A feature idea for multiple currency budgets...

Idea: It would be great to have a column where you can enter amounts in a different currency from your budget's currency and which can be manipulable for additions and reports without actually affecting the budget.

I budget in CAD, but I earn income in USD and spend mostly MXN. I also travel a lot so I have had years where I've had up to nine or ten currencies to contend with. I convert all my amounts to CAD at the exchange rate the currency was purchased or the currency rate of the day. I then put the actual amount in the local currency as a note. To see what I've spent for, say, food locally in that currency, I then have to do a search for the right transactions and manually tally up the amounts in my notes. If I had that additional column, I could put in, say, Food / 3(CAD) / 47(MXN) and at the end of the month, my budget would reflect that I spent 150CAD on food, but I could also easily pull up that I spent 2,400MXN on my taco habit so that I know that next month, I should try to limit myself to a 2,000MXN food budget, regardless of how the exchange rate goes.

Since I've now moved to Mexico permanently, being able to accurately report on spending in the local currency is important because it helps me track inflation and budget in MXN more accurately -- eg. I spent 3,000MXN on propane last year and 4,000MXN this year. So propane has gone up, even though when I convert to CAD, I might have actually had a decrease in that expenditure. If I don't track local prices, I could be in for a shock should the exchange rate swing in the other direction the next year.

I still have too much going on in Canada to move to a MXN budget and having multiple budgets for each category would be way too complicated.

Could anyone else see a benefit to such a feature?
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  • edited December 2018
    This is an absolute MUST! We download a .csv file to manage our conversions and it is so annoying. No one else in our family even wants to deal with quicken because it doesn't allow ,


    Multiple currencies!
  • TravelingRaeTravelingRae Member
    edited December 2017

    This is an absolute MUST! We download a .csv file to manage our conversions and it is so annoying. No one else in our family even wants to deal with quicken because it doesn't allow ,


    Multiple currencies!

    You'd be hard pressed to find any financial software for Mac (I've literally tried them all) that makes it easy to work with multiple currencies. There are so many ways to go about it. I don't want an app that commingles my currencies and handles conversions itself. I like to budget in one currency and put in the correct conversion at the time. But this parallel way of tracking expenditures and even income in a separate currency would be a game changer and make Quicken stand out among the competition.
  • QPWQPW Member
    edited October 2018
    Could anyone else see a benefit to such a feature?
    Sure, but I can also see even more negative points to it.

    The budget system is already extremely complicated, and still doesn't work right for all the cases (actually for some very common cases, the To Date and Summary totals are wrong). To add even more complications on to that would scare me.  Well It would scare me if I was really dependent on the budget system.  I really don't use it much.  But in testing it, it should scare anyone that is dependent on it.

    Oops I missed the fact this was for Mac.  I was thinking of the Windows budget system.
    That might be a completely different subject.

    I'm going to post this update, and then remove my comment.
  • TravelingRaeTravelingRae Member
    edited December 2018
    What a difference five months makes... I'm back at Quicken after trying out yet more apps only to find that Quicken now has about 95% of my vision for multiple currency support! Great job!!! I love that the process is only semi-automated so I can manually correct the conversion rate if needed as well as have both sides of the transactions be on different dates.

    99% of my currency conversions happen between my PayPal and bank accounts and the delay between the money leaving PayPal and entering my bank account used to cause me such a headache. Being able to have different dates on the two sides of the transaction is a game-changer.

    I still wish that there was a column called "original amount" where I could not only enter the non-converted amount but also pick its currency and a column where I could note the exchange rate. I have that info in the notes, but it's not easily manipulable. It would also be nice if Quicken could do the math between those two columns and fill in the amount column.

    I think Quicken is going to stick. 15 years on a Mac and I've never lasted more than a year or two on a personal finance app before data entry got too unwieldy. The current version of multiple currency support has cut down on hours of bookkeeping each month and makes the process much more transparent. Again, great job, and thank you so much for listen to your users!
  • edited July 2018

    What a difference five months makes... I'm back at Quicken after trying out yet more apps only to find that Quicken now has about 95% of my vision for multiple currency support! Great job!!! I love that the process is only semi-automated so I can manually correct the conversion rate if needed as well as have both sides of the transactions be on different dates.

    99% of my currency conversions happen between my PayPal and bank accounts and the delay between the money leaving PayPal and entering my bank account used to cause me such a headache. Being able to have different dates on the two sides of the transaction is a game-changer.

    I still wish that there was a column called "original amount" where I could not only enter the non-converted amount but also pick its currency and a column where I could note the exchange rate. I have that info in the notes, but it's not easily manipulable. It would also be nice if Quicken could do the math between those two columns and fill in the amount column.

    I think Quicken is going to stick. 15 years on a Mac and I've never lasted more than a year or two on a personal finance app before data entry got too unwieldy. The current version of multiple currency support has cut down on hours of bookkeeping each month and makes the process much more transparent. Again, great job, and thank you so much for listen to your users!

    The biggest headache for me is with the budget.  While Quicken converts past month budget entries to dollars, the current month and future months add foreign currencies to dollar amounts as though they were all dollars.  This renders the budget totally useless for planning ahead since the totals are meaningless.  It should be an easy fix to handle current and future months the same as previous months.
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