Converting currency from US$ to CDN$
I am converting cash in a US dollar account and moving it to a Canadian dollar account.
I set the target account but find no way of setting the exchange rate. (the field is greyed out)
When I do the conversion the cash appears in the target account but with an incorrect exchange rate.
Why am I unable to set the actual exchange rate? Where can I set the actual exchange rate I received?
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1 Posted by dwg on Jul 05, 2020 @ 09:25 PM
I'm a fellow user.
If after setting the target account you cannot enter an exchange rate into the field it suggests that both accounts have been created in the same currency.
I would start by checking what currency each account it in.
2 Posted by Michael Wortis on Jul 05, 2020 @ 09:32 PM
The original account is in US dollars. The target account is in Canadian dollars. They are both investment accounts.
Moneydance makes the conversion but at some internal exchange rate that I do not seem to have access to.
I have tried going to Tools>Currencies and to Tools>Translate currencies. I see no place to set the exchange rates for a particular transaction.
As far as I can ow see, the only way I can correct this Moneydance error is to go to the target account and add or subtract some cash amount to correct the r=error.
Is there a better way.
Thanks for your help on this.
Michael
3 Posted by sth on Jul 05, 2020 @ 10:30 PM
Yes, I am sure there is a better way. MD is designed to handle multiple currencies.
Do you have an entry in your currencies history for the exchange rate form CDN to USD that is close to the date of the transaction?
What is the Base account currency for the entire file? I am not sure which way the currencies history should go.
I am not sure what you mean by "converting cash in a US dollar account". Are you trying to do the USD->CDN conversion in the USD account? It should just be a simple transfer transaction from one account to another.
And just because it helps, what is the version of MD and the OS version. If you copy the first half dozen lines from the "Help->Console Window" that will do it.
(Not IK Support)
4 Posted by dwg on Jul 05, 2020 @ 11:00 PM
There is a field in the transaction itself for the transaction specific exchange rate. I have tried entering a transfer between a bank account and an investment account that are in different currencies. I have no trouble in entering an exchange rate the transaction shows me both currency amounts in the correct fields as well as the exchange rate.
Note there is no ability to set an exchange rate in the investment register, so to set a transfer in an investment account to an account in a different currency it is necessary to use the Bank register in the Investment account.
5 Posted by Michael Wortis on Jul 06, 2020 @ 04:58 AM
Thank you for the help!
Yes, when I use the “Bank Register” rather than the “Register” I am allowed to set the exchange rate (or the Canadian dollar amount realized). So, problem solved.
Previously, I had done the transaction in the regular “Register” mode, and in that mode I was unable to set the exchange rate.
Interestingly, I could not edit the previous entry with the incorrect exchange rate, even in the “Bank Register” mode. I had to delete it and redo the transaction in the “Bank Register” mode.
Best wishes, Michael
6 Posted by Michael Wortis on Jul 06, 2020 @ 05:02 AM
Thank you for the help!
Yes, when I use the “Bank Register” rather than the “Register” I am allowed to set the exchange rate (or the Canadian dollar amount realized). So, problem solved.
Previously, I had done the transaction in the regular “Register” mode, and in that mode I was unable to set the exchange rate.
Interestingly, I could not edit the previous entry with the incorrect exchange rate, even in the “Bank Register” mode. I had to delete it and redo the transaction in the “Bank Register” mode.
Best wishes, Michael
7 Posted by Michael Wortis on Jul 06, 2020 @ 05:11 AM
Thank you, sth, for the help.
The problem is solved, thanks to a comment from dwg:
I was doing the transaction from the “Register” window, rather than from the “Bank Register” window. From the “Bank Register” window, the exchange rate is not greyed out, and I can enter either the actual exchange rate or the funds realized in Canadian dollars.
Incidentally, I tried (unsuccessfully) to solve the problem by goiing to Tools>Currencies and douoble clicking on the US dollars or the Canadian dollars, hoping to get the historical exchange rates used by Moneydance for the date in question. I was unable to get the historical rates for reasons I do not understand. I have some accounts in Cad dollars and other accounts in US dollars, and I can access historical rates for other currencies from these base currencies but I couldn’t find the US to CDN or vice versa. Sigh..
Best wishes, Michael
System closed this discussion on Oct 05, 2020 @ 05:20 AM.