Currency conversion for Foreign Accounts

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?

Answers

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    How did you import the transactions?
    As were you using QIF import or QFX?

    In general you set the currency when you create the account.
    Quicken US will not import QFX files in a currency other than USD, but on top of that it only supports US financial institutions, so this import (Web Connect/QFX, Direct Connect, and Express Web Connect) shouldn't be possible.  If you actually picked an online account and financial institution, then most likely it is because that financial institution is US based.  You should state which one it is.

    A QIF import on the other hand doesn't have anything in it that identifies the currency, it is just numbers, so you can import into any account no matter what the currency is, but as I said you have to set that currency when you create the account.   I believe that if you import a QIF file that has the name and type in it, it will create the account automatically and in whatever currency the "home currency" is set to.
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  • Ghonchu
    Ghonchu Member
    I'm connecting directly to the bank to download the transactions.
  • YingDave
    YingDave Member ✭✭✭✭
    edited March 3
    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.

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    edited March 3
    Ghonchu said:
    I'm connecting directly to the bank to download the transactions.
    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.


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    (I'm always using the latest Quicken Windows Premier subscription version)
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  • GBQ
    GBQ Member
    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...
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