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Changing Default Currency

Questions about updating prices or transactions in Fund Manager

Postby bagmore » Fri Oct 28, 2016 2:55 pm

I am having difficulty changing my default currency from CAD to USD.

Initially I created the investment to enable me to see both Canadian and US investments in Canadian dollars. I used the symbol CADUSD which I updated using the Wall Stree Journal server.

Then I went to Options > Currency Settings and set CAD as the default currency. In one of the currency slots I added the symbol USD and set it to what I called CADisBase/USDisCounter which was based on ther CADUSD currency pair.

When I was looking at a US investment, I could toggle back and forth to see its value in either Canadian or US dollars.. Of course, toggling on a Canadian investment had no effect as it was my default currency. Everything worked fine.

Feeling confident that I know what I was doing I tried to change my default currency to USD.

I added an investment with the symbol USDCAD. This time I set USD as the default currency. This time in one of the currency slots I added the symbol CAD and set it to what I called USDisBase/CADisCounter which was based on ther USDCAD currency pair.

I expected to be able to toggle Canadian investments back and forth between Canadian or US dollars and I expected toggling on US investments to have no effect.

What actually happened was that the currency properties of all US investments changed to Canadian and the currency of all Canadian investments changed to US.

There must be something I am missing. A little help would be appreciated.

Thanks
bagmore
 
Posts: 10
Joined: Sat Nov 08, 2008 11:24 am

Postby Mark » Sat Oct 29, 2016 10:31 am

Hi bagmore,

The investment property of currency is really assigned to one of those 25 currency _positions_ (not the currency symbol itself). So, when you had USD set as your default currency, your USD investments were assigned to currency position 1. When you went to "Options / Currency Settings..." and changed the definition of currency position 1 from USD to CAD, all your investments assigned to currency position 1, will now show as CAD.

To change your default currency, I would suggest something like this:

- Use "Options / Currency Settings..." to define your current default (CAD) in one of the non-default positions (2 - 25).

- Edit the properties of each of your CAD investments, to point to this new CAD currency, and not the top/default CAD currency. Now, none of your investments should be pointing to this top/default currency position, and you can safely change it.

- Use "Options / Currency Settings..." to change your default currency, and update any of the exchange rate settings for the other currencies, so they exchange properly to whatever you've defined for your new default. For example, the USD before was exchanging from USD to CAD, but now if you have USD as your default, the exchange rate would be just a constant of 1.

You can use currency templates to enable you to essentially quickly switch between default currencies. You can read about this here:

https://www.fundmanagersoftware.com/hel ... rency.html
Thanks,
Mark
Fund Manager - Portfolio Management Software
Mark
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Location: Chandler, AZ


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