tag:infinitekind.tenderapp.com,2009-01-14:/discussions/switching-from-another-personal-finance-program/18264-currency-handlingInfinite Kind: Discussion 2021-04-30T12:10:23Ztag:infinitekind.tenderapp.com,2009-01-14:Comment/489998432021-01-28T19:24:25Z2021-01-28T19:24:25ZCurrency Handling<div><p>I am not support staff just a user.<br>
Hi Michael</p>
<p>Maybe the following note will help.<br>
Assuming you want to enter foreign currency transactions into a base currency account.<br>
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.<br>
Now when you want to enter a transaction for a category in that foreign currency select the appropriate category.<br>
e.g.<br>
Holiday:Travel - (GBP) -------- base currency<br>
Holiday:Travel – (US Dollars)-------------- foreign currency<br>
Holiday:Travel – (Euro)---------- foreign currency<br>
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.<br>
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).<br>
Splits will also handle a mix of base and foreign currency transactions.<br>
You can also set up foreign currency accounts. Again, for this to work currency exchange rates under TOOLS - CURRENCIES must be present.<br>
You can use the extension “Quote and Exchange Rate Updater” or “Quote Loader” to automatically update exchange rates.</p>
<p>Hope this helps</p></div>derekkent23tag:infinitekind.tenderapp.com,2009-01-14:Comment/489998432021-01-29T12:10:07Z2021-01-29T12:10:09ZCurrency Handling<div><p>Thanks for your help. I have tested it and it does seem to work that way. I must say it seems terribly inelegant. If you have 50 categories and 4 currencies as I do it means I have to build 160 categories. There has to be a simpler solution.<br>
I really do like MD, but if they want to claim to be truly multi currency (a least as much as Quicken) they will have to address this awkward work around.</p></div>Michael