tag:infinitekind.tenderapp.com,2009-01-14:/discussions/problems/90949-retroactively-change-or-revalue-currency-conversions-can-toolbox-do-thisInfinite Kind: Discussion 2023-08-29T01:30:18Ztag:infinitekind.tenderapp.com,2009-01-14:Comment/590641522023-05-29T23:03:10Z2023-05-29T23:03:10Zretroactively change or revalue currency conversions (can toolbox do this?)<div><p>The rates you download are just intra-day or end of day indicative rates provided by various organisations.</p>
<p>With the floating or semi floating exchange rates in use in many countries the actual rate for a transactions is most likely different to these rates and is set somewhere within the financial system.</p>
<p>The indicative rates are generally intended to be used in reporting where totals are converted into your base currency, they are not so much intended to be used for individual transactions because as outlined they will probably be incorrect.</p>
<p>The intent with transactions is that you enter the rate that was used for that transaction, therefore Moneydance takes the position that the rate used at the time is the rate received. If you do not enter one it uses what it can from its stored list as an approximation.</p>
<p>The software does not have a function that will recalculate transactions based on an updated stored list of rates. If it could you would potentially be replacing an actual rate with an approximation or one approximation for another.</p></div>dwgtag:infinitekind.tenderapp.com,2009-01-14:Comment/590641522023-05-29T23:41:17Z2023-05-29T23:41:17Zretroactively change or revalue currency conversions (can toolbox do this?)<div><p>Hmmm, I was thinking (hoping) that if the approximate rate was used then moneydance could/would match up the transactions within X% margin of error, and offer me to merge the transaction, and then based on the merged transaction determine the exact rate.</p>
<p>I just experimented and see that it only offers to merge the transaction if the amounts are exactly the same.</p>
<p>That's a pity, as I was hoping to avoid entering all conversions by hand.</p>
<p>This may be a good idea for a new functionality... the ability to set X% range for matching cross-currency transactions for the purpose of offering to merge them, and if merged using the actual amounts...</p></div>Rontag:infinitekind.tenderapp.com,2009-01-14:Comment/590641522023-05-30T00:23:13Z2023-05-30T00:23:13Zretroactively change or revalue currency conversions (can toolbox do this?)<div><p>just a user -</p>
<p>I would argue against such functionality - as when I create/download such transactions, I would WANT them not to be "played with" by Moneydance, and have them offer me something different than what "actually happened". I'd consider that to be Moneydance offering to mess up my work.</p>
<p>As you say, the MD+ import had a problem - don't know why that happened, but that is an anomaly, not a "please fix this MD" kind of situation.</p>
<p>If you can figure out WHY this problem occurred, and don't expect it again, I WOULD delete the transactions, and redownload them, hopefully with the problem averted.</p>
<p>If that is impossible, and they continue to download incorrectly, I'd blame the bank's download, not Moneydance for not providing a way to fix what the bank did wrong.</p>
<p>Just my opinion.</p></div>dtdtag:infinitekind.tenderapp.com,2009-01-14:Comment/590641522023-05-30T01:26:01Z2023-05-30T01:29:38Zretroactively change or revalue currency conversions (can toolbox do this?)<div><p>As I understand it the mistake/problem makes no difference. Because even with MD+ downloading the transactions the conversion rate cannot be correct... dwg is right that the published rates will never exactly match the exact rate used by the bank.</p>
<p>Let's say I transfer US$100 from my US$ to my CA$ account. The rate is 1.3233 on that day, but the bank actually converts my US$100 into $131.52, giving an effective rate of 1.3152. In moneydance+ I'll get two transactions:</p>
<ol>
<li>the transaction which decreases my US$ account balance by $100, and when I change the category of this to the CA$ account it will set a foreign currency amount of $132.33 based on the historic rate of 1.3233.<br></li>
<li>the transaction which increases my CA$ account balance by 131.52, and when I change the category of this transaction to the US$ account, it will set a foreign currency amount of $99.38 based on the historic rate of 1.3233.</li>
</ol>
<p>To have MD record this correctly, these two transactions need to be merged.</p>
<p>To make moneydance show me to option to merge them, I will need to correct these by hand so that the foreign amounts exactly match the native amounts on the other side of the transaction. And this will need to be done in any case, even if the downloaded data was inversed.</p>
<p>But I see two ways to make this process easier:</p>
<ol>
<li>
<p>As I mentioned, allow a variance of X% of foreign currency transactions for matching the transaction and offering to merge. (And if I merge, it corrects the foreign amounts and updates the actual rate.) It is still up to me to decide to merge it or not, so I dont see any problem with this and it will save alot of time adjusting everything by hand.</p>
</li>
<li>
<p>Allow users to highlight any two transactions and merge them. (Of course with warnings in case the amounts dont match). Yesterday I was searching for the answer how to merge a transaction where one side had accidentally already been confirmed... this proposal would solve that question as well. (And again, nobody is forced to use it, it is just a convenience for some situations).</p>
</li>
</ol></div>Ron