Add true multi-currency conversion support in Quicken for Mac (317 Legacy/Merged Votes)

Rich Cook

Isaac Cohen A said:

I'd like to be sure that Quicken for Mac 2018 supports foreign currency transaction before upgrading to the new version. I work in US$ and euros, and need to make transfer between accounts as I did when I was a windows user (till 2015).

It works for me.  There is a 30 day money back guarantee and I found the migration from Quicken 2017 was easy.  Your mileage may vary but if this is the only sticking point, I'd say download it and give it a spin.  

Rich Cook

Quicken 2018 supports many currencies and does a good enough job for me.  
Still doesn't handle options but it's an improvement.  

Unknown

Rich Cook said:

Quicken 2018 supports many currencies and does a good enough job for me.  
Still doesn't handle options but it's an improvement.  

Thank you!!! I'll try it.

jacobs

Rich Cook said:

Quicken 2018 supports many currencies and does a good enough job for me.  
Still doesn't handle options but it's an improvement.  

Rich, you're showing that you can set up an account in Quicken Mac to display any currency. This has existed since Quicken Mac 2015. What people are looking for in "true" multi-currency support is conversion between one currency and another when transferring between accounts. This exists in the Windows version, but has not existed in the Mac version. The Windows version also allows you to manually change the amount on one side of the linked transaction (to precisely match the conversion amount from your financial institution) without affecting the other side; the Mac version has the two sides of a transfer transaction strictly linked.

I might be wrong (hopefully someone who uses these features will correct me if I am) but I don't believe this has changed in Quicken Mac 2018. 

Unknown

Rich Cook said:

Quicken 2018 supports many currencies and does a good enough job for me.  
Still doesn't handle options but it's an improvement.  

I have waited far too long for the full multi-currency feature in the Mac OS. Finally, I tried out Banktivity and will probably never look back.

Unknown

Rich Cook said:

Quicken 2018 supports many currencies and does a good enough job for me.  
Still doesn't handle options but it's an improvement.  

You are correct. This is the function we're waiting for.

Unknown

Kenneth Lee said:

Agree.  This is why I am still on a very old Quicken running on my PC instead of MAC

What ever they decide it has to be in MAC OS for me. It has been so long since I used Windows I don't recall how to run it now. At my advanced age I'm not into learning. Things getting way too complicated for me... LOL  I just want crap to WORK don't much care how these days! 

Unknown

Kenneth Lee said:

Agree.  This is why I am still on a very old Quicken running on my PC instead of MAC

totally agree with you!  just turned 65 and retired a couple years ago. I don't want any more complication in my life. need multi currency so until Quicken people put true multi currency capability I am stuck with running Parallels on my MAC just so I can run windows version of quicken that does support multi currency. CANNOT WAIT to dump windows, only use it for quicken.

Rich Cook

Rich Cook said:

Quicken 2018 supports many currencies and does a good enough job for me.  
Still doesn't handle options but it's an improvement.  

I agree that that is what I showed, sorry.  Here maybe this screenshot will make you happier.  The way it works is that a dialog shows up and creates a non-linked transfer with the exchange rate shown.  It's a good workaround.  Also, the Thai Baht Account correctly gets included in my net worth, based on the day's exchange rate.  In other words, Quicken now is sufficiently currency aware that I'm able to have an account in Thai Baht that I can use. 



In Q2017, the account said "Thai Baht" but transfers were 1:1 between USD and THB.  Quicken was completely dumb about exchange rates.  Now, it's baked in, and Quicken knows how much my 107,000 THB are worth and correctly updates my net worth with that knowledge.  The fact that the entries are not linked is OK as I'm unlikely to go back and modified either side of it after the fact.  

Rich Cook

Kenneth Lee said:

Agree.  This is why I am still on a very old Quicken running on my PC instead of MAC

Quicken 2018 supports multi-currency now.  I use it with Thai Baht.  See my other post for more details.  Here's a screenshot.  

Unknown

Rich Cook said:

Quicken 2018 supports many currencies and does a good enough job for me.  
Still doesn't handle options but it's an improvement.  

Hi

Just wondering in Q2018 for Mac, if you can load an exchange rate when posting a share purchase in a foreign currency. This is available on the Q2006 version I'm using. Then when you generate a performance report and tick the option to include the exchange rate your share was purchased/sold at you get the correct annualised return % on the report.

Ticking the 'transaction exchange rate' in the investment performance report options then takes into account the currency gain or loss on the share purchase. If that option is not there then Quicken is only taking into account the share price movement. Thanks for anyone who can clarify this.

Rich Cook

Rich Cook said:

Quicken 2018 supports many currencies and does a good enough job for me.  
Still doesn't handle options but it's an improvement.  

I don't know but 2018 has a 30 day money back guarantee, so you can just buy it, try it, and if you don't like it, return it.  And of course post your experience here.  :-) 

smayer97

JOSE L URENA said:

And, please, in addition to implementing true support for foreign currency transactions, it is imperative that the migration utility for moving Quicken for Windows data to Quicken for Mac works flawlessly in the handling and migration of foreign currency account transfers.  Migration is a critical an integral part of the implementation of this feature.  I -like many more users- have hundreds, or thousands, of QW transactions that cannot be migrated because of the flawed migration function.   Even on Quicken for Mac 2018, reports are that neither one nor the other function work.  Very disappointing.

Correct...at present conversion from QWin to QM2018 of multi-currency transactions do not convert correctly. 

(If you find this reply helpful, please be sure to click "Like", so others will know, thanks.)

Unknown

Gabor Gresz said:

Quicken has no idea about the magnitude of business they miss out by just those two simple facts that 1. more and more people are using mac computers, 2. millions of potential (and current) customers lives outside of the US or have multiple currency accounts within or outside of the U.S. Not having multiple currency support in the mac version ignores these customers and leaves a huge portion of potential market uncovered. It's only a matter of time for competitors to break in and they already are doing that: moneywizzapp, moneydance, ibank, etc.. Multiple currency feature is so simple that even google sheets can do it very easily or an excel file and both automatically downloads and updates the newest exchange rates. It took 10 years for Q to come up with a usable mac version (that it self is outrageous) and than they leave out such a basic feature that was even part of their earlier (otherwise very poor) QM. Their business-model will be taught in schools on how to live below your maximum potential.

I used Quicken on my Windows for a years and was happy. Once I moved to Mac, I had to use bootcamp or parallels on my mac, but it was so uncomfortable. So finally I had to move to Banktivity

Rich Cook

Gabor Gresz said:

Quicken has no idea about the magnitude of business they miss out by just those two simple facts that 1. more and more people are using mac computers, 2. millions of potential (and current) customers lives outside of the US or have multiple currency accounts within or outside of the U.S. Not having multiple currency support in the mac version ignores these customers and leaves a huge portion of potential market uncovered. It's only a matter of time for competitors to break in and they already are doing that: moneywizzapp, moneydance, ibank, etc.. Multiple currency feature is so simple that even google sheets can do it very easily or an excel file and both automatically downloads and updates the newest exchange rates. It took 10 years for Q to come up with a usable mac version (that it self is outrageous) and than they leave out such a basic feature that was even part of their earlier (otherwise very poor) QM. Their business-model will be taught in schools on how to live below your maximum potential.

I tried Banktivity but it didn't work well for me.  I have lots of stock investments maybe that was it.  I don't remember the shortcomings, just didn't see a big win with changing over, as angry as I've been with Intuit all these years with blowing it on the Mac year after year while they suck money in for seemingly very little progress.  

Unknown

Kenneth Lee said:

Agree.  This is why I am still on a very old Quicken running on my PC instead of MAC

Beware! 2018 Mac version supports multi-currency, BUT not linked transfers.  For instance, as it is, once you import your old .qdf file, all PAST transfers from Thai Baht to USD will reflect the only the value of transferring Thai Baht into the USD account making you appear as a multi-milliionaire.  Since I have hundreds of such multi-currency transfers, it is too time intensive to update each transfer and so it not reasonable to use the Quicken Mac 2018 subscription in it's present release.  It's further confirmed by the Quicken pop-up window, "Quicken does not currently support linked transfers for accounts of different currencies."  Therefore, I recommend not upgrading to the subscription if you do not wish meticulously adjust each transaction of the past. Ugh!

smayer97

Kenneth Lee said:

Agree.  This is why I am still on a very old Quicken running on my PC instead of MAC

Thanks for the insight...so QM2018 is only performing the calculation and that is it? That is nothing like the marketing info or even Release notes...what a let down...

Unknown

Kenneth Lee said:

Agree.  This is why I am still on a very old Quicken running on my PC instead of MAC

Yes.  So if you are a new user starting from scratch, then maybe it might be acceptable because QM2018 will give you a prompt, as shown in the screen shot above, as to what f/x rate you wish to fix it at.  However, if you have legacy transactions from previous versions where funds are transferred to another currency account, then there is no conversion taking place and the foreign currency is same being transferred into the new foreign account.  So for instance a transfer of Thai Baht 1,000,000 (in the real world about USD30k) will post USD1,000,000 to the USD account.  To correct this, one must manually adjust each entry. Oh, joy!

Rich Cook

Kenneth Lee said:

Agree.  This is why I am still on a very old Quicken running on my PC instead of MAC

That's all correct.  For me it works as I am not relying on the history in my previous "Thai Baht" account for anything -- I merely zeroed it out and was happy to ignore it.  But for someone with an account with Thai Baht transfers, Quicken would totally screw you up and you'd have to calculate each entry by hand.  Come on Intuit!  Fix this eh 

Unknown

Kenneth Lee said:

Agree.  This is why I am still on a very old Quicken running on my PC instead of MAC

Indeed.  Just to be clear for everyone, it's not just Thai Baht, it's ALL legacy currencies EUR, CAD, SGD, BTC, GPB, YEN, AUD etc, that cannot be propagated to the linked account when upgrading.

Quicken Marcus

Pritam Mirchandani said:

Agree..that's why I still retain a PC.

Levent, as many have mentioned, Quicken Mac 2018 will pop-up a dialog telling you that you're trying to transfer money from an account in one currency to another and we'll provide the current exchange rate and conversion.  This will create 2 transactions - one in each account.  In other words, Quicken won't easily allow you to do what you describe.  The other multi-currency change we made is that the sidebar does the conversion to the home currency so the balances can be displayed in home currency or can remain in their native currency with the pop-up to balance in home currency.  Also, the super registers will total correctly including net worth using the current exchange rate.

Unknown

Pritam Mirchandani said:

Agree..that's why I still retain a PC.

Marcus:  Again:  Not only the functionality needs to be in the application.  The migration function from QWin to Mac must also work flawlessly, or, at least, to a workable state.  Many, like me, have many, many years worth of foreign currency transfer transactions, and we cannot move to Mac until Quicken fixes the many problems with the migration function, which I won't repeat here, because they have incessantly been reported in these forums.  Migration is an integral -and critical- part of any function implementation.  Another apparent problem with the migration function has to do with older transactions from the time when Quicken supported linked Bank-Investment accounts.  They also don't get imported correctly, or at least to a workable state.

Unknown

Isaac Cohen A said:

I'd like to be sure that Quicken for Mac 2018 supports foreign currency transaction before upgrading to the new version. I work in US$ and euros, and need to make transfer between accounts as I did when I was a windows user (till 2015).

is Quicken for Mac 2018 support foreign currency transaction and does the conversion automatically

smayer97

Isaac Cohen A said:

I'd like to be sure that Quicken for Mac 2018 supports foreign currency transaction before upgrading to the new version. I work in US$ and euros, and need to make transfer between accounts as I did when I was a windows user (till 2015).

IMO it is half-baked, not fully cooked...you can record a currency conversion when the transaction is entered but it is recorded as a non-linked transfer between accounts. This means that any changes you make one some side of the transfer does not get reflected on the other side. 


(If you find this reply helpful, please be sure to click "Like", so others will know, thanks.)

Unknown

Isaac Cohen A said:

I'd like to be sure that Quicken for Mac 2018 supports foreign currency transaction before upgrading to the new version. I work in US$ and euros, and need to make transfer between accounts as I did when I was a windows user (till 2015).

Not only half-baked, but the migration function from QW --> QM doesn't work right.  So, IMHO, its one-quarter baked.

Stan Moderate

Isaac Cohen A said:

I'd like to be sure that Quicken for Mac 2018 supports foreign currency transaction before upgrading to the new version. I work in US$ and euros, and need to make transfer between accounts as I did when I was a windows user (till 2015).

The migration from QW17 Premier to Q18 Mac worked for me BUT some of my account balances were wrong. I eventually traced this to the fact that currency transfers between accounts didn't work, just ignored them.  Reverted to QW17 and returned the Q18Mac subscription.

Stan Moderate

Rich Cook said:

Quicken 2018 supports many currencies and does a good enough job for me.  
Still doesn't handle options but it's an improvement.  

Rich, that's exactly what I did. Didn't even get as far a 'attempting a new transfer' because my long history of prior transfers where missing and affected account balances way out. The return went without a hitch (lost the bank charges), I shall wait for Quicken to get it right.

Rich Cook

Isaac Cohen A said:

I'd like to be sure that Quicken for Mac 2018 supports foreign currency transaction before upgrading to the new version. I work in US$ and euros, and need to make transfer between accounts as I did when I was a windows user (till 2015).

For me, since I am not migrating anything and don't ever change my transactions retrospectively, it's fine as it is.  So it depends on whether you will do one of those two things.  If not, it works fine.  

Rachel York

Rich Cook said:

Quicken 2018 supports many currencies and does a good enough job for me.  
Still doesn't handle options but it's an improvement.  

Quicken does NOT properly transfer multi-currency transfers when converting from Quicken Windows to Quicken Mac.   You have to go into every single transfer (I have hundreds), and recreate them yourself.  It's a huge mess

smayer97

Rich Cook said:

Quicken 2018 supports many currencies and does a good enough job for me.  
Still doesn't handle options but it's an improvement.  

Yes, known problem that has already been stated...migrating from QWin to QMac does NOT currently migrate the currency conversions...

(If you find this reply helpful, please be sure to click "Like", so others will know, thanks.)