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Different currency bank accounts- miss calculate categories RRS feed

  • Question

  • Dear All,

    Background:
    I have bank accounts in UK (£) and South African rand (ZAR).

    The currency exchange is updated and accounts are correctly set. No issue here.

    My problem:
    When I draw reports or look at category summaries It totally mess my results now. Thus, Money does not automatically do some conversation of the ZAR transactions back to GBP £.

    Even if it does, will it know a year ago it was maybe 10ZAR = 1GBP, and say last week 11ZAR = 1 BGP?

    I sued money for the past 11 years. I use to deal in cash when abroad and accept the loss of clarity. Now it is becoming an issue for me. Surely I cannot be alone.

    Your help will very much appreciated.

    Friday, June 10, 2011 4:42 PM

All replies

  • Money has only one exchange rate. Currencies are converted at the current rate. This is standard accounting practice.

    If you want your Rand amounts converted at the rate applicable at the time they occurred you need to enter them in a Sterling account with the amounts converted at the relevant rate. Then either keep a memorandum account in Rand or note the original Rand amount (and exchange rate if you want) in the item description.

    Friday, June 10, 2011 6:23 PM