Loose foreign currency

ade123a's Avatar


17 Mar, 2021 12:02 AM

Getting completely lost on this. I have about 10 packets of money left over from holidays and I want to add these to MD.
I have set up the currencies in the Tools / Currencies section setting the currency to the appropriate foreign currency (eg Euro for euros) and making them visible on the summary page.
I have created a set of categories to reflect the 10 packets again in the applicable currency (eg euros).

I decided I would treat the money as an asset (can I?) as then I can nest 10 FX accounts (set up in their relevant currencies) into a single folder called 'foreign currency' itself set up in GBP. Will this work (having multiple currency accounts sum into a single GBP account which represents my asset class)?

I entered the first currency in the balance field of the account edit window - 1345 croatian kuna.
Run the quote loader which returned 8.77 as the FX - that's okay.
However while the Croatian account balance correctly shows 1345hrk, the GBP conversion on both the asset class account and the overall asset summary instead of being about £151 is over £15 million pounds! No other assets have been entered.

Obviously I'm doing something wrong but I am going round in circles :-(
Any help would be appreciated. Thanks in advance :-)

  1. 1 Posted by derekkent23 on 17 Mar, 2021 08:13 AM

    derekkent23's Avatar

    I am not support staff just a user.
    Hi ade123a

    I read your post and although I have not needed to set up a situation you describe I thought I would have a go.

    Open the attached ZIP file to give the Moneydance backup
    “Assets Foreign Currency-20210317-0806.moneydancearchive” Restore From Backup this Moneydance Backup.

    The test was done on Moneydance 2021.1(3034).

    Base currency USD.
    I set up the following three Asset Accounts.
    Parent Account in USD - Foreign Currency
    A child of Parent Account Foreign Currency in British Pounds called British Pounds with Initial balance of £500.
    A child of Parent Account Foreign Currency in Euro’s called Euros with an initial balance of €200.

    Ensured both the exchange rate for British Pound and Euros were shown on Summary page and ran Quote Loader to get exchange rates.

    Then did a transfer from the Asset Account Foreign Currency to the Bank Account Current.

    All the figures in each Account seems to be correct.
    Perhaps your situation is more complex? Perhaps add to the test data set Export Backup and post so other can try to provide a solution.

    Hope this helps.

  2. 2 Posted by ade123a on 17 Mar, 2021 05:14 PM

    ade123a's Avatar

    Sorted. Thanks Derek. I changed the currency of each country in the currencies tool to GBP and it worked; I had originally set them to the same currency as what country each represented. Hopefully will start to get my head around the workings of MD soon :-)

  3. 3 Posted by derekkent23 on 17 Mar, 2021 05:52 PM

    derekkent23's Avatar

    I am not support staff just a user.
    Hi ade123a

    Glad I was able to help and it is now working for you.

    Have Fun, Stay Safe.

  4. Ethan closed this discussion on 20 Mar, 2021 10:14 PM.

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