US bank transactions, (via QFX data), is imported in register order, foreign bank data, (imported via a csv file), is re-ordered when imported even though the transactions are in the correct order within the file.
When I am doing the data conversion of the incoming foreign bank data I add an "index" column to the data so I can guarantee that the order of the transactions has not changed and I manually verify every transaction for completeness and being in the correct order.
jimrh closed this discussion on 23 Mar, 2025 01:31 PM.