ralphster

Hi folks,

How do you deal with tracking income, expenditure and setting budgets when you have multiple currencies (e.g. CAN and GBP)?

Can you recommend the best budgeting software for dealing with multi-currencies? I am using Quicken 04 (UK version) that lets me use GBP, CAN and USD, but only allows you to enter one CAN and USD currency exchange rate. When you change e.g. the CAN rate, all you historic GBP data is changed to this rate, so it is not realistic.

I am looking for something that captures the CAN:GBP rate and fixes the amount for that day at that rate.

I like the look of YNAB, but it does not offer support for multi-currency.

If there is nothing out there has anyone found a clever work around?

Thanks!

Siouxie

I've never used this, but it seems to have what you are looking for (maybe worth trying anyway!) and they have a free version.

https://www.pocketsmith.com/features

https://www.pocketsmith.com/tour/multi-currency

Shirtback

Excel spreadsheet?

BristolUK

That was my thought. I have my UK and Canadian bank accounts done that way with future debits accounted for and I have one for my UK income with exchange rates built in for conversion.

But I decided the OP wanted more than that.

Former Lancastrian

I get the bills and I pay them. If I have money left over then bonus

Im intrigued as to your post do you do multiple transactions and own property in both countries and have bank accounts with numerous currencies?

We can safely say at the moment that exchanging Canadian dollars to the UK pound or US dollar is not preferable though changing the opposite way makes more sense.
Currency rates fluctuate as we all know but as normal folk it really doesn't affect us unless travelling to somewhere like the UK or US at the moment.
Those who have pensions paid into accounts are either laughing or crying as the Canadian dollar against those 2 currencies has dropped significantly compared to a couple of years ago.

Shirtback

You're probably right. I set up in Excel when I couldn't find proprietary software that did exactly what *I* wanted. I suppose it also depends on how comfortable one is using Excel, and how complicated the budget/transactions are.

Almost Canadian

I used to use Money but, when I upgraded from Windows 7 to 10, I was unable to continue to use it.

I purchased Quicken (I can't remember which version) about 2 months ago and it does OK. It is not as user friendly as Money was (particularly inputting one off expenses) but it does allow for a variety of currencies. From memory, you can set the currency for each individual account.

Money permitted me to apply one currency to the "balance sheet" despite the fact that individual accounts had different currencies. If Quicken permits this, I haven't discovered how at this time but I haven't spent huge amounts of time reviewing its capabilities. Again, with Money, I didn't have to spend huge amounts of time easier, it was simply easier to discover.

HTH

Siouxie

There's a couple of work-arounds to enable you to continue to use Microsoft Money, if you still wanted to use it.
How to use Microsoft Money on Windows 10
Solved Microsoft Money not working in build 10240 - Windows 10 Forums (contains the 1st suggestion and a 2nd one further into the thread)