YNAB You Need A Budget

[ruthie2shoes]

Hello,
I am interested in purchasing your software as it looks very useful but, as far as I can tell, like all other budgeting software I can come across it doesn't meet a specific requirement I have: I have bank accounts in two countries, France and the UK. Both have money going in and out regularly. I have a flat in France so have to pay maintenance costs etc in Euros and most of my income comes in in France. For budgeting software to work for me I need to be able to add a Euros bank account and ideally have it taken into account exchange rates too. Is this asking too much? Probably. I'm not sure if many people have this requirement so maybe it's not something that's likely to happen.
Ruth

[Kirrily]

I also have money that goes between accounts in different currencies - UK, US and Australian. I don't move money between them that much so it generally isn't a huge problem, but when I do there is no way that I can see to allow for different currencies.

I agree it is most likely an uncommon problem, but if anyone does know of a solution, I would also welcome it.

[Turf_Hacker]

While I don't have accounts with multiple currencies, I recall a post from someone that did. Basically select a "primary" currency and use that for your YNAB accounts. With a primary currency selected, you can then denominate your accounts that are in other currencies in your primary currency using today's exchange rate. I would suggest adding the currency for each account to the account name to help keep them straight.

When money moves from one account to another, calculate the correct values by converting to the primary currency. Periodically (maybe when a statement is received) enter an adjustment transaction to account for any changes in the exchange rate.

This is a work around, but is fairly simple and doesn't require a lot of additional effort. Hope it helps!

[NickyBe]

Fortunately I only seem to use my 'local' foreign currency when I'm on holiday or away for a weekend. During the holiday I record my transactions in my Euro (€) account. When I return home I convert all my Euro transactions back to Sterling (£) using a conversion factor based on the currency rate I obtained from the bank before going on holiday. I could use a small 'fudge' factor to ensure that the minor discrepancies are dealt with, but with only a few holiday transactions, I'll wait until the discrepancies mount up.

For now the lack of currency conversion is a minor annoyance. But I must admit, YNAB would be perfect for me when it allows foreign currency accounts.

[WairereRose]

It's a fairly commonly requested feature, so you aren't as unusual as you might have first thought.

[tamjon]

I would like to add my vote to the request for the possibility to manage more than one currency and the ability to change the exchange rate periodically.

[cookie123]

I really need that too :/ It's a feature that's fully integrated into iBank, and I really miss it (I have assets in France and the US) and have to maintain many transactions between accounts, payment in USD but with a EUR account, ...

[adventure6]

Absolutely need this feature. Add me to the pile. I understand it is in the works, just no word on just how much longer we will wait (and does not appear to be anytime soon according to Tech Support). I would guess that when it comes, it will be part of a major update. In the meantime, I'm working out what option out of the myriad I've found (none even close to ideal) to work around a variable american income living in the UK.

[TLBauer]

I, too, would find this a handy feature to have as I have accounts in both the US and in Australia.

[Beast Of Bodmin]

My first post. I'm new to YNAB.

I too would find this useful.

I am paid in CHF, but I have a EUR account because with my bank I get a good rate CHF <-> EUR.

I also have trading accounts and I hold securities in GBP, EUR, USD and CHF.

The best way I can think of to fudge it is to set up one account per currency. then use the nifty "Transfer: ... <-->" feature , and keep adjusting the Starting Balance of my non-CHF accounts.

I would imagine a way to do it "properly" would be to have an explicit "Currency Transfer: ... <-->" feature that allows one to input both sides of the conversion.

I am going through a period of obsession where I want to put all my transactions of all my accounts into YNAB. Even stock trading ones. But I think YNAB is not designed for that.

[wolfixx]

Hi guys,

Is there any update to the multi currency feature request?
At the moment I am using multiple YNAB files as a work-a-round which is really annoying because I need to have multiple bugets as well.

To keep it simple I would recommend the following features for the next version:
- One base currency used per default for all accounts and the budget
- The ability to have additional accounts in a different currency
- A connector which updates the exchange rate from a free internet service once a day
- For budgeting point of view the exchange rate of that day of every muti-currency transaction is stored with the record so it takes the base currency value for budgeting so all internal calculations use the base currency.

Thanks,
Wolfgang

[Joshnsb]

I live overseas and get paid in the USA. We withdraw and spend money in two to three currencies each week. For me I focus on the ledgers and need to have running balances of each currency. My wife has taken these and converted each transaction by hand to USD in order to maintain our budget each month. While I would love for YNAB to incorporate multiple currency support within one file I as a computer programmer know that it is often easier said than done.

My Wife is trying YNAB now for the budgeting she still is converting each entry by hand and entering them in USD she is using the MEMO column to keep track of what we actually spent in the foreign currency. I wish we could add a column for that so we could keep the memo column for actual memos but…

Just for information we don’t adjust our currency exchange rate daily as it can often fluctuate by Exchanger, date, time of day, location (Airports have the worst exchange rates), etc. Instead when we withdrawal money from the ATM in the foreign currency we calculate that actual exchange rate and we convert any current money to that exchange rate and then use that rate until we make another exchange or the currency is gone.

I chose Quicken for me because it lets me ledger in multiple currencies. Although with one fixed exchange rate it would never fly for our budgeting (besides the budgeting aspect of Quicken does not work). I love the YNAB user interface, however more work needs to go into reporting and showing where our money goes. Like how quicken lets you drill down into where the money is going. I would love to create a report that would show any our situation at any fixed point in time in the past like last week last month...

[ChrisDahl]

I would also be interested in multiply currency accounts. I live in Europe and get paid in Euros and US Dollars. And have expenses in both currencies. I've just signed up for the trial period and hope I can make this work for me!

I figure for the time being I will just pretend everything's in one currency and not use this as a net worth estimator, but to help with cash flow and planning.

[Flyhard]

I am also interested in being able to have accounts in multiple Currencies as I need to pay down my student loan in Euro (€) and everything else I do in Norwegian Kroner (NOK). Since the exchange rate is not fixed, I really would like to have a Euro account for it...

[hi12]

I am new YNAB and thus far am really liking the software and approach. I myself live in Japan and have all my daily living income/expense in JPY. However, i still maintain USD accounts and have a bit income/expense in USD so having a currency option at the account level would be great. That way i can really get a picture where all my money is coming and going in one place. Happy to provide more functional details as necessary.