Currencies

Graham K

I have just purchased Quicken (R31.20) Windows. I need to have different currencies - GBP, AED, NOK, KRW. All the help pages show changing currencies in Quicken, but the screenshots provided by everybody are not like my version of Quicken.
All support pages point me to 'preferences/calendar and currency'. I only have 'preferences/calendar'. There are no links to anything currency.

So, do I have the wrong version of Quicken?

For info, I used Quicken in the UK decades ago. I am very familiar with the prog-of-old.

Help!!!! Please...!!!!

YingDave

In Menu Edit Preferences, go to Calendar and Currency and make sure currency support is turned on. 

Then hit Ctrl+Q will bring up the currency table. I am using the Canadian version because it has better multi-currency support than the US version with VAT/GST also. US version you have will handle those currencies you mention, after you turn it on. US version will only store one rate though, not not historical table like Canadian ( and old UK and AU product).

Graham K

Ah. It's maybe the US version then that's not got the currency options. Here's what my preferences screen shows:

I'll have a look at buying the Canadian version....

Graham K

How do you attach a screen shot in this forum?

Graham K

Is there a support email at Quicken itself?

splasher

Graham K said:

Is there a support email at Quicken itself?

No.  Only phone and chat via this link: Quicken Support

Chris_QPW

A few points that might help.

The US Starter version doesn't have Multiple Currency support.
The US Deluxe version has multiple currency support, but doesn't download exchanged rates.
The US Premier and above version downloads currency exchange rates, but only the keeps the current ones, and as such can't do any accurate over time conversion (net worth report for instance)

EDIT:
The Canadian version will not allow you to change the "Home Currency" and for a new data file will default to CAD.  The US version allows for changing the Home Currency.  The Home currency is used in a number of "views" like in the budget view and Home tab.

Chris_QPW

YingDave said:

In Menu Edit Preferences, go to Calendar and Currency and make sure currency support is turned on. 

Then hit Ctrl+Q will bring up the currency table. I am using the Canadian version because it has better multi-currency support than the US version with VAT/GST also. US version you have will handle those currencies you mention, after you turn it on. US version will only store one rate though, not not historical table like Canadian ( and old UK and AU product).

I found this "interesting".  In the past the Canadian version didn't have this setting.  The reason is because it had to always be in multiple currency mode since it was branch off of the US version, and as such needed multiple currency support just to have the home currency be CAD.

Graham K

Massive thanks for this info Chris. I had a long IM chat with Quicken and even with my screen shots of the lack of 'multicurrency support' in the edit/preferences box, I still got nowhere. Your words make sense though. I purchased a Canadian version of Starter which has multiple currencies, but as you say, you cannot change the home currency. If I want to set my home currency and to be able to have multiple currencies (don't need the download of latest rates), which is the version that I need?

Chris_QPW

Graham K said:

If I want to set my home currency and to be able to have multiple currencies (don't need the download of latest rates), which is the version that I need?

Quicken US Deluxe (or higher, Premier gets the current currency exchange rate download).

BTW as sort of side note.  If you were to take a data file that already had its home currency set, and then opened it in the Canadian version, it would stay on that home currency.  It might even be true if converting a data file from the UK or Australian (Reckon) versions.

YingDave

PS. @Chris_QPW
That was a screen shot of the US version I posted not Canadian as @Graham K
is  using US based on version number, but did not realise it was wrong version to show it. The Canadian version indeed does not have this option setting.

PS. @Graham K
You will be able to post screen shots in line and increase in editing tools shown on the tool bar, after you have posted x numbers of comments/discussion. At first you can only attach as separate file. 

Graham K

Thanks again. This is getting clearer.

I have now purchased the Canada Starter version. This allows the currency to be set when creating an account - something that US-Starter does not. The account creation process is different.

I have exported QIF files from Reckon-Australia, but these do not have associated currencies. Propersoft's Sergiy has confirmed this - I'm using Propersoft software to manipulate the Reckon exported QIFs into Quicken acceptable formats.

I have now imported 17 different accounts now into the Canada-Starter version with 4 different currencies. About half the imported accounts have come across correct - they show the same current balance as Reckon. However, the other half have some missing transactions. It'll be a line-by-line check.

I'm now going to ask Quicken Canada which version of their software allows the home currency to be set. It may or may not be the same as the US version! Once I can set the home currency in the Canadian version, assuming the next-version-up has the same account creation process which allows me to not link to an institution (ie, full manual creation), then we will be on the right road to the full solution. I'm waiting until Quicken Canada starts working again to have a chat with them online about trading in my Starter version.

[ If it's this bloomin' difficult to do something as simple as keep your accounts, the thought of self driving cars is a worry. Decades ago, I used Money Manager (DOS and then Windows). That worked fine. Over the years, Quicken UK disappeared, it has become a pay-per-year subscription model, and each country has its own version. All to do exactly what Money Manager did after installing from a 1.4MB floppy. If a Martian landed on our planet and looked at this situation, I'm sure that whatever creature it was would have a smirk on its face. ]

Chris_QPW

I popped back on here tonight (11:33 pm my time (now 12:36 am)) because I realized that there is some more possibilities/details, and will answer you your questions above.

First off NONE of the Canadian editions (Starter, Deluxe, ...) will allow you to set the Home Currency.  You need a US Deluxe edition or higher for that.

Now comes why I'm posting, I realized that the "ideal version" (at least to get started)  for you is available for free.

If you expand the section "If you are converting from Quicken 2004 through 2009" from this article, you will see that you can download and install Quicken 2013 Deluxe (US).  It is made available for free for the purpose of converting old versions.  It was put out because there was a problem early on with Quicken 2014 that prevented it from doing this, but was later fixed, but they left the free Quicken 2013 version.

Convert Data From an Earlier Version of Quicken (When to Use an Intermediate Version)

You might want to just stop with this version.  It is in fact the last Quicken version that requires no online registration, purely manual.  Starting in Quicken 2014 to Quicken 2017 they require a Quicken Id (which you can get for free) and online registering.  And then starting in Quicken 2018 it becomes "Subscription" where you get the latest changes, but you have to maintain the subscription.  If you let it lapse then with the Starter edition it becomes read-only, but with the Deluxe you can still use it manually, but an ad to renew takes up 25% of the window.

As it turns out the Canadian Starter version is a bit less restrictive than the US version, but the Starter edition is almost never the right choice.

Using Quicken 2013 Deluxe US you can set the home currency.  And if that file is opened by Quicken Subscription Starter Canadian or higher it will have multiple currency and the same home currency as you set in the US version.  In the US version you have to have the Deluxe edition because the Starter version doesn't have multiple currency support.

Now on your importing your data.  First off have you tried just opening your Reckon-Australia data files in the Quicken Subscriptions Starter Canadian?
Some have reported success in this especially if you only are using Australian currencies.  And the same should apply about the home currency "sticking".  The Reckon-Australia version is in fact a branch off of the old US code and as such should "mostly work" (@YingDave would probably know more than I do, but I remember a woman trying it and like I said it mostly worked, but there was something that the Reckon version supported and the US didn't and she decided to stay with Reckon..  Sorry can't remember the details, and couldn't find the emails on it).

Second if you are going to use the QIF files there are a few things to know.  As you mentioned the QIF files do not have currency settings in them, just numbers.  The currency of the account you import into determines that.  Next the US/Canadian versions require the dates to be in the "US format" as in MM/DD/YYYY.  The Reckon version actually has a setting for this (the US/Canadian version doesn't) so you should be able to export in the right format for the import, and might in fact not need any "conversions".

But there is a "gotcha" for Quicken 2019 US and below (so this applies to the 2013 version) the Quicken QIF dialog blocks selecting any account types that aren't asset or liability.  But if the account name and type is in the QIF file, it will import into that account bypassing this restriction.  This information would be in there is you export the account list, or with the right "conversion" it can be added for individual account imports.  The Subscription version lets you select whatever account you like, but does no processing of the transactions, they go directly into the account.  Which is fine for this use case, but becomes a problem for importing transactions from a financial institution.  Quicken 2019 and below the transactions go through the Downloaded Transactions tab, and will allow using the Memorized Payee list to fill in the category (renaming rules are ignored).

More details here:
https://community.quicken.com/discussion/comment/20159771/#Comment_20159771

Now for the biggest problem with QIF imports.  Quicken does a terrible job of handling the transfers.  At no time have I ever been able to do a full import and have the balances/transfers be correct.

So when I have tested a full QIF export to full QIF import the only way I have got it correct is to change the transfers into regular categories.  See this for all the gory details:
http://www.quicknperlwiz.com/changetransfers.html

Graham K

WOW! Talk about details! Fantastic stuff. Massive thanks. This is just brilliant.

Thanks for the info that none of the Canada versions have home currencies other than the C$. That's saved me a conversation with Quicken Canada.

As for the 2013 version, I've downloaded it from the site you mentioned. I'll be trying it later tonight as it sounds as if that will do what I need. I don't need to have online links to the bank, etc. I do manual reconciliations as I'm in different countries most of the time. I'm not sure which version that I had before I went to Reckon - but let's try later. If it works, then we're onto a winner. Let's hope. I'll report back.

As for opening the Reckon data file in the Canada Starter - the hopes were high with that. It provided a dialogue box which gave the progress, but then an error message: "Unsupported File Format. The Canadian version of Quicken cannot use data files created by the [UK, German] version of Quicken. For information regarding the availabilty of international versions of Quicken, visit our support site at http://quicken.intuit.com/support." That's a verbatim reproduction of the message. This message seems somewhat rogue and old. It's Australian and not UK/German. Those square brackets are what were shown too. No worries, the end result was that it didn't import at all.

For the date format, Propersoft let me set the date format. I kept with a UK format - which is the same as in the Australian version. When imported into both the US and Canada Starter versions, the dates were correct, and in the UK format of DD/MM/YYYY. And that was from the QIF import files.

Very interesting your comment on the QIF imports not being accurate. The errors that I noticed were also with the transfers between accounts. I'd done a CSV conversion (using Propersoft as Reckon doesn't allow an export in that format. To get the QIF option, you have to do a CTRL-Shift-Z and that then shows the QIF option in the export menu....) then sorted the transactions in xls so that I could work through the transfers. I'll now have a look at your last link before doing that though.

So, the plan of attack is now to do the import into the 2013 US Deluxe version, and see what happens. And if the QIFs muck up on the transfers, I'll dive into your last link.

Earlier today, I was considering just dumping all of this and doing my own xls prog to do the same. However, I think that we're close enough to a good result to keep the gas pedal down. However, if you hear a scream, it could be me. Stay tuned.

And a massive thanks again for all your support on this. It's absolutely magic.

Chris_QPW

Let me emphasize the points I made to make sure they are very clear.

1. Both the US and Canadian versions need the QIF data file date format to be MM/DD/YYYY.  This is nothing to do with how the dates will appear in Quicken.  Quicken's dates like in the register are controlled by the Windows short date setting.  Also I know from conversations with people that use/used Reckon that it has a setting to decide what the date format it exports to.  But it is fine that you are doing the conversion with the Propersoft program, ImportQIF (mentioned in the second link above) will also do it with the "Non US Date" option set.
2. It is too bad about the direct conversion not working with the Subscription version, you might still try it with Quicken 2013.  It won't hurt.
3. As for the transfers/importing of QIF files. Let me explain why Quicken messes up the transfers, and why changing them to a regular category is a viable solution.

Quicken's transfers are "linked transfers".  They only real reason to prefer linked transfers over categories from an accounting point of view is that you can jump between them.  If you think about the old double book system they never could do that because they are real books.  So you simply have offsetting categories that when all are totaled your "books balance".

In Quicken/QIF syntax the linked transfer looks like [Other Account].

So in one account (Account A) you would have:

[Account B]  -100.00

In Account B you would have:

[Account A] 100.00

Now think of the import as if you are entering the transaction manually.

If I enter [Account B] -100.00 into Account A I'm actually going to create two transactions (a linked transfer) at the same time.  So if you manually entered both of those transactions above you would end up duplicating the transfer.

So what a really good QIF import would do it figure out where all these are and only enter them once.  Quicken's QIF isn't that good.

There is an "attempt" at fixing this, but even the attempt is flawed.

There is actually two modes for dealing with the transfers.  "Special handling of transfers" (an option on the QIF import dialog), and when it is off.

What the special handling option does is remove one side of the transfer, which seems like it would work, but there are two problems with it.  The first is that it removes the "from side".  So say you have a split transaction with a transfer in it.  It is this side of the transfer its going to remove (it should remove the other side).  Now when it imports the other side and a transfer is created, that is going to mean that instead of one transaction with splits the transfer is going to now be in a separate transaction (the entering of the transfer from the non split side in the other account does that).  That is bad enough, but what's more it doesn't work for some transfers into investment accounts.  That is what throws them off.

I have also noticed that the Subscription version of Quicken seems to be stuck in this mode, as in it seems to ignore if you deselect it.

So what about the deselected mode in Quicken 2019 and below?
That mode is leave them in both sides, and try to match them as they are imported.

That requires that Quicken match all of those transfers correctly.  First off this is just a guess based on the date and amount.  But to make things worse it seems that Quicken "guess" has a "fuzzy date".  In other words it will match the same amount on a different date.  I'm sure it was done this way because back when people imported transactions from their financial institution in QIF format the dates might not line up exactly.  But in this use case it is disaster.   What's more they prompt the user on every guess!   You can imagine trying to answer is this that transfer for every transfer in your data file.

Chris_QPW

Chris_QPW said:

Let me emphasize the points I made to make sure they are very clear.

1. Both the US and Canadian versions need the QIF data file date format to be MM/DD/YYYY.  This is nothing to do with how the dates will appear in Quicken.  Quicken's dates like in the register are controlled by the Windows short date setting.  Also I know from conversations with people that use/used Reckon that it has a setting to decide what the date format it exports to.  But it is fine that you are doing the conversion with the Propersoft program, ImportQIF (mentioned in the second link above) will also do it with the "Non US Date" option set.

Oops.  ImportQIF isn't the right tool for this.  ImportQIF is intended for helping a person to import transactions from there financial institution.  It isn't geared to muck with a "full QIF file" with the account, category, ... lists and such.  The Non US Date format is just there to correct importing of Non US Date QIF files that just have transactions in them.

But I have another program called CleanQIF that does do that:
http://www.quicknperlwiz.com/cleanqif.html

YingDave

@Graham K, @Chris_QPW is all over it. However just want to elaborate on one thing as I did not realise you were coming from Reckon version until now. You will not be able to directly open the Reckon file in any current version of Quicken US or CA. Just to elaborate on what Chris is saying. When you open the Reckon file in Quicken 2013 it converts the data to 2013 format. Then when you open your QW2013 data files from step 1, in Quicken 2020 (US or CA) it converts the file again to quicken current version. If you do this in sequence (which involves install and uninstall QW2013 in the interim if you only have one PC), then you do not need to use any QIF export or data import. All the data stays in the file and is migrated directly across into a native file QW2020 file, while keeping your existing home currency. Makes it easier if you have more than one PC to use in the process though to you can test/see the intermediate stage. As Chris mentioned QW2013 free is still better than Reckon AU which is underneath QW2008 version.

There is a post I have made about editing investment transactions before you migrate across as there are 3 used for unfranked dividends that do not convert across properly, one in particular is a problem because it cannot be deleted/edited in Quicken2020. This is the only hitch - everything else comes across in the native file without any need for export of data out of Reckon then import into Quicken US/CA.

As Chris has suggested I recommend not using starter versions. I have done extensive testing direct migrating of files across with Deluxe versions but not Starter. I suggest you run search of the Community here for "Reckon" where you will see several recent posts from me and Chris on direct file migration without need for export/import of data.

Converting Australian "unfranked" dividend payments to Quicken Windows for Canada — Quicken

Graham K

Still hitting the brick wall....

I'm working on a second pc and am leaving the Reckon fully untouched. Only once Quicken is working will I remove the Reckon.

So, QW2013DLX.exe downloaded and installed (after removing all things Quicken from the pc). The install had no errors.

1. Tried to open the Reckon data file. ie, the QDF file created by Reckon. Same "Unsupported File Format" error dialogue box as before (28Feb posting).

2. Tried to load the backup file created by Reckon. Reckon made this a .RKN file, while QW2013DLX wanted a QDF. The RKN was of no use, so I tried to just change the file extension to QDF. A 1% chance of this working.... it didn't.

3. Tried to import a QIF. Created a checking account in QW2013DLX, and tried to import a QIF created by Propersoft from Reckon. (This was the same QIF file as imported in the current Quicken-Canada-Starter a few days ago.) Account creation was fine, and set as GBP currency. Then to the import of of the QIF - selected the file and then tried to tie it to the newly created GBP account. However, QW2013DLX has a note next to the account dropdown box: "QIF import is not available for checking, saving, credit cards.....".

This last import trial (3) is the most annoying. The account created was in my selected currency, so even if the QIF imports needed to be manually corrected, I would eventually have had my accounts in the correct currencies in Quicken. However, I don't seem to be able to get any of my accounts imported into QW2013DLX.... unless I'm missing something.

Thoughts?

Chris_QPW

EDIT for some typos, and to clarify somethings.

It sounds like Reckon has started to make changes to the format that isn't compatible any more, or it could just be something in data file that has been incompatible for a long time.

Graham K said:

Still hitting the brick wall....

However, I don't seem to be able to get any of my accounts imported into QW2013DLX.... unless I'm missing something.

Yes you are missing this part of my post above:

But there is a "gotcha" for Quicken 2019 US and below (so this applies to the 2013 version) the Quicken QIF dialog blocks selecting any account types that aren't asset or liability.  But if the account name and type is in the QIF file, it will import into that account bypassing this restriction.  This information would be in there if you export/import the account list, or with the right "conversion" it can be added for individual account imports.  The Subscription version lets you select whatever account you like, but does no processing of the transactions, they go directly into the account.  Which is fine for this use case, but becomes a problem for importing transactions from a financial institution.  Quicken 2019 and below the transactions go through the Downloaded Transactions tab, and will allow using the Memorized Payee list to fill in the category (renaming rules are ignored).

If you were importing all of the accounts that information would be in the account list, and as such it would import.

For individual account importing you have to add that information to the QIF file.  If that information is in there then the account you select in the GUI/QIF import dialog won't matter, it will import to the account name in the QIF file.

For individual accounts I suggest you use my program (ImportQIF).  It was first created for this very purpose, and it will automate all of this for you.
http://www.quicknperlwiz.com/

But note it is for a QIF file that only has account transactions in it (if can have multiple accounts).  If the QIF file has all the information in it then it won't work properly.
Actually there is a setting in ImportQIF that I put in for a MS Money user that might make this work.  Normally it would never be used for Quicken.

Set that to yes for this case only.  It basically turns off the adding the account name and type.  With that to yes the only reason you would be using ImportQIF is to get the option "Non US Date" to translate dates from DD/MM/YYYY (or YYYY/MM/DD to MM/DD/YYYY, and maybe to press the right options for you on the QIF import.  Do NOT change the MDY on Convert.QIF date format.  That is the output format for the QIF file and the US and Canadian versions require MDY format for the QIF import.

As long as the home currency is set right and the date format in the QIF file is US (MM/DD/YYYY, not DD/MM/YYY) you should just be able to do the import.  Note though on the creating of accounts.  The QIF import will do that, but only in the home currency (QIF files don't have anything in them for currencies).  If you have mixed currencies, it is going to get nasty real quick.  First off you will have to first create all the accounts (importing just the account list can do that) and for the ones that are a different currency delete and recreate in the right currency.  Then import the full information.  But the transfers might start asking of every one the exchange rate.  This would be another reason to change the linked transfers to regular categories.  Also the account types in QIF file are very limited, and the ability to changed them after they are created in Quicken is very limited (like brokerage to IRA is there, but not to Roth IRA).  So again you might be faced with deleting recreating before the full import.

MORE INFORMATION:
Note that for Quicken 2019 and below the transactions will go through the Downloaded Transactions tab, not directly into the register like the Subscription version.  This is actually a pain for this operation since you will have to go to each account and do an Accept All.  And you won't know the result until all the transactions are in if you are trying to use linked transfers (which I suggest you don't do) because the transfers will affect other account balances.  This is where this comes in:
http://www.quicknperlwiz.com/changetransfers.html

YingDave

@Graham K
The only other thing I can offer Graham - and it's pretty common issue - to convert the Reckon files in QW2013 I would first try copying the entire folder you have on your original setup. all the 5 or 6 data files, all the sub folders and sometimes that includes Attach. Do not try to open or use Reckon/Quicken internal backup files. in fact I have never used internal Quicken functions to backup files - but that is a story for another day. Also do a validate on the Reckon data set before you take a copy and see if there is anything that needs fixing there first.

When you have the entire folder across on the PC with the QW2013 DLX installed. Open QW2013 and then open the QDF file in your data folder, and it should find and open it directly. You do not import into QW2013, you open the QDF file directly like it was native to QW2013 all along - when it opens it starts to convert it. ie. File Open on the blank QW screen menu not file import. Same when you move the QW2013 file set (ie. then entire QW2013 folder tree) and open the native file in QW2020. ie You are not importing anything when converting files across. You are simply open the file direct and letting Quicken own upgrade process operate. In the background it reads every data record (not just transactions) then rewrites those records in a new Database format. In mine there was over 150,000 data elements it went through. Then the same occurs when you open QW2013 file set in QW2020. 

@Chris_QPW has given you plenty of detail here to migrate data by exporting and importing and that will work. Note that Reckon export menu option has been hidden (as they don't what to help people migrate out of Reckon) you have to hit Ctrl+Shift while opening the File menu, File operation etc or what ever the export function menu is under (from memory). This will work but it is a long and arduous process to export then import by transaction. You need to be careful with tranfers to make sure you don't end up with duplicated transactions. Then some of the data in your file cannot be directly exported then imported again and you have to rebuild from scratch. Instead try to get direct file migration working several others in the AU Facebook group have done this also ("Reckon Accounts Personal Users Group"). Several folks in that group have now popped up on this board after migrating across @carljh is one of them.

Hopefully this is the thing you are missing is the subtle difference between direct data file migration and export/import of data?

Graham K

I'm still pulling my hair out, but please leave this with me. Since all the above, I've now had another chance at spending - no, wasting - a full day with this. Anything less would not be enough.
Suffice to say that I've used the ImportQIF prog heaps, have now loaded all accounts into QW2013delux and with some errors.
Some account totals are identical between Reckon and QW2013. However, where there is an international transfer, there are spurious issues.
I had to enter the values for over a hundred after finding the equivalent transaction in Reckon. Then, going down line by line between Reckon and QW2013 for accounts which don't match, I'm finding spurious errors. I was hoping to find a trend with a common cause. However, I've just found one transaction which has switched a standard cash machine withdrawal to a bank transfer.
I will have to go through line by line.
So gents, massive thanks for this so far. I've got to a place which now just needs time to continue the line by line and hopefully I'll find some trend.
So, once again... Massive thanks gents. Really, really appreciated.

Graham K

All up and running now with 2013delux. For some reason, going through line by line in the csv files from Reckon and Quicken where the final account balances differed showed that a few entries were missing. No rhyme or reason - not related to transfers. Just standard entries. Worry not, now all sorted, account balances are aligned and I'm now doing accounts in Quicken again. And away from Reckon. Which was the whole aim of the exercise.
Thanks once again gents. This situation couldn't have been reached without your support for every step. Your knowledge surpasses anything that must exist within Quicken itself!!

Chris_QPW

I'm glad you got it all sorted out.  Thanks for letting us know.