Currency conversion for Foreign Accounts

Question

Hello,

I am using Quicken Deluxe subscription for Windows. This is the US version. I added a couple of foreign accounts (in INR - Indian Rupees) which Quicken successfully downloaded to my account, however, the balance is showing in USD instead of INR. For e.g. Balance shows $5000 instead of INR5000. I already enabled multicurrency support. It doesn't show me any option to choose currency when I linked my account. Am I missing any step?

GBQ · Answer

You need to get the currency correctly setup while creating the account. Subsequently, you have to convert the csv downloaded transactions to QIF and import to the account. I have a couple of foreign currency accounts and they work quite well. Even transfers between accounts work as expected...

Chris_QPW · Answer

EDIT for clarity:
Which financial institution?

More out of curiosity than anything else, because
like I said Quicken US is called that because it only supports US financial
institutions.

And basically for your use case you have hit a
roadblock that you're not going to get around.

Interesting enough the Canadian version of Quicken
can import from different currencies.  I'm sure they had to do that because the
original code came from the US version and then they had to support the
Canadian currency.  But Quicken Canadian is going to be a dead stop too
because it only supports Canadian financial institutions and I'm guessing
whatever financial institution you're using isn't going to be one that the
Canadian version supports.

What most people with either version are doing
when they are in different countries are either manually entering transactions
or using QIF imports.

YingDave · Answer

If they are foreign accounts then you can't normally automatically download transactions in foreign currency via Quicken Web Connect as @Chris_QPW outlined.

When you set up the Savings (or investment etc.) account you hit "Advanced Setup" then "I want to enter transactions manually" then on the third screen it gives you a chance to specify what currency it is in. Therefore it skips the Quicken auto look up against the US list of institutions. After the account is setup you could get a download file from your bank to manually import data, although sometimes there are hoops to jump through to import that. If you have a small number of transactions per month it is just  as easy manually entering or using Bills/Payments function to automatically enter them for you. I have Accounts in A $, Thai Baht ß and US$ ..oh and C $ in my set up.