Currency

HaygoodHaygood Member
edited December 2018 in All things Canadian

I would like to change my Home Currency in the Canadian version of Quicken 2018. Can that be done?

Comments

  • Arctic Hare (H&B 2019 Canadian)Arctic Hare (H&B 2019 Canadian) SuperUser ✭✭✭
    edited December 2018
    @Haygood. No, you cannot change the home currency in the Canadian version of Quicken. Why would you want to? I can't imagine what purpose that would serve. The Canadian version can only download transactions from Canadian financial institutions, is designed to handle Canadian securities under Canadian regulations, and the categories reflect Canadian tax categories. How it would be helpful/useful to change the home currency?
  • LarissaLarissa Member
    edited December 2018
    Some of us actually want to change the home currency to CANADIAN. I switched from the US version, which I’d used for decades, and now my default home currency in the Canadian Quicken is USD and I’m told there’s nothing I can do about it. If you can change your home currency in the US version, then why can’t you change your home currency in the Canadian version? Maddening.
  • Arctic Hare (H&B 2019 Canadian)Arctic Hare (H&B 2019 Canadian) SuperUser ✭✭✭
    edited November 2018
    Larissa said:

    Some of us actually want to change the home currency to CANADIAN. I switched from the US version, which I’d used for decades, and now my default home currency in the Canadian Quicken is USD and I’m told there’s nothing I can do about it. If you can change your home currency in the US version, then why can’t you change your home currency in the Canadian version? Maddening.

    @Larissa: there is a good and simple reason why you can't change your home currency in the Canadian version... files opened with one country's version should NOT be opened and edited with another country version. Although the file will open without errors, each country version uses the underlying database differently. For example, a "1" entry in a database table will have one meaning to the US software and another entirely different meaning to the Canadian software. Thus, simply changing the Home currency doesn't make the data file portable. Quicken is actually protecting you by not allowing you to switch the home currency because doing so would cause all sorts of problems. It is imperative that you avoid using a data file created in one country version in another country version of Quicken.

    If you really need to move data from one country version to another country version, you might be able to successfully accomplish that with QIF export/import. I haven't test that and I haven't though through all the implications. Depending on which features you use, that might work pretty seamlessly or it might cause collateral damage. Best practice would be to start clean in the other country version. OR, if you need to be able to work in both US and CAD environments, then switching to the Mac version would probably be best because, although feature limited, it supports both USD and CAD in the same version.

    The only way you end up with a home currency of USD in the CAD version is to create a data file in the US version and then open that data file in the CAD version. That is a bad practice that should be avoided. Create a brand new Q data file in the Canadian version.
  • smayer97smayer97 SuperUser ✭✭✭✭✭
    edited November 2018
    Larissa said:

    Some of us actually want to change the home currency to CANADIAN. I switched from the US version, which I’d used for decades, and now my default home currency in the Canadian Quicken is USD and I’m told there’s nothing I can do about it. If you can change your home currency in the US version, then why can’t you change your home currency in the Canadian version? Maddening.

    Since this thread was not designated as QWin vs QMac, please note that what Arctic Hare mentions is unique to the QWin version. The QMac version supports both the US and CA in one version, so you can easily switch back and forth.

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

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

    (Canadian  user since '92, STILL using QM2007)

    Have Questions? Check out these FAQs:
  • Arctic Hare (H&B 2019 Canadian)Arctic Hare (H&B 2019 Canadian) SuperUser ✭✭✭
    edited November 2018
    Larissa said:

    Some of us actually want to change the home currency to CANADIAN. I switched from the US version, which I’d used for decades, and now my default home currency in the Canadian Quicken is USD and I’m told there’s nothing I can do about it. If you can change your home currency in the US version, then why can’t you change your home currency in the Canadian version? Maddening.

    @smayer97: if you re-read my post, I think you’ll find that I did comment on the Mac version ;-))
  • smayer97smayer97 SuperUser ✭✭✭✭✭
    edited November 2018
    Larissa said:

    Some of us actually want to change the home currency to CANADIAN. I switched from the US version, which I’d used for decades, and now my default home currency in the Canadian Quicken is USD and I’m told there’s nothing I can do about it. If you can change your home currency in the US version, then why can’t you change your home currency in the Canadian version? Maddening.

    oops...I somehow missed that sentence. ;-)

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

    (Canadian  user since '92, STILL using QM2007)

    Have Questions? Check out these FAQs:
  • smayer97smayer97 SuperUser ✭✭✭✭✭
    edited November 2018
    Larissa said:

    Some of us actually want to change the home currency to CANADIAN. I switched from the US version, which I’d used for decades, and now my default home currency in the Canadian Quicken is USD and I’m told there’s nothing I can do about it. If you can change your home currency in the US version, then why can’t you change your home currency in the Canadian version? Maddening.

    But just to elaborate, not only does QMac support both USD and CAD, it also supports downloading from both US and CA Fi/banks. BUT the # FI/banks is more limited and it currently DOES NOT truly support multi-currency, only the recording of such currencies but nothing much beyond that at the moment. So it is a catch-22.

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

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

    (Canadian  user since '92, STILL using QM2007)

    Have Questions? Check out these FAQs:
  • LarissaLarissa Member
    edited November 2018
    Larissa said:

    Some of us actually want to change the home currency to CANADIAN. I switched from the US version, which I’d used for decades, and now my default home currency in the Canadian Quicken is USD and I’m told there’s nothing I can do about it. If you can change your home currency in the US version, then why can’t you change your home currency in the Canadian version? Maddening.

    Appreciate the comments. I don’t own a Mac so that’s not an option. And I had no idea that moving to the Canadian version would be problematic. It’s not like there is any sort of warning that says you shouldn’t do it. I’d been moving seamlessly from one version of Quicken to another for 24 years - I had never opened a new file. I want to keep access to all those years of data. I thought I’d give the Canadian version a try so I could download from my Canadian banks - plus, I live in Canada now, so why not? I’d no idea this would create these problems - and I don’t want to lose all my old data so I’m just stuck, I guess.
  • smayer97smayer97 SuperUser ✭✭✭✭✭
    edited November 2018
    Larissa said:

    Some of us actually want to change the home currency to CANADIAN. I switched from the US version, which I’d used for decades, and now my default home currency in the Canadian Quicken is USD and I’m told there’s nothing I can do about it. If you can change your home currency in the US version, then why can’t you change your home currency in the Canadian version? Maddening.

    Have you considered/tried changing the home currency in QWin-US before moving to QWin-CA? 

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

    (Canadian  user since '92, STILL using QM2007)

    Have Questions? Check out these FAQs:
  • Arctic Hare (H&B 2019 Canadian)Arctic Hare (H&B 2019 Canadian) SuperUser ✭✭✭
    edited November 2018
    Larissa said:

    Some of us actually want to change the home currency to CANADIAN. I switched from the US version, which I’d used for decades, and now my default home currency in the Canadian Quicken is USD and I’m told there’s nothing I can do about it. If you can change your home currency in the US version, then why can’t you change your home currency in the Canadian version? Maddening.

    Smayer’s suggestion would might address the immediate home currency issue, but it can’t and won’t address the other issues such as different use of asset class definitions. None of really understand all the ways that the two programs use the database differently... and there are a number. Unfortunately, the Windows versions of Quicken simply do not support border hopers; this issue also affects snowbirds. Unfortunately, while this lack of support is a serious problem for some people, it seems not to affect enough people for Quicken to work on a solution.
  • smayer97smayer97 SuperUser ✭✭✭✭✭
    edited November 2018
    Larissa said:

    Some of us actually want to change the home currency to CANADIAN. I switched from the US version, which I’d used for decades, and now my default home currency in the Canadian Quicken is USD and I’m told there’s nothing I can do about it. If you can change your home currency in the US version, then why can’t you change your home currency in the Canadian version? Maddening.

    Meanwhile, you may want to add your VOTE to 
    Merge support for importing data from US and CA FIs/Banks for US and CA versions of QWin.

    First, click on the underlined link above to go there, then click VOTE at the top of THAT page, so your will vote count for THIS feature and increase its visibility to the developers by seeking to have the features you need or desire end up in the latest version.

    Your VOTES matter!

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

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

    (Canadian  user since '92, STILL using QM2007)

    Have Questions? Check out these FAQs:
  • QPWQPW Member ✭✭✭✭
    edited November 2018
    Larissa said:

    Some of us actually want to change the home currency to CANADIAN. I switched from the US version, which I’d used for decades, and now my default home currency in the Canadian Quicken is USD and I’m told there’s nothing I can do about it. If you can change your home currency in the US version, then why can’t you change your home currency in the Canadian version? Maddening.

    My main question in a situation like this would be, are all your US accounts now closed and you are going to be entirely in Canadian accounts?

    If so I can think of ways to make that MIGHT work, but if not you are just trading one problem for another.
  • LarissaLarissa Member
    edited November 2018
    Larissa said:

    Some of us actually want to change the home currency to CANADIAN. I switched from the US version, which I’d used for decades, and now my default home currency in the Canadian Quicken is USD and I’m told there’s nothing I can do about it. If you can change your home currency in the US version, then why can’t you change your home currency in the Canadian version? Maddening.

    No, I still have a couple of US accounts but they’re not used much anymore so I just update them manually. All my active accounts are in Canada now. Most of my investments are still in the US though.
  • QPWQPW Member ✭✭✭✭
    edited November 2018
    Larissa said:

    Some of us actually want to change the home currency to CANADIAN. I switched from the US version, which I’d used for decades, and now my default home currency in the Canadian Quicken is USD and I’m told there’s nothing I can do about it. If you can change your home currency in the US version, then why can’t you change your home currency in the Canadian version? Maddening.

    Note I'm a US only user so my experience in this is limited, but I have participated in testing the Canadian version, and one of the things I was actively interested in was this fact that a Canadian version can read a US data file and the other way around.  So I have played with it somewhat.

    First off you will need a US version of Quicken to change the home currency as stated above.  But it doesn't have to be done before you first read it into the Canadian version.  You can load up your data file in the US version, change the home currency and then load it up in the Canadian version.

    Why they didn't put this feature into the Canadian version is beyond me.

    Past that the "tax lines" that are associated with categories, are "mapped" into a file that gets changed when you switch between the two versions of Quicken.

    Needless to say, there isn't a way where they will be right for both versions for all accounts at the same time.

    These assignments for most part can be changed if they are wrong.
    The big problem here will be the builtin categories.  They can't be edited in any way.
    If they are assigned wrong there isn't anything you can do about it.

    I haven't tested enough to know if the treatment will in fact "switch/work properly" given the Canadian treatment of these categories.  And frankly I don't know enough about Canadian tax laws to even do such a test.

    Beyond the treatment of securities for the Canadian accounts, one would have to presume that it won't be right for the US accounts.  So if they aren't closed, then they most likely wouldn't calculate things like gains correctly for tax purposes.

    But maybe that isn't an issue anyways if you are doing your taxes "outside" of Quicken.  I personally don't use Quicken for this purpose any more.  I have found the export functions to be close to useless for me.

    The main point I guess is that it isn't really known what total affect a US data file has on how Quicken Canadian works, but my educated guess would be this.  With new accounts, they would work just like if they were in a "Canadian only" data file.  And if the US accounts are closed, they would record the transactions/amounts correctly, but nothing that relies on knowing the "right cost basis" can be relied on.
  • Arctic Hare (H&B 2019 Canadian)Arctic Hare (H&B 2019 Canadian) SuperUser ✭✭✭
    edited November 2018
    Larissa said:

    Some of us actually want to change the home currency to CANADIAN. I switched from the US version, which I’d used for decades, and now my default home currency in the Canadian Quicken is USD and I’m told there’s nothing I can do about it. If you can change your home currency in the US version, then why can’t you change your home currency in the Canadian version? Maddening.

    Again, I don't pertain to know all of the differences between how the respective country versions of Quicken use the data file in unique ways. I am aware of the following differences:
    1. There is the home currency setting, which has been discussed extensively here, including possible workarounds.
    2. The coding of security asset classes is very different. Therefore, if you define asset classes in one country version and then open it in the other version, the asset classes for the already defined securities will be wrong. This is fixable, but a nuisance, to say the least.
    3. The Quicken standard mapping of categories to tax form lines gets set up when you create a new data a file (or, at least that is how I understand it works, I haven't played with this myself). If you created a data file in the US version and then opened the file in the Canadian version, I am not aware of a way to switch over to the Canadian tax line references. I haven't dealt with this problem myself, but from what others have described, it sounds like there is no way to get the Canadian tax form line references to appear other than to start a new data file. But, maybe someone else has worked this issue and come up with the solution. I recall at least one user who couldn't get the Canadian tax form references to appear after opening in the CAD version a file created in the USA version. If one is filing taxes in both countries, I especially don't know how that would work. Incidentally, I make only light use of the tax line feature. I use it for my wife's professional business, but I don't use it for basic personal taxes; for that I use TurboTax and the CRA data download auto-fill functionality.
    My caution is that the above is just the list of the differences I know about. There could be any number of other differences. At the risk of stating the obvious, Quicken doesn't officially support moving data file between the country versions... so, if you run into a problem in doing such then you can't expect support. Personally, I don't like living on an "unsupported" island when it comes to my accounting software.
  • QPWQPW Member ✭✭✭✭
    edited November 2018
    Larissa said:

    Some of us actually want to change the home currency to CANADIAN. I switched from the US version, which I’d used for decades, and now my default home currency in the Canadian Quicken is USD and I’m told there’s nothing I can do about it. If you can change your home currency in the US version, then why can’t you change your home currency in the Canadian version? Maddening.

    As turns out I happen to have an active Canadian license for a few months so I might test this some more.    I was going to check out some different handling of currencies in the QFX files anyways.  This definitely in the "unsupported island".

    But note I'm not heavy into all the tax or investment issues that might come up.
    So anything I would report on it more in how things work in general and what pops out that can't be fixed.  Note for instance if you were have to setup every category with a different tax line, that would be a LOT of work, and you will have to know how the tax lines have to be assigned.  And as I said you might run into not being able to fix a builtin one that you absolutely need.

    And your possibilities of something not working right goes up with active US accounts/securities.

    It is sort of like this, as an experiment I have rebuilt my data file from a QIF file.
    The QIF format has no way of tracking lots.  And as such any active options would be handled incorrectly.  As it turns out though I'm at the point in life I don't have any of them and my old options accounts do import correctly just because they are closed.

    One might very well be much better off starting a new data file for the new year.
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