exchange rate

shamsu's Avatar


18 Jan, 2020 05:11 AM

I am using MD2019.4(1899) and problem was raised earlier to which I received an acknowledgment but no action taken. I use INR as my base currency and have dealing AED USD GBP. but when transaction is done in any of these currencies the rate used is not the current rate of exchange. Example AED 10f0 gets converted into INR at the rate of 19.31( cannot trace where the rate is derived from instead of the current rate of exchange of 19.71. so each time I do a transaction I have to manually enter the rate which is tedious when there are many transaction Microsoft money picked up the correct current rate of exchange. I do hope that I will receive a positive reply this time.

  1. 1 Posted by derekkent23 on 18 Jan, 2020 08:53 AM

    derekkent23's Avatar

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

    You need to ensure Moneydance has exchange rates for the currencies you are using for things to work.

    For example click TOOLS – CURRENCIES highlight and double click US DOLLARS.
    In my case my base currency is BRITISH POUNDS and thus the exchange rate window for US DOLLARS is as the screen shot. I only need up to date exchange rates at the end of the month when I update my securities, hence the date gaps in the table.
    You may need a new exchange rate each day.
    You can install an extension to update exchange rate rather than enter them manually if you prefer.

    A bit about entering a foreign currency transaction.

    You need first to set up categories in the foreign currency. TOOL – CATEGORIES – NEW.
    Now when you want to enter a transaction for a category in that foreign currency select the appropriate category. You will now notice that the Rate and Foreign Amt fields are open for you to use.
    Assuming that the exchange rate for the foreign currency is available under TOOLS – CURRENCIES the RATE value will file in. Enter the Payment or Deposit amount (for credit cards Charge or Payment) in the base currency and the Foreign amount will fill in. You can change the Rate if required. Instead you can enter the Payment or Deposit amount (for credit cards Charge or Payment) in the base currency and the Foreign amount and the Rate will change accordingly. You can’t enter the Foreign Amt as there is only one field so you are not able to define it as a Payment or Deposit amount (for credit cards Charge or Payment).
    You can also set up foreign currency accounts.
    When you enter a value into a non-base currency account it uses the exchange rate for the same date, then rounds the result (foreign amt) and recalculates the exchange rate based on the rounded value to file in the rate.

    Hope this helps

  2. 2 Posted by Shamsu Hamid on 19 Jan, 2020 04:37 AM

    Shamsu Hamid's Avatar

    Hi Derek
    I am doing exactly what you suggested. The exchange rate table is updated
    daily but still any transaction in currency other than the base currency
    the currency rate is not picked up from the table. I use INR as base
    currency AN ENTRY from an AED account gets converted to INR at a
    standard rate of 18.31 to the AED where as the rate table shows rates
    varying daily from 19.36 TO 22.30 .This caused the variance in the base
    I will follow your suggestion of manually entering the days exchange rate.
    Tks for suggestion

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