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Quicken changed currency

harryo

Using Quicken classic premier; version R54.9; Win11. Currency for two German banking accounts was inexplicitly changed from EUR to USD. Problem apparently started ca. 2 months ago (first noticed the problem when a new transfer was made. I do not use any automatic update with these accounts, just manual entry. Many years of old entries are now listed with the original EUR numbers but are now calculated in reports as USD. Old transfers to US banks are still listed in the correct USD amounts. However, new transfers are listed as if the German accounts contain USD instead of EUR and no conversion is done. Strangely, a UK account in GBP was not affected.

This may coincide with a computer change - I put a new computer in service on 12/7 and moved the Q files to the new computer shortly thereafter. I would not have noticed the currency change until the first transfer of EUR to USD on 1/15

Please help

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Comments

Arctic Hare

Are you running the USA or Canadian version of Quicken? You have posted in the All Things Canadian category, but the Revision number you mentioned is only valid for the USA version of Quicken. Premier is also only relevant to the USA version. If you are using the USA version, I recommend you repost this issue in the appropriate category as it will get more attention that way.

smayer97

…just ask the moderator to move it, once info confirmed.

harryo

Thanks to both respondents. I am using the US version and inadvertently posted this on the CDN site. Now, I hope I can find the moderator to request re-posting in the appropriate section

Harry

Chris_QPW

Just so you know to request the moderators to move your question, select the Flag icon on the question/comment, and then select the Report.

I will do that for this question, for you.

harryo

many thanks Chris

Chris_QPW

I have tried various ways to try to fix this. My first thought was to import a QFX file with the correct currency, based on some thread for Canadian data files that this would switch the currency. But when in a US data file, it just rejects the import. I also tried move transactions and copy transactions and even QIF imports where the transfers were left in. The problem was always the transfers. It is ironic that for the QIF imports that know nothing about currency, that the one part of the QIF processing they left in for Quicken Subscription is the processing of transfers.

I think I have come up with a way to fix this, but make sure you have a good backup first, this is a complicated process.

This is based on this process:

https://www.quicknperlwiz.com/changetransfers.html

QIF importing of transfers has never worked completely right and as such when I was looking for ways to import a full QIF file to reproduce a data file the only way I could get good results for my data file was to change the transfers to regular categories.

With the old double book accounting "transfers" were never possible (paper) so what you did is offsetting transactions in each of the accounts. And so that is also the approach I'm taking here. This is going to get rid of the linked transfers, and as such any exchange rate information, but the amounts in each account will be correct.

Note that you will have to download the ChangeTransfers.exe file from that page. Also note that since it just an executable without any special information to tell an anti-virus program where it comes from/is safe you will have to tell whatever anti-virus software (and your browser) that it is OK to download and run. This can be several layers of "yes I'm sure".

The first step is to export the problem account (if you have more than one, do them one at a time) in QIF format:

File → File Export → QIF File… Make sure you only select Transfers.

The next step is to put the account information at the top of the exported QIF file with a text editor.

!Account
NACCOUNT_NAME
TBank
^

Save that and drop it on the ChangeTransfers.exe file and it will produce a *XfrsAsCategories.QIF file.

Delete the problem account out of the Quicken data file.

Recreate it with the correct currency. Go into that account and delete the Opening Balance transaction it created.

Next you are going to import that *XfrsAsCategories.QIF into that account:

File → File Import → QIF Import…

Browse for the right QIF file and select the right account in the "Quicken account to import to:".

Make sure that the only check box selected is Transfers (you especially do not want "Special handling for transfers" that throws away one side of the transfers).

It is going to prompt you to create a new category (it will only prompt once no matter how many are created), that will be a xfr* for even account that this account has transfers for. Maybe sure you answer Yes.

Note that there is a "refresh problem" with the balance on the Account bar, it will be right when you restart Quicken.

This account should now be right, but note this is how a transfer to the account Test will look like:

Now going to the accounts that this account made transfers to.

This is what Quicken did when you deleted the other account:

So, we need to fix up the [Unspecified Account] entries and change them into a category like xfrACCOUNT_NAME which is the account name of the problem account.

Ctrl+H to start Find and Replace:

Select for finding the category, Exact, and [Unspecified Account] (select Find button)

At the bottom if should be Category selected and this is where you would want to put in xfrACCOUNT_NAME.

Select Replace All.

It will prompt you to create that new category, there isn't a real good reason to decide whether to call it an expense or income, but I would just leave it at the default which is expense (the other ones created automatically in QIF import will be expense).

After that you can select Done, and that should do it.

harryo

i can see where that solution would work and re-establish the proper accounting. I lucked out in that i found a backup from early Dec. in which only one of the two EUR accounts was in USD, the other had not changed. Fortunately, the account which was corrupted is seldom used, so I decided to close that out to 0$ at end of year and establish a new EUR account from Jan 1. The error in accounting will be insignificant.

Now, what could have caused the problem in the first place, and how can it be prevented in future?? The situation is even more mystifying in that as of early Dec. one EUR account had changed to USD, while one EUR and one GBP account were unchanged. A month later, a second EUR account had changed and the GBP account was still intact. Must i expect further disruptions in the future???

Thanks for your help

Harry

Chris_QPW

I'm glad that worked out for you. As for the cause, in your case I have no idea.

There have been problems like this reported in Quicken Windows Canadian, but that is when downloading using Express Web Connect. It seems that if the data from the financial institution has the wrong currency set in the data Quicken Windows Canadian will change the currency for the account.

One of the major differences between the multiple currency support in Quicken Windows US and Quicken Windows Canadian is the fact that Quicken Windows US will block importing if the currency isn't USD. But Quicken Windows Canadian will accept different currencies.

ericpoteet

this has happened to me now. My credit card account has been changed to USD and there is no way for me to change it back. Furthermore, when i try to perform one step update, the account is no longer recognized. Not sure if i should add it back

Chris_QPW

@ericpoteet The person that started this thread said they are using Quicken Windows US, it looks like you are using Quicken Windows Canadian, if that is true you should post in the Canadian category:

https://community.quicken.com/categories/all-things-canadian-%28windows%29