Currency - suggestion

[Detlef Schmitt]

Hi,

I have a suggestion for an improvement.

As you know the exchange rate varies from day to day.

I would really like it if iCash would automatically when ever I start the program update the currency exchange rates and then automatically recalculate all transactions that involve currency exchange.

Automatic or manual recalculation should be an option settable in the preferences.

Detlef

[stanbusk]

Ok, I take note.

[Detlef Schmitt]

thanks.

The reason why I am asking for this feature is because I have some accounts in which transactions take more than a few month before they are settled and reconciled. Those transactions are in a foreign currency. If the exchange rates changes my payments change.

If iCash would be able to automatically recalculate the transactions after automatically updating the exchange rates that would be very convenient for me. That would completely automate the process of figuring out how much I owe in my local currency.

Detlef

[stanbusk]

What do you mean with recalculating transactions?

[Detlef Schmitt]

actually I don't really know if I understand how to use the currency function properly. I read the currencies section in the user guide and I played around with the function in a transaction. I created a liability Euro account and transfered from that count money to a Yen expense account.

In the transactions list I can see the transaction being recorded as a Euro expense. In the transaction window under rates I can enter the exchange rate manually and get the corresponding Yen amount.

Is that whole functionality of currencies or is there more?

What I would like to have is that the Euro amount is recorded in the liability Euro account and that the corresponding Yen amount is recorded in the Yen expense account.

This should happen in an automated fashion. When I start iCash the program should first update the currency table and then automatically change the exchange rate that is used to calculate in my example the Yen amount from the Euro amount.

As a result the Euro amount in the liability account would remain the same but the Yen amount in the expense account would change as the exchange rate changes from day to day.

[stanbusk]

You should read this: How iCash applies currencies and rates?. The rates used in a transaction should never be updated automatically.

[Detlef Schmitt]

I understand how the currency tool works in cash flows (via the rate window) but I don't understand how the currency rates from the currency table are applied to the assets/liabilities.

Can you explain, please.

[stanbusk]

For Assets it is automatic, the overview panel will show totals using the current rate from the currency window.

[Detlef Schmitt]

I don't understand. Can you show me with a screen shot?

[stanbusk]

Just try changing the rates in the currency panel. When you close the currencies window, the overview panel calculations will automatically uses new rates.

[Detlef Schmitt]

I still don't quite understand.

The problem is I have never used this function before in iCash and so far didn't have time enough to really devote to figuring out how it works.

Maybe over Christmas I will have some time. After I looked at it again I will respond again to this thread.

If you can illustrate it with some screen shots that would be very much appreciated.

[Detlef Schmitt]

Hi, I am giving it another try.

Well, I am not sure about how you could most efficiently teach me how to use the currency function in iCash.

Maybe you could explain it to me with a real example. Maybe you could explain it using my example.

I have a liability account in Euros. All my other accounts are Yen accounts. Yen is my default currency.

Once in a while I have a Euro transaction. Meaning my father pays some of my duties in Germany in Euros and I owe him. My debt with him is not immediately settled. Over time if no additional Euro transactions are added or removed the Euro amount remains the same but the equivalent Yen amount changes due to the exchange rate.

What I want to do is setup iCash in a way so that I can immediately see on a given day, lets say today how much money I owe my father in Yen.

I hope you understand what I am trying to do and can explain to me how to set it up in iCash

[stanbusk]

If you receive money in Euro to a Euro account there is no rate to enter at transaction level. Just update the currency panel to see the value in Yens in the balance panel. Where do you have problems?

[Detlef Schmitt]

Where do I see the value in yens in the balance panel?

[stanbusk]

You will see that account balance in Euro as it is an Euro account but the category and type in Yens as the Yen is your default currency.