Spending Money in Foreign Currency and showing in Budget

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I am going to Canada for holidays and have a Pre-Paid Canadian Dollar Card. I have set it up in Reckon and transferred the funds without any problems. I have made a payment from the card and loaded that using the foreign amount with out any problems. The issue is when I view the list of expenses it lists it in AUD but at a incorrect amount. The payment was CAD7.00 and based on the conversion rate of approx 86.7 instead of the rate of 95.05. Is there anywhere that I need to set the rate, etc?
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Les

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Posted 5 months ago

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Diver Dave

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Les, how have you set up you C$ card?

If the original purchase is recorded in an A$ account it's easy to track it's use, in A$'s by using a split transaction. Say you set the card up with C$ 1,000 and it cost A$ 950.50, then enter each draw-down in A$'s.

If, however, you have set it up as a C$ account, with a transfer from an A$ account, then entering draw-downs in C$'s will be recorded in A$'s at the FX rate in CTRL+Q, which can be edited but doesn't change with the daily rate, which you probably want.

Come back with any questions.
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Les

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Diver Dan, I set up a CAD account. I have changed the exchange rate via Crtl+Q but as you point out it is at a set rate and I did not want to have to change every day. My thoughts are to use the rate that was used when I converted the currency until I use up all that amount. After that change the rate to the rate when I load more money and so on. I will probably only load 3 or 4 amounts so should be OK with that.
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Diver Dave

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Thanks, Les.  Personally I prefer to use a split account in my A$ account from which I bought the foreign currency, or loaded a card - makes no difference.

You can the enter each transaction, with it's appropriate Category in the split transaction, in A$'s, and the last line will be the remaining A$ equivalent.  Use the Description or a Memo to indicate how many C$'s remain - bit cumbersome, but the other way will only use a fixed FX rate.
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John G, Information Support Analyst

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Hello Les,

The list of expenses on a foreign currency account will be listed in AUD equivalent using the exchange rate in the currency list on the day you create the report.  This rate will change wherever the currency list is updated either through running the One Step Update or you changing it manually.

Remember, your "real" exchange rate is the rate at which your funds were converted from AUD to CAD.

In the example below, the AUD value of my C$10,000 Travel Card is one value in my A$ Savings account from which the funds came for the Travel Card (the actual exchange rate used for the conversion), and a different amount for the Opening Balance of the CAD Travel Card (listed at today's Exchange Rate 1.00809).




Hope this explains the situation with reporting foreign currency values.


regards,
John.