exchange rates
DWheat
of my expense buckets are paid from one account and some are paid from
the other account. I would like all my buckets--income and spending--
to be displayed in the same currency. I see that it is possible to
transfer funds between ACCOUNTS and get the right currency values
(given the exchange rate assumption). However, the BUCKET amounts
seem to treat the numerical NOK as dollars; i.e., there is no
conversion. For example, NOK 10,000 is treated as $10,000 instead of
being converted to about $2000. Am I missing a step to make that
conversion?
Kevin Hoctor
This is a bit tricky because of the fluctuations in exchange rates.
For example, if you move $1,000 into a NOK account and it's valued at
NOK 5,000 today and then a week from now you put another $1,000 in
that same NOK account it could be valued at NOK 4,500. At the time of
the transfer, the exchange rate is calculated and the numbers are
solid in both accounts.
But buckets are not using exchange rates because of the complexity
evaluating the amount of money based on the various exchange rates for
the different transfers. I'm looking at using the current exchange
rate to improve the bucket total view. When this was first
implemented, I (wrongly) assumed that people would always budget using
their native currency and exchange rates wouldn't affect buckets.
I'll announce if this functionality will make 1.4 on this forum. Thanks!
Peace,
Kevin Hoctor
ke...@nothirst.com
No Thirst Software LLC
http://nothirst.com
http://kevinhoctor.blogspot.com
David Wheat
I appreciate the complexity you mention. The first fix, I suppose, is
just to eliminate the $ sign on the buckets that get allocated from
NOK accounts. Actually, however, I don't think the fluctuating
exchange rate is really that much of an issue when it comes to
budgeting--at least in my case. I'm not shifting money between the $
and NOK accounts. I'm paying my US credit cards from my US bank, and
I'm paying almost all of my Norwegian bills from my Norwegian bank.
If you had not had the currency feature, I would have just mentally
approximated the exchange rate and "priced" my NOK account in dollars,
and that would have been fine. I guess I got a little excited when I
imagined that I could actually keep track of my NOK in my Norwegian
bank and then use a common currency in my buckets. I still think that
would work using the manually-entered exchange rate. Just give the
buyer-beware warning that you cited below.
All the best,
David
----------------------------------------------
David Wheat, Ph.D.
Associate Professor of System Dynamics
University of Bergen, Norway
+47 55 58 3081
Kevin Hoctor
> I appreciate the complexity you mention. The first fix, I suppose, is
> just to eliminate the $ sign on the buckets that get allocated from
> NOK accounts. Actually, however, I don't think the fluctuating
> exchange rate is really that much of an issue when it comes to
> budgeting--at least in my case. I'm not shifting money between the $
> and NOK accounts. I'm paying my US credit cards from my US bank, and
> I'm paying almost all of my Norwegian bills from my Norwegian bank.
> If you had not had the currency feature, I would have just mentally
> approximated the exchange rate and "priced" my NOK account in dollars,
> and that would have been fine. I guess I got a little excited when I
> imagined that I could actually keep track of my NOK in my Norwegian
> bank and then use a common currency in my buckets. I still think that
> would work using the manually-entered exchange rate. Just give the
> buyer-beware warning that you cited below.
David,
I think after reviewing your request, I have a good solution. Watch
for the 1.4 release and see if I get it right. Thanks.
talazem
> for the 1.4 release and see if I get it right. Thanks.
currencies? This seems -- to my usage -- one of the only problems with
this otherwise excellent software. Is the proper resolving of
currencies and their exchange rates, in both the sum at the bottom of
the window and in the buckets, going to be part of 1.4? Thanks.