Multi currencies transfers, long standing bug

Gilles9

Hello,

I can transfer an amount from a CAD account to a USD account, and it creates and it offers to create an unlink transfer

which is fine, since no enhancement has been made to multi currencies on Quicken Mac ( 7.4.2 and all previous versions

I can then change the destination amount to the real amount that will be transfer by my Bank ( I changed from $73.63 to $70.00

As you may know Banks do not use the official Currency exchange, but use its own exchange rate if you convert from USD to CAD or CAD to USD, each Bank use their own different rates for Buy or sell currencies.

The problem is that when I change the Destination amount to the real amount my Bank will transfer, it does not change the Exchange rate in the "second box" in the example above

and a note will appear, in the unlink transfer memo

Which is wrong, as it si not the rate that was applied by the Bank

Quicken for Mac should, when we change the Destination amount, change the exchange rate ( which is not editable ) so the memo in the register would show the real exchange rate that was used

Since Quicken does not seems to be eager to have enhanced multi-currencies ( real multi-currencies as in Windows ) it shouls at least fix this small problem, bug, which I think can be easely fixed

Thanks

JoelC

@Gilles9 good morning.

I too have noticed this and note:

i) As in all things Quicken Mac patience is needed as they continue to build it out.

ii) As a workaround — and it is not a great one - I enter all CAD / USD transfers manually which allows me to enter the F/X at a (or anything else for that matter) in the memo which does get overwritten the downloading the transaction from the bank.

I hope this helps.

Gilles9

Thanks Joel

Yes I do as well change the exchange rate in the register's memo manually to show the real exchange rate

I think that changing the Destination amount shoudl chage the exchange rate automatically

Yee patience is indeed needed, but fixing small things like this should be done rapidly

JoelC

I think that changing the Destination amount shoudl chage the exchange rate automatically

It is my experience with Quicken for Mac that this does occur (i.e., for transfer, changing the memo field in one entry DOES change the memo field in the related / second entry).

Gilles9

When you look at my example in my post above, the exchange rate does not change when changing the destination amount

Well we shoudl let Quicken address this in the best manner and rapidly I hope

JoelC

@Gilles9 agreed that it does not change in your case. I suggest entering a dummy transfer transaction to see whether it not changing is always the case or sometimes the case with your entries because the behaviour I experience is different.

In terms of Quicken fixing it, don't hold your breathe that it will be rapidly. Just saying!

UKR

Just f.y.i. … in Quicken for Windows, the Memo field contains the other currency's transaction amount, not the exchange rate.
Suggesting that Quicken Mac programmers make that same change for both sides of the transfer.

This example shows a transfer of 515.32 Euros into my US-$ Checking account.

Quicken Kristina

Hello All,

Thank you for taking the time to visit the Community to report this issue, though we apologize that you are experiencing this.

We have forwarded this issue to the proper channels to have this further investigated. In the meantime, we request that you please navigate to Help > Report a problem and submit a problem report with log files attached and (if you are willing) a sanitized copy of your data file in order to contribute to the investigation.

While you will not receive a response through this submission, these reports will help our teams in further investigating the issue. The more problem reports we receive, the better.

We apologize for any inconvenience!

Thank you.    

JoelC

@UKR, does what appears in the memo field not depend on the specific FI?

UKR

https://community.quicken.com/discussion/comment/20421658#Comment_20421658

Yes and no.
The example I gave applies to a manually recorded transfer transaction between accounts of different currency. In this case, the transaction amount in the foreign currency is stored in Memo text and the user can add more text when needed.
I only have scheduled reminders which I record into my account registers BEFORE I accept downloaded transactions. While doing so, I need to look up how much, in US$, was deposited into my checking account so that I can record both the correct € and $ amounts while recording the transaction.
When accepting the downloaded transaction into my $ checking account, there already is a register transaction to match to. Quicken for Windows will not overwrite or append downloaded Memo text into the transaction's Memo text if there already exists some Memo text.

JoelC

@UKR agree, this is my experience. I was speaking to when an amount in the memo field is not populated before downloading or the user does not enter the transaction manually before downloading.