tag:infinitekind.tenderapp.com,2009-01-14:/discussions/problems/74976-why-do-categories-have-currencies-how-can-i-change-the-report-currencyInfinite Kind: Discussion 2022-02-16T02:30:19Ztag:infinitekind.tenderapp.com,2009-01-14:Comment/494943192021-11-17T00:59:20Z2021-11-17T00:59:21ZWhy do Categories have currencies? How can I change the Report currency?<div><p>Hi - I don't see why categories need a currency. A category is simply a sub classification of income or expenses. The currency is determined by the bank or other asset/liability. All the transactions a USD bank are in USD and all the transactions in a CAD bank are Canadian dollar. If I want a report of expenses from both accounts then I select the currency of the report and then totals are converted to either USD or CAD. Other programs ca handle this. With Moneydance I need USD and CAD categories. Very messy and inconvenient. Deal breaker for me. Am I missing something? Thanks</p></div>Roberttag:infinitekind.tenderapp.com,2009-01-14:Comment/494943192021-11-17T01:30:27Z2021-11-17T01:30:27ZWhy do Categories have currencies? How can I change the Report currency?<div><p>I'm a fellow user.</p>
<p>Moneydance has been designed using accounting principles. With accounting all transactions are held in "accounts" hence Categories are really a special type of account. The currency is designated as the account level hence account/categories cannot contain transactions in a mix of currencies, in other words all transactions in an account/category must all be in the same currency.,</p></div>dwgtag:infinitekind.tenderapp.com,2009-01-14:Comment/494943192021-11-17T01:44:21Z2021-11-17T01:44:27ZWhy do Categories have currencies? How can I change the Report currency?<div><p>Hi - I understand what your are saying.</p>
<p>However, I am used to “Accounts” being on the balance sheet. Categories are income/expense items. A category is not a balance sheet account, only a classification(“filing system”) of income and expenses. Categories with fixed currencies are not necessary. Quicken/QuickBooks has been handling currencies this way for decades.</p>
<p>Categories with fixed currencies make merged account reporting virtually impossible.</p>
<p>Cheers</p></div>Robert Ctag:infinitekind.tenderapp.com,2009-01-14:Comment/494943192021-11-17T02:30:08Z2021-11-17T02:30:08ZWhy do Categories have currencies? How can I change the Report currency?<div><p>Perhaps instead of saying "accounts" I should have said "registers". In Moneydance currency is set at the register level.</p>
<p>Yes Income and expense items are not balance sheet items, They are Profit and Loss of course, but the bottom line of the P&L goes into the Balance sheet. So I&E items do impact the balance sheet, not hat we have to worry about that with Personal finance.</p>
<p>Quicken does not follow accounting rules, I do not know how Quickbooks would - perhaps some form of sub account. I learnt bookkeeping many years ago using paper and I do not know how you could handle multiple currencies in a register, you would typically convert the transaction at the time. In other instances if you operate across borders you would be likely to have books in each currency/country and bring the results together at the end for reporting.</p></div>dwg