"Convert An Existing Account to a Different Currency": Quicken Home & Business 2017

"Convert An Existing Account to a Different Currency": Quicken Home & Business 2017, Double-click the original account in the Account List window to open its register. Function "Transfer" does not exist

Comments

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited October 2018
    Try pressing Ctrl + Shift + T.
  • Unknown
    Unknown Member
    edited October 2018
    Thanks, but I do not want to transfer money from 1 account to another 1. I want to transfer entire account in following this process https://www.quicken.com/support/how-convert-existing-account-different-currency. But the below steps are not available
    5.Double-click the original account in the Account List window to open its register.
    6. Click Transfer.
    Select the account you created in step 5 from the To Account drop-down list.
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited May 2020

    Thanks, but I do not want to transfer money from 1 account to another 1. I want to transfer entire account in following this process https://www.quicken.com/support/how-convert-existing-account-different-currency. But the below steps are not available
    5.Double-click the original account in the Account List window to open its register.
    6. Click Transfer.
    Select the account you created in step 5 from the To Account drop-down list.

    You may not want to transfer money from 1 account to another 1 but that is precisely what the instructions are telling you to do: 

  • UKR
    UKR SuperUser ✭✭✭✭✭
    edited May 2020

    Thanks, but I do not want to transfer money from 1 account to another 1. I want to transfer entire account in following this process https://www.quicken.com/support/how-convert-existing-account-different-currency. But the below steps are not available
    5.Double-click the original account in the Account List window to open its register.
    6. Click Transfer.
    Select the account you created in step 5 from the To Account drop-down list.

    Looks to me like these instructions are incorrect and misleading.
    CTRL-Shift-T only provides the data entry form for creating a single transfer-between-accounts transaction. It does not move all transactions from account A to account B.
    I cannot find a way to transfer all transactions in Account A to a new account B of a different currency and not mess up the exchange rate on each transaction. Plus, moving transactions between accounts that are reconciled will cause a confirmation prompt for every single reconciled transaction.

    My recommendation is to simply create a new account with the desired currency at some cutoff date (e.g., end of last month).
    • Backup your Quicken data file before you get started. If something goes wrong, you can restore your data file and start over.
    • Leave the old account and all its transactions alone.
    • Create the new account in the desired currency with an Opening Balance of 0.00
    • Create a single transfer transaction in the old account, to transfer the account balance to the new account. When prompted for the exchange rate enter 1.00 unless you are also going through a revaluation / conversion of, for example, 1000 old units to 1 new currency unit.
    • Reconcile the old account.
    • You may have to move a few as yet uncleared transactions from old to new account: checks you wrote that haven't been cashed yet, any new transactions after cutoff date recorded in the old account
    • Optionally, close the old account in Quicken.
    • Rename it to "Old XYZ Checking" or "~XYZ Checking" to make it less likely to be selected in new transactions.
    • Change all Scheduled Reminders using the old account to use the new account from now on.
  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    edited May 2020

    Thanks, but I do not want to transfer money from 1 account to another 1. I want to transfer entire account in following this process https://www.quicken.com/support/how-convert-existing-account-different-currency. But the below steps are not available
    5.Double-click the original account in the Account List window to open its register.
    6. Click Transfer.
    Select the account you created in step 5 from the To Account drop-down list.

    From C. D. Bales:

    "Looks to me like these instructions are incorrect and misleading. CTRL-Shift-T only provides the data entry form for creating a single transfer-between-accounts transaction. It does not move all transactions from account A to account B."


    @UKR I disagree.


    I believe you - and the original poster - have failed to read and understand the instructions.


    To simplify: the instructions intend for the user to transfer the old account balance to the new account (where that balance amount will be converted to the new account currency) - and that transfer takes but one transaction. [The user should insure that a correct currency conversion is used for that transfer.]


    And that is all your post tells the user to do - and which is all I believe a user can do.


    [The original poster appears to also fail to understand that the currency of a Quicken account can NEVER be changed. Grasping that fact should help to direct the user's understanding to the provided solution.]


    To further assist that understanding:

    Given that Quicken does not retain currency conversion ratios, it is not reasonable to expect that "moving" multiple individual transactions from an account in one currency to in an account in a different currency, will produce correct results.


    I believe the only reliable way to "change the currency" of an existing Quicken non-investment account is to do just as the Quicken instructions say.


    And while you suggest that those instructions are incorrect ... they are essentially the same instructions you provided.


    Here's a link to the Quicken instructions for this process: https://www.quicken.com/support/how-c...
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
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