Foreign Accounts

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  • Updated 3 years ago
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Hi

I have only just started using Reckon Personal Accounts and I am not sure the package can even do what I want.

We live part time in the NZ and part time in the US so we have bank accounts with income/expenses in both countries.

Is there anyway that I can keep these completely separate in Reckon (without having 2 sets of accounts)?

From what I can see, Reckon calculates the US accounts back to NZ Dollars (I think it just assumes I have a couple of foreign currency accounts - but we live in one place!).

Anyone have any suggestions?

Thanks
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Lynne Dartnall

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Posted 3 years ago

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Diver Dave

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Lynne, you can handle multiple bank accounts with different currencies within Reckon.  Just "Add Account" and nominate which currency it should use.  You can still transfer money between accounts in different currencies - Reckon uses it's latest exchange rate for the transfer, but it can be manually adjusted to the actual amount.

If you have stocks in both currencies you can also set up separate Investment Portfolios.

If you've not used Reckon before, I'd recommend "linking" and account to each Portfolio as then dividends are automatically credited to the relevant bank account.  If you intend to do that, set up the Portfolio first then create a linked account - Reckon will name it, but you can manually change that to whatever name you want.

Hope that helps, but come back with any queries.
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Lynne Dartnall

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Thanks Dave

I have done that, but unfortunately it doesn't keep the US Accounts separate from the NZ Accounts on the left hand side so it all gets put together. 

Ideally I would like the Accounts kept separate...

NZ
Personal Cashflow
Investing
Property & Debt

US
Personal Cashflow
Investing
Property & Debt

I am probably asking for it to do something it is not designed to do!

Thanks
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Diver Dave

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Not sure I follow, Lynne.  What do you mean on the Left Hand side?  You can set up an NZ Investment (Brokerage) with a linked NZ Chequing account and a Property Account; same for US.

Under Portfolio view you'll have the two Portfolios and under Account List 6 Accounts.

Am I missing something?
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Lynne Dartnall

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I am using Reckon Personal Plus Accounts and I cant find that?
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Diver Dave

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Can't find what?  The process I described above is under Account List (CTRL + A)
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Lynne Dartnall

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I know how to set up accounts but if I want a spending or spending or savings account in both NZ and US Dollars it then sticks them under Personal Cashflow on the left hand side of my screen under Accounts.  This gives me a total of  NZ$ as it calculates the currency exchange.  I don't want it to all total to a NZ$ Amount.
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Diver Dave

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Not sure which view you're using, Lynne.  I use 4 currencies and under Account List view, the balance is shown on the right side in native currency for Current Balance and Ending Balance.

Which view are you using to have the amounts converted to NZ $'s?  Have you set the accounts up in US $'s and NZ $'s?
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Lynne Dartnall

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mmmm I have set them up with the different currencies.

I'm not sure how I change the view.

In the list, it says that my US Chq account is in US$ but the total for the Personal Cashflow is in NZ$ and it converts the US$ into NZ$ (i manually added them up as well).

Under the home tab it has accounts and then it lists all the account
Personal Cashflow
Investing
Property & Debt

But all the bank accounts I have (whether they are NZ or US) sit under personal cash flow and then the total is NZ$.

I looked at customise but that just talks about the "Centers" - Personal Cash Flow, Investing and Property Debt (which are the tabs I have across the top).

I am using Reckon Account Personal Plus 2016 (maybe that's the problem)?

Thanks for helping by the way!
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Diver Dave

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I'm using the same programme, Lynne, though I don't utilise the Personal Cash Flow.  Mybe it's totalling into your home currency, which I take it is NZ $'s.  I do note, though, that if I look at the Net Worth Report in mine the foreign amounts are not converted to Oz.

If you want to e-mail me a screenshot to david.stewart@optusnet.com.au I'll have a look at it to see if I can figure out why it's converting to NZ.

Reckon is quite powerful and should be able to be configured how you want it.  I use the Investing Tab as my default, then access the bank accounts via the Accounts List (I use the Toolbar icon, but it's also available under CTRL + A).

Beyond that I only use Reports which can be configured any way you want.
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Paul Blake

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Depending on what you're doing, I'd be very cautious about mixing currencies in your accounts. I tried it and gave up. The biggest problem is tax accounting.

The tax office will want income/expenditure information in $NZ at the time the transaction occurs. The exchange rate will vary from day to day, but Reckon doesn't take that into account in any exchange calculations. It only uses the latest exchange rate for all historical transactions. This means you need a separate system to manage the exchange rate issues.

I opted for a spreadsheet to track all the $US-$AU transaction conversions, then enter everything in Reckon in AU$ from that. Reports from Reckon are therefore all in $AU and can be used for tax accounting etc.
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Lynne Dartnall

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Thanks Paul.   I really want to keep it all separate so may just have two different files.  My other problem is that I cant download the transactions from the US Bank account anyway so might look at Quicken for the US stuff instead and just keep everything separate.  Thanks