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How to record foreign exchange fees (or just upgrade)

General questions about using Fund Manager that do not fit into any other forum.

Postby ThomasK » Thu Jun 16, 2022 3:18 pm

Hi Mark,

I want to record the (massive) FX foreign exchange fees my brokerage charges as "Commission" so that when I generate my custom Report all brokerage fees/costs can be seen under the one column of 'Commission' (see my email yesterday).

You might point me to just getting an upgrade to the latest version where it looks like you address the issue below!

My broker charges 1% which shows up clearly between the spot FX and what the final number (and stated rate) is on my statement. I could just check the Specify Exchange Rate box and use their quoted amount BUT the issue is I want to account the cost TO the broker.

I want to explore both CAD→USD and USD→CAD.

Example #1: Converting from my CAD account into my USD account (using $25,000 USD as the target for this example) [i.e. SELL CAD]:
~ the spot rate from my charting platform would have indicated only $31,796.32 CAD as THEIR cost
~ with the 1% fee ($321.18) MY cost was actually $32,117.50
FM example of how to enter FX CAD to USD.jpg
FM example of how to enter FX CAD to USD.jpg (52.4 KiB) Viewed 108 times

[Note: of course the corresponding BUY USD in my USD account is just $25,000.00 flat, no commissions]

QUESTION #1(yellow highlight): For me to record the thievery I should enter it as such, yes?
QUESTION #2 (red highlight): Does it matter whether or not the Specified Exchange Rate box is checked as I'm using the commission box? I would like it un-checked so that I don't inadvertently mess up the calculation.


Example #2: Converting the $25,000 USD back into CAD [i.e. BUY CAD]:
~ the spot rate from my charting platform would have indicated THEY received $32,342.73 CAD
~ I received $32,022.50 CAD after their fee $317.05
FM example of how to enter FX USD to CAD.jpg
FM example of how to enter FX USD to CAD.jpg (52.52 KiB) Viewed 108 times

[Note: of course the corresponding SELL USD in my USD account is just $25,000.00 flat, no commissions]
QUESTION #3 (green highlight): This amount makes no sense to me. Is this right or wrong?

The the Data Register looks weird.
FM example of Data Register FX.jpg
FM example of Data Register FX.jpg (29.01 KiB) Viewed 108 times


Thanks,
Thomas
ThomasK
 
Posts: 172
Joined: Tue Jun 05, 2012 9:46 pm
Location: Toronto, ON, Canada

Postby Mark » Sat Jun 18, 2022 1:56 pm

Hi Thomas,

1) Yes, that is correct.
2) It sounds like you want to use the global rate anyway, so you can leave it un-checked. Transaction specific exchange rates will be used to exchange that transaction's values to the default currency. If no transaction specific exchange rate is recorded, the global exchange rate (Options / Currency Settings...) will be used instead.
3) The 32,345.96 in green is the value + commission (32,022.50 + 323.46 = 32,345.96). You said:

the spot rate from my charting platform would have indicated THEY received $32,342.73 CAD
~ I received $32,022.50 CAD after their fee $317.05


I don't think that math adds up... It should be a fee of $320.23 (32,342.73 - 32,022.50 = 320.23). So, in your Buy transaction the value/shares should be 32,022.50, and the commission should be 320.23, so you will see a total (number in green) of 32,342.73.
Thanks,
Mark
Fund Manager - Portfolio Management Software
Mark
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Posts: 10481
Joined: Thu Oct 25, 2007 2:24 pm
Location: Chandler, AZ


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