Re: Muliple currencies & bank accounts per share

[ Message Board ] [ Archives ] [ Search ]

In Reply to: Re: Muliple currencies & bank accounts per share posted by Mark on January 19, 2006 at 11:24:38:

: : Hi

: : I am struggling with some shares that are paid for and sold using one account and currency, but unfortunatly must have divdends converted to another currency and deposited into another account

: : I face this for a number of shares, so would would like to be able to set up some importing "rules" to automate the process on a per share and per transaction type basis & correctly adjust the bank balances in each currency & bank acount - even when using retieved distributions from Yahoo

: :

: : AS a first step, when editing a transaction, and user is asked "do you want to adjust your XYZ account accordingly" (or words to that affect) - instead of a yes / no answer, can we be presented with a drop down list of accounts & currencies to choose from, for any given transaction?

: : The ability to enter an actual currency $A type payment figure into a currency $B domiciled/purchased shareholding is also important.

: : Currently without these features it ia a nightmare dealing with bank account reconciliations for tax accounting purposes !

: :

: : A second issue - can we have a bank reconciliation report/data entry screen giving running totals every line after every transaction? Reports would need to be possible on a per bank account basis, rather than on a per portfolio basis.

: : MUCH easier to trace errors, and more logical to correct info in such a view

: : Cheers

: : Paul King

:

: Hi Paul,

: Let me try to clarify how to use multiple currencies in Fund Manager. Every investment is assigned to a currency. All prices and transactions need to be entered or imported in that investment's assigned currency. When you enter a transaction (no matter what currency), the proceeds will automatically be transferred from/to the assigned default cash account for the portfolio that investment belongs in. Every sub-portfolio can have its own default cash account, or it can be assigned to not use one. The cash account can be assigned to any currency as well, and can be a different currency than the other investments in the portfolio. When calculating the amount to be transferred from/to the default cash account Fund Manager will use your assigned currency settings to figure out the exchange rate. You might also want to read through the currency tutorial at:

: http://www.fundmanagersoftware.com/tutor_currency.html

: On the second request, this sounds like the "Investment Transactions" report...

: Thanks,

: Mark

: --

: Mark Beiley

: Fund Manager, portfolio management software for Windows 95/98/ME/NT/00/XP/2003

:

Hi- my main problem is when a share conducts transactions in more than one currency, and where it uses more than one account (in reality). No breakdown or amount of organisation of sub portfolios will address or simulate this as far as I can see.

My aim is for each bank accounts' balance to be reconciled (compared to real world account balance) after each transaction - so I can't "fudge" things by converting to an equivalent amount in a different currency, or pretending that dividends are credited to same account share was purcased with (My accountant would kill me!)

On second issue, the Investment Transactions report does not provide a running cash balance total (i.e equivalent to the amount that should appear in bank statement immediatly following that particular transaction). It would be very helpful to step through a report line by line, correlating each transaction with bank statement, finding where running total on report differs from equivalent on statement - in order to work out what data is missing or incorrectly entered.

To introduce a third issue - I cannot seem to exclude hidden investments (eg bank accounts) from totals appearing at bottom in custom reports listing redemptions or purchases. I would have to keep removing such investments from portfolio altogether every time I want to generate a non-hidden investment total. Am I missing something here?

Replies:

• Re: Muliple currencies & bank accounts per share Mark 17:41:43 01/19/06 (6)
  • Re: Muliple currencies & bank accounts per share Paul King 05:42:20 01/26/06 (5)
    • Re: Muliple currencies & bank accounts per share Paul King 06:19:32 01/26/06 (4)
      • Re: Muliple currencies & bank accounts per share Mark 09:55:25 01/26/06 (3)
        • Re: Muliple currencies & bank accounts per share Paul King 16:35:08 01/26/06 (2)
          • Re: Muliple currencies & bank accounts per share Mark 16:54:49 01/26/06 (1)
            • Re: Muliple currencies & bank accounts per share Paul king 16:46:12 02/01/06 (0)