FBAR Report Improvements Needed

JHawk1984

In my understanding the FBAR requires reporting the highest dollar amount in each foreign account during the previous year. This foreign currency should be expressed as dollars using the exchange rate on December 31 of that year. Complete account numbers, bank name, and address are also required. All of that information is available in my account details but does not show on the FBAR report. I found this new report very much lacking in details and accuracy. I would hope that this would be corrected before the next filing deadline, and please show the full account number, not just the account name from Quicken. If converting to end of year dollars is too hard to program, then at least include a link to the IRS page for the conversion of currency calculator.

q_lurker

As I understand it, Quicken US enabled for multi-currency only maintains one currency conversion rate - the current or latest one. Thus, the database would not have the Fed-approved conversion available to it.

I assume you have put the address information in the Comments area of the Account details, as I do not see actual fields identified for address information. Including the account number and FI name seem like very reasonable requests.

Rock Chalk

Chris_QPW

Not only does Quicken Windows US not have a currency exchange rate history (Quicken Windows Canadian does though), but there is also no guarantee that the one it would pick up (if it even picks up the last one in December) that it would be the "official one".

Quicken Jasmine

Hello @JHawk1984,

Thank you for taking the time to reach out to the Community with your request.

I went ahead and changed your post to an Idea so other users who have the same or a similar request can vote on your idea by clicking the up arrow (see below).

Ideas are also reviewed by our Development and Product teams in order to improve Quicken and implement new features requested by customers.

Thanks!

BK

I don't have the Premier version to test this unfortunately, but I am very familiar with FBAR as I have been filing them for 20 years, using my self created spreadsheet.

Assuming that Quicken's FBAR report correctly identifies the highest balance during the year, then it is only a matter of a minute to enter rest of the information in the OP manually or copy/paste. A low effort task.

Challenges: The official "final" currency rate of Dec 31 is typically not published until sometime in January. Then often there are revisions after that depending on the currency - perhaps late February. Finally the official website that provides the currency rate as well as its format has changed many times in the past many years. These challenges put Quicken on the hook to ensure accuracy of revised online data.

My personal preference is to do that work myself to ensure accuracy. Nevertheless I'll up vote it in case someday I use the Premier version.

Quicken Jasmine

https://community.quicken.com/discussion/comment/20487025#Comment_20487025

Thanks for sharing!