Currency Issue

opayne93's Avatar

opayne93

03 May, 2021 04:13 AM

Hello,

I am trialling Moneydance but have come across an issue with currencies.

I have multiple bank accounts in GBP and THB, but my day to day spending is primarily in THB. The first few transactions I entered worked correctly; I entered in Thai Baht and it automatically got converted into GBP with a correct exchange rate. Now, any new transactions I use are changed using an incorrect exchange rate, even if I put a manual rate in the payment rate box.

Please can you advise.

Thanks.

  1. 1 Posted by derekkent23 on 03 May, 2021 07:57 AM

    derekkent23's Avatar

    I am not support staff just a user.
    Hi opayne93

    There is really not enough data to work out exactly the issue you are hitting.

    Perhaps the best starting point is to review how things are supposed to work.

    Assuming you want to enter foreign currency transactions into a base currency account.
    You need first to set up categories in the foreign currency. TOOL – CATEGORIES – NEW. Remember to change the CURRENCY TYPE using the dropdown when you set up a non-base category to the required currency. As you can see you can end up with categories with similar names which need to be differentiated by currency.
    Now when you want to enter a transaction for a category in that foreign currency select the appropriate category.
    e.g.
    Holiday:Travel - (GBP) -------- base currency
    Holiday:Travel – (US Dollars)-------------- foreign currency
    Holiday:Travel – (Euro)---------- foreign currency
    When a non-base currency category is selected you will now notice that the Rate and Foreign Amt fields are open for you to use when you select a category created for use with a foreign currency.
    Assuming that the exchange rate for the foreign currency is available under TOOLS – CURRENCIES the RATE value will fill 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).
    Splits will also handle a mix of base and foreign currency transactions.
    You can also set up foreign currency accounts. Again, for this to work currency exchange rates under TOOLS - CURRENCIES must be present.
    You can use the extension “Quote and Exchange Rate Updater” or “Quote Loader” to automatically update exchange rates.

    Hope this helps

  2. 2 Posted by opayne93 on 03 May, 2021 08:25 AM

    opayne93's Avatar

    Hi Derek,

    Thanks for your response.

    My base currency is in GBP as that is what I want for my networth and the correct currency for the majority of my accounts.

    The issue is when adding a transaction to my Thai bank account. This is what I use for my day to day spending. If you look in the screenshot, the 2nd transaction down “dinner” has exchanged correctly so that I can see the GBP amount on the right. The other transactions, and also any transactions I now add, use a completely different exchange rate, even if I update it manually in the drop down box. This is messing up my budgeting as it’s not the correct GBP amount.

    As I said before, it worked for a few transactions but now it is not updating correctly. Is there anyway of setting a budget in a different currency?

    Thanks

  3. 3 Posted by derekkent23 on 03 May, 2021 09:23 AM

    derekkent23's Avatar

    I am not support staff just a user.
    Hi opayne93

    Your base currency is British Pounds.

    Some questions.

    1. What version and build of Moneydance are you running, e.g. 2021.1(3066)

    2. The account in the screen shot, what is its Currency Type under TOOLS – CURRENCY – EDIT.

    3. What is the Currency Type for the three categories shown in the screen shot
      Personal
      Automotive:Fuel
      KBank – Current Account
      Under TOOLS – CATEGORIES – EDIT

    4. When you entered the transactions shown in screen shot what currency were the Payments in?

    Can you paste a screen shot of the relevant currency exchange rate under TOOLS – CURRENCIES double click.

  4. 4 Posted by opayne93 on 03 May, 2021 10:54 AM

    opayne93's Avatar

    Hi,

    1. 2021(2006)

    2. Thai Baht

    3. British Pound for the first 2. The KBank - Current Account is not under the Categories to check as it was a transfer. The actual current account is in Thai Baht.

    4. Thai Baht but it looks like it has automatically converted to my base currency, which is good but just using a random exchange rate.

  5. 5 Posted by derekkent23 on 03 May, 2021 02:34 PM

    derekkent23's Avatar

    I am not support staff just a user.
    Hi opayne93

    I have tried to set up a data set based on your answers using Moneydance 2021.1(3066) from https://infinitekind.com/preview

    In screen shot there is:
    1. Summary page showing Net Worth in £ indicting the data set is in British Pounds. Accounts KBank – Current Account and Screen Shot Account Thai Baht in Bt indicating these accounts were set up in Thai Baht.

    1. Account Register - Screen Shot Account Thai Baht duplicating the transactions in your screen shot by entering the Payment values in Thai Baht.

    2. The setup window for account - Screen Shot Account Thai Baht

    3. The Currency history window for Thai Baht / British Pound.

    To me my register screen shot looks correct. For example, the first payment of 70 Bt entered is converted to the Foreign Amt 1.16 (British Pounds) using the exchange rate for the 02/05/2021 of 0.23 from the Currency history window.

    Your screen shot does not duplicate this so something is either set up wrongly or there is a issue with the version/build of Moneydance 2021.1(2006) you are using.
    Suggest you update to 2021.1(3066) and try setting up a test data set as I did to work out what’s wrong.

    Hope this helps

  6. 6 Posted by derekkent23 on 03 May, 2021 03:01 PM

    derekkent23's Avatar

    I am not support staff just a user.
    Hi opayne93

    Did a bit more testing and found the exchange rate filled into the Rate field is not as I thought taken from the Exchange Rate Currency History window to match the date of the transaction but is simple the last rate entered into a transaction. So looks like the rate needs to be checked as you enter a transaction.

    Hope this helps

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