[SOLVED] How to have a multi-currency account ?

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sharky
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[SOLVED] How to have a multi-currency account ?

Post by sharky »

Hi,

I am trying to understand how it works to use different currencies.

I am not an accountant, just a user who manages his family account.

With a credit card we make payments with different currencies. How to use MMX deivse system?
My idea is to enter an amount on this account, using amounts with different currencies.

It would seem that MMX only provides accounts whose currency is fixed.
However, it is not possible to enter an amount in a currency and it will be converted into the default currency.

Maybe is a new feature?
Thanks
Last edited by sharky on Tue Jun 02, 2020 7:15 pm, edited 1 time in total.

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Re: How to have a multi-currency account ?

Post by Nikolay »

Create account for every currency of your card.

sharky
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Re: How to have a multi-currency account ?

Post by sharky »

Hi,

That's what I read in the handbook.
But is it the best solution?

In practical life, who has an account for each currency?

And if this is the solution, how do you combine the reimbursement of these multi-accounts in the case of a credit card?

Will there be a way with custom fields to do something?

Thanks for your answer.
Last edited by sharky on Tue Jun 02, 2020 6:42 am, edited 1 time in total.

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Renato
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Re: How to have a multi-currency account ?

Post by Renato »

Hi sharky

My credit card is in SFR, I buy in UsDollar, then the bank charges me the amount in SFR at the current rate.
If I were to book in UsDollar, I would have to save this exchange rate for the booking, otherwise my bookkeeping would never be correct.
Sorry, I do not understand your problem.
regards Renato use MMEX since 2009

sharky
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Re: How to have a multi-currency account ?

Post by sharky »

Hi,

In my attitude, with a credit card, I enter each expense and when I receive the statement I validate them 1 to 1.

I would like to be able to enter the amount in this currency and have it converted into my currency.

Indeed there is an additional charge if we could include it would be good. it's a percentage.

I say it again, I'm not an accountant and maybe it's not the right method ... but i ask

Thanks you

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Re: How to have a multi-currency account ?

Post by siowena »

If I use my CC for a foreign transactions (say AED) then the receipt I receive from the vendor is in AED.

When I get my CC statement it is in GBP with a comment of the amount in AED. Also I get two extra lines usually for fx charges and tax.

I don't know the exchange rate the bank uses when converting a Foreign Transaction. So what I do for a 123.54 AED transaction is enter into the Tx Amount field in MMEX 123.54 x 0.2168 and hit enter (MMEX will when calc the result). The 0.1268 is from xe.com** for AED to GBP. I then enter the purchase details in the Notes with the amount in AED noted.

When the CC Statement comes I have to adjust the amount of the Tx and add the 2 extra cc charges.

Unfortunately it's not possible to enter different currency in the amount field other than the account currency in MMEX.

You could have cash accounts in different currencies and transfer from the main CC account and it would do the conversion based on the MMEX stored currency rate, but that seems a lot of work and on the cc account you'll only see 'Transfer' as the payee and you'll still need to adjust the amount when you get the CC statement

** you can use your preferred Ex rate app/site

sharky
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Re: How to have a multi-currency account ?

Post by sharky »

Thanks for your answer

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