Problem with split transactions with foreign currency
I have a following problem:
my base currency is GBP. I also have a cc in AUD. When I start creating a split transactions for cc purchases, I enter the amount in AUD and how much it is in GBP. Then I go to split transaction and enter all the categories with respective amounts in AUD. Since I've entered the amount in GBP for the whole transaction, I was asuming Moneydance would calculate the amount for each category in base currency - BUT IT DOES NOT. So, what happens is that I'm provided with inaccurate listings in my Income and Expenses Report, since Moneydance is showing AUD amounts as GBP!!!
I've tried correcting the problem on a transaction by transaction basis, but when I click on Edit the split, I can't see the base currency amount - I only see amount in AUD, and it's showing a "1" in AUD/GBP field...
HELP?!
Support Staff 2 Posted by Ben Spencer on 22 Feb, 2012 12:38 AM
Hi
All transactions entered in an account are entered in the currency of that account. Since the account is in GBP all transaction in that account are in GBP.
It sounds like you want to enter the individual purchases in AUD since that is how they are shown on your cc statement. I think the best way of doing this would be to create a new account in Moneydance of type credit card with the AUD currency. Then enter the expense transactions as individual transactions in that account. When you pay your cc bill make a single transfer from your checking account to the cc account.
Ben Spencer
Moneydance Support
3 Posted by hpticar on 22 Feb, 2012 06:48 PM
Hi Ben,
maybe I wasn't clear enough in the description of my problem: The currency for the cc account is set to AUD and my basic currency in Moneybookers is GBP. When entering transaction in the cc register (two line mode), in the second line you can see the exchange rate and the amount in base currency (GBP). When I'm entering a split transaction, I always enter the amount in AUD first (which is the cc currency), then the amount in GBP (because that adjusts the exchange rate automatically), and then I click on split transaction.
For every split then, I can only enter the amount in AUD - which should be OK, since Moneydance already has the exchange rate based on the whole transaction, but Moneydance IS NOT showing the "Foreign Amt" (which, to this cc account is GBP) (the field is dimmed) and when I'm done entering splits and confirm the transaction, the amounts that I entered for splits in AUD show in reports as that same amounts in GBP (meaning no conversion to base currency happens when computing reports - and THAT is my PROBLEM).
I hope you appreciate how annoying this bug is, since it renders the whole program useless, as it is not showing accurate reports (i.e. it would show say £500 expenses in a category, when in fact this is an AU$ amount, and the amount in £ would be, say, £339,40).
If I go to the split transaction afterwards, the exchange rate field in the split transaction view/edit is active, however it's always showing "1" as exchange rate, which is wrong, and since the "Foreign Amt" field is dimmed, I can't enter the exact amount in GBP.
Support Staff 4 Posted by Ben Spencer on 24 Feb, 2012 12:39 AM
The foreign amount field is not directly related to the base currency. It is the currency of the account or category on the other side of the transactions.
The foreign amount field is only enabled when the currency of the account or category you have selected in the category field is different from that of the account you are entering the transaction in. I imagine that the category you have selected is also in AUD.
Ben Spencer
Moneydance Support
5 Posted by hpticar on 24 Feb, 2012 08:45 AM
Ben, you're useless... The base currency in my Moneybookers is GBP, and all the categories are in GBP. Therefore I can't select a category in AUD even if I wanted to. I am telling you there is a bug with foreign currency split transactions, but you obviously just don't want to listen...
Support Staff 6 Posted by Ben Spencer on 25 Feb, 2012 12:08 AM
I have not been able to reproduce the problem you are describing.
What category are you trying to use on the split transaction?
Select Tools->Edit Categories and select the category you want to use.
Click the edit button to bring up the properties for that category. Please take a screenshot of that categories properties window and attach it to this discussion.
Ben Spencer
Moneydance Support
7 Posted by Alain de Saint Ours on 25 Feb, 2012 11:52 AM
I have a similar problem.
My basic currency is the Dirham. I have bank accounts in two different currencies (Euro and Dirham), and this works fine to manage the balance of each account.
The problem starts when I want to monitor my expenses in Euro as the report shows the amount in the base currency, the dirham.
How to get an expense report in each separate currency?
THank you.
Alain.
Support Staff 8 Posted by Ben Spencer on 25 Feb, 2012 02:48 PM
Each category in the expense report is shown in the currency of the category. I am afraid there is not an option to change this. The final totals in the expense report are shown in the base currency.
Ben Spencer
Moneydance Support
9 Posted by Alain de Saint Ours on 25 Feb, 2012 03:30 PM
Dear Ben,
Thank you for the answer.
If I understood you correctly, I should have different categories for dirham
and euro expenses??
This is really an ordeal !! Any chance to have this issue fixed in the next
version, i.e. the currency attached to the transaction and not to the
category??
Thanks and regards.
Alain.
From: Ben Spencer
<***@tenderapp.com>
Reply-To: Infinite Kind Support <***@moneydance.com>
Date: Sat, 25 Feb 2012 09:48:10 -0500
To: Alain de Saint Ours <***@gmail.com>
Subject: Re: Problem with split transactions with foreign currency
[Questions]
Support Staff 10 Posted by Ben Spencer on 26 Feb, 2012 07:30 PM
There is an existing suggestion ticket proposing adding a currency conversion selection option to the income and expense report. I have linked the ticket to this discussion such that your post counts as a vote for the ticket.
For the time being the transactions shown in the income and expense report will be in the currency of the category used. If you want them in a different currency you would need to create a new category in the desired currency,
I am sorry that does not meet your needs.
Sincerely
Ben Spencer
Moneydance Support
11 Posted by Alain de Saint Ours on 26 Feb, 2012 07:52 PM
Good evening.
Thank you for the update. Really appreciated.
Hopefully something will come up to make it easier.
Regards.
Alain.
From: Ben Spencer
<***@tenderapp.com>
Reply-To: Infinite Kind Support <***@moneydance.com>
Date: Sun, 26 Feb 2012 14:29:40 -0500
To: Alain de Saint Ours <***@gmail.com>
Subject: Re: Problem with split transactions with foreign currency
[Questions]
12 Posted by hpticar on 07 Mar, 2012 12:52 AM
Ben, please have a look at the attached file.
As you can see there, the split transaction for 07.02.2012 which I have entered in AUD (AUD is the credit card currency) and have also entered the amount in GBP, but after entering split transactions (which are in AUD), Moneydance just overwrites the GBP amount for the whole transaction with the amount entered in the AUD field.
In this example, I have a GBP 15.24 amount listed in my Phone/Internet category (which is in GBP), when it should really read GBP 10.00. (15.24 is the amount in AUD).
Support Staff 13 Posted by Ben Spencer on 07 Mar, 2012 01:07 AM
That does seem to be incorrect.
Can you tell me exactly which build of Moneydance you are running? To do this select Help->Console Window and copy the output to this discussion.
Ben Spencer
14 Posted by hpticar on 07 Mar, 2012 09:03 AM
The build is 791. Here is the output of the console window:
Starting Moneydance 2011 (791)
Settings Folder: C:\Users\Hrvoje.moneydance
OS: Windows 7 6.1 x86
Java: 1.6.0_31 (Sun Microsystems Inc.)
15 Posted by hpticar on 07 Mar, 2012 09:30 AM
I downloaded the 803 build and installed it, and it seems that the problem has now somewhat 'shifted', it's still showing the same amount in AUD and GBP for split transactions, although it is now showing the proper amount in GBP for the whole of the transaction (see screenshot). If I try entering a different amount in the GBP field for the split transaction (i.e. 10 instead of 15.24), it changes it back to 10 after I press enter...
16 Posted by hpticar on 20 Mar, 2012 10:21 PM
Hi Ben, is this issue being looked into?
Support Staff 17 Posted by Ben Spencer on 20 Mar, 2012 11:35 PM
I have not been able to reproduce the problem you are describing.
Would you be willing to create a test .md file that contains one account and one split transaction that demonstrates the issue such that I can analyse the steps the program is taking as it uses your example data?
Sincerely
Ben Spencer
Moneydance Support
18 Posted by mkemr on 31 Mar, 2012 12:31 PM
Hi Ben,
Another vote for the ticket to change the reports to be able to select currency. Like Alain, I am very frustrated that as I move between countries and set up new bank accounts, the reporting shows up in whatever currency the file was originally created in. Rather than being able to track my TOTAL expenses on "dining" for instance, it seems that you are saying I will need to create "dining: USD", "dining: CAD", etc in order to get each expenditure to display in the correct currency? Very painful and it would be highly appreciated if there were an option added in an upcoming build to specify the currency for the report, instead.
19 Posted by alain on 31 Mar, 2012 12:59 PM
Hi Mkemr
What i have done, while waiting for a change in Money Dance, is to create an expense (and income) category called Euro in my case, and replicate the categories existing in my base currency, under the Euro category.
Not ideal, but at least when I run my euro expenses account, I know exactly in which categories my expenses have been in Euro. I can't track my total expense in one category, but at least I can track my expenses by currency.
Now I only deal in two currencies, so it is bearable. More than two, it is probably a no deal.
20 Posted by auntydodo on 06 Apr, 2012 09:32 AM
I have a similar isue - if I enter a transaction through my GBP account, eg. Rental Income, the amount shows correctly in the bank account, but on my income and expense listing it shows the same numbers as the GBP account but now the currency has changed to AED.
So, Bank Account shows income of (eg) GBP500, but Income and Expenses show AED 500.
In another bank account, also GBP the amount shows as GBP500, but this time the Income and Expense account shows AED3,000. (This is what I want for all transactions)
Any ideas where I am going wrong?
Thanks
21 Posted by Alain on 06 Apr, 2012 04:02 PM
You do not do anything wrong, that is the way Money dance works.
You have two options:
- either enter your expenses in another currency under another file name, and manage these two currency accounts separately, or - create another set of categories for the second currency say GBP and then extract your expenses by currency selecting the relevant category expenses
There is no other way out for the time being!!