Add true multi-currency conversion support in Quicken for Mac (317 Legacy/Merged Votes)
Comments
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I dont know what's so difficult,Quicken Windows 4 in Spanish had multicurrency support, it was great, hope we get such a multi currency support soon
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Many other foreign versions also had multi-currency support thirty years ago. This feature request for the Mac version was started in 2016 and acknowledged by Quicken as "planned"…
Well eight years later, is it still planned or in development?
Nobody knows since there is a total lack of transparency as far as development in progress is concerned, and for many, we still have to maintain a BootCamp partition on our Mac solely for Quicken for Windows!
An update on this topic would be most welcome for what is, otherwise, a splendid software.
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I just discovered that transactions are not included in my budget if they are associated with an account using a different currency than my budget. Now that I've figured it out, it makes sense - the budget needs to aggregate transactions from multiple accounts and would need some way to know how to handle different currencies. However, this is quite frustrating as I am an expat and spend regularly in both the US and EU, and want to include all of those transactions in a single budget. For the time being, I need to incorrectly classify US checking accounts as using the Euro.
I really like Quicken, but have been flirting with using PocketSmith instead as they offer much better multi-currency support and feed integrations with non-US institutions. They do it through an integrator (Plaid, I believe). I prefer Quicken tooling, but the lack of international support is a continual thorn in my side.0 -
Quicken has taken a big (hopefully simplifying) shortcut by allowing only single-currency accounts rather than single accounts that contain multiple currencies, which should cut a lot of that complexity because both securities and cash balances of a single currency are already dealt with. For example, I currently have AUD stocks and carry an AUD balance in my Quicken. They are missing (a) the ability to assign a FX rate to specific transactions for transfers between accounts (i.e. when someone trades one ccy for another) and (b) daily and historical market value calculations that flow through to all reports etc. I'll look and see how I can add my vote for this functionality. This should be dealt with as the history of support is getting really long.
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How I handle this situation, I too have AUD shares and cash, as well as GBP, Euro, USD and HKD shares and cash, is to have multiple individual accounts in each currency - for example I had 5 accounts for my actual account. This way Quicken assigns a FX rate to specific transactions for transfers between accounts which I can alter and daily and historical market value calculations flow through to all reports albeit in the stated currency.
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@twoaussie, Thanks and yes this is also how I am forced to handle it given multi-currency limitations in Quicken. Some of the compromises required by this arrangement are:
- When you exchanged currencies, you cannot have a linked transfer from one currency account to another at an exchange rate. Instead you need two separate transactions categorized as Transfers.
- The Portfolio view and most reports are currency-specific without conversion to one's home currency.
- There is no ability to see the entire value of one's portfolio in home currency on a historical date.
- Capital gains/losses from FX?
These are a lot of compromises for an issue (multi-currency financial portfolio) that so many financial softwares (mostly institutional) have been dealing with for decades. Quicken with the annual subscription model is not super-cheap, so seems like something it should handle. Furthermore, given the 9 pages of comments here it seems like something Quicken customers want.
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given the 9 pages of comments here it seems like something Quicken customers want.
@Ploooplooo Yes, absolutely true. And the good news is that the developers have marked this as a "Planned" future feature. There bad news is it's been marked "Planned" for a while, and we have no idea when it will emerge. To me, this seems like it will be one of the most complex updates to Quicken Mac to be implemented, because it touches nearly every facet of the program — from the sidebar to registers to dashboards to reports to budgets to calendars. I imagine the scope of this project is why they have prioritized other, more modest features ahead of it, as it may consume several designers and programmers for many months to implement. But at least we know it is in their plans…
Quicken Mac Subscription • Quicken user since 19930
