Currency Error

[mar]

Hello - I set up a new currency under Exchange Rates (have a few already set up) and also set up a Cash Account for a broker that holds cash in that currency.

I have a Dividend that was received and credited to the Cash account and it seems that instead of accounting for it in the local currency it is assuming the amount credited is in USD.

The share balance in the local currency account is the USD equivalant and the total value is in USD.

While for other accounts I have set up the share balance is the local currency amount and the value is the USD amount (when viewed in Exchange Rate Adjusted setting)

How can I check what I am doing wrong? I would like to see share balance in local currency and value in USD in line with all my other accounts.

[Mark]

Hi mar,

In the stock that paid the dividend, is that assigned to the same currency as your new default cash account, or maybe it is still in USD?

When debugging issues like this I find it helpful to turn off "View / Exchange Rate Adjusted", so everything is displayed in the assigned currency for that investment.

[mar]

Hi Mark - Yes the stock is the same currency as the underlying Cash account..

When I view everything in Local currency the Cash Account value is correct, its the shares that are still in USD.

For example

Exchange Rate Adj OFF
30,000 shares for 125,000 local currency

Exchange Rate Adj ON
30,000 shares for 30,000 USD

For all our other Cash accounts that we set up the same way their share balances always reflect the local currency amount..

The other thing that is different is the Price when Exchange Rate Adj OFF, the currency shows the FX price vs all other accounts show Price of 1

[Mark]

Hi mar,

The price of cash should always be set to 1 in the local currency. It looks like it is set wrong, so that made the shares wrong. Edit all the prices under the "Prices" data type in the Data Register so they are 1 while viewing in the local currency. Then, you'll have to edit any transactions that were recorded with the wrong price in place. Edit them so the shares equal the value, thus the transaction price is also 1.

When FM records a corresponding cash entry it will use the price of cash at that time to determine the shares, so if the price isn't 1, your shares won't equal the value.