Foreign currency transactions into Quicken Mac in USD - best practices?
Since the Mac app can't currently handle foreign currency entries, I created a spreadsheet with automatic formulas to convert my Euro checking account amounts to USD and then manually enter them in Quicken one by one. It's a huge hassle, prone to errors, and reconciling at month end is a headache, since the exchange rates fluctuate through the month. The Quicken balance at month end, times the exchange rate at month end, always differs from the month end balance on the spreadsheet and I have to make adjustments, which shouldn't be happening. It's a complicated and confusing process, and when an error is found I have to correct it on both systems, often leading to even more errors.
I was wondering if anyone is using a better method. I tried creating a separate Euro currency account in Quicken but the process seemed even more complicated, and budgeting was a nightmare.
I understand that foreign currency support is now being developed but who knows how long before the app is updated.