Which category for currency exchange?

Which category should a currency exchange go under?  This isn't the exchange 
fee.  It is the withdrawal from an American bank to purchase Euros for 
example in Europe.  It's the actual conversion.  Not really an income or an 
expense.

Using MS Money Small Business 2004.

Thanks,
Brett 


0
no6688 (49)
2/21/2005 1:14:52 AM
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This is hard because Money doesn't provide a great way to treat it.

In my case for short travel, and I don't use the Business edition, I create 
a cash account for the foreign currency, set it up to use that currency, and 
use a transfer in from one of my normal cash accounts. With the account set 
to the foreign currency, it does the currency conversion on the transfer. 
Then I spend out of that account until my return. The last transfer is the 
exchange back for cash in my pocket. Since some spending is on my US credit 
card, I do those transactions in the foreign currency account but split the 
transactions and put a transfer in each transaction from the US credit card, 
doing a currency exchange on that transfer too. The net amount that winds up 
in the foreign cash account for these charge split transactions is 0.

I'll be curious to see how others do this. I don't like my way but don't 
know a better one. My way probably doesn't work well if you are doing a lot 
of this in a lot of different countries.

"Brett" <no@spam.net> wrote in message 
news:%23t2wAL7FFHA.2156@TK2MSFTNGP09.phx.gbl...
> Which category should a currency exchange go under?  This isn't the 
> exchange fee.  It is the withdrawal from an American bank to purchase 
> Euros for example in Europe.  It's the actual conversion.  Not really an 
> income or an expense.
>
> Using MS Money Small Business 2004. 


0
2/21/2005 1:38:07 AM
I don't bring my laptop with me when I travel.  So when I get back in the 
states and do the foreign currency cash account in Money, as you mentioned, 
the exchange rate may have changed, which means I won't have an accurate 
transfer.

I'm currently just doing an expense account called CashX.  I just means 
spending on anything - food, merchandise, etc but not categorizing it.  I 
just looks as though I made a withdrawal via my debit card for cash.  The 
difference is in the memo.  I make of a not have how much this is in the 
foreign currency.  Guess that is good enough for now.

Thanks,
Brett

"Dick Watson" <littlegreengecko@mind-enufalready-spring.com> wrote in 
message news:O5%23%23$X7FFHA.3648@TK2MSFTNGP09.phx.gbl...
> This is hard because Money doesn't provide a great way to treat it.
>
> In my case for short travel, and I don't use the Business edition, I 
> create a cash account for the foreign currency, set it up to use that 
> currency, and use a transfer in from one of my normal cash accounts. With 
> the account set to the foreign currency, it does the currency conversion 
> on the transfer. Then I spend out of that account until my return. The 
> last transfer is the exchange back for cash in my pocket. Since some 
> spending is on my US credit card, I do those transactions in the foreign 
> currency account but split the transactions and put a transfer in each 
> transaction from the US credit card, doing a currency exchange on that 
> transfer too. The net amount that winds up in the foreign cash account for 
> these charge split transactions is 0.
>
> I'll be curious to see how others do this. I don't like my way but don't 
> know a better one. My way probably doesn't work well if you are doing a 
> lot of this in a lot of different countries.
>
> "Brett" <no@spam.net> wrote in message 
> news:%23t2wAL7FFHA.2156@TK2MSFTNGP09.phx.gbl...
>> Which category should a currency exchange go under?  This isn't the 
>> exchange fee.  It is the withdrawal from an American bank to purchase 
>> Euros for example in Europe.  It's the actual conversion.  Not really an 
>> income or an expense.
>>
>> Using MS Money Small Business 2004.
>
> 


0
no6688 (49)
2/21/2005 12:45:55 PM
It doesn't matter what the exchange rate is when you get back. Maybe an 
example will help.

When you get there, you exchange, say, $500 for 55,000 Yen with a 550 Yen 
Miscellaneous:Fee at Tokyo Station. Keep the receipt. While there, you spend 
7,000 Yen of Food:Dining Out and 24,000 Yen on Miscellaneous:Transit. You 
charge 27,500 Yen on Business:Travel (Lodging). At Narita on the way home 
you exchange your remaining 24,000 Yen for $190 with a 240 Yen 
Miscellaneous:Fee.

When you get home, you enter:
A transfer from the dollar account to the Yen cash account of $500 for 
55,000 Yen with a 550 Yen Miscellaneous:Fee added in a split. The Yen side 
will add up to 55,550. Money will gladly figure the exchange rate you paid. 
The rate upon your return when you sit down at the computer is irrelevant.

7,000 Yen of Food:Dining Out in the Yen cash account
24,000 Yen on Miscellaneous:Transit in the Yen cash account
Exchange rate now or then is irrelevant in these transaction.

A transfer from the Yen cash account to the dollar account of 24,000 Yen for 
$190 with a 240 Yen Miscellaneous:Fee added in a split. The Yen side will 
add up to 23,230. Money will gladly figure the exchange rate you paid. The 
rate upon your return when you sit down at the computer is irrelevant.

When you get the credit card bill, you find it billed the 27,000 Yen as 
$255, You enter:
27,500 Yen on Business:Travel (Lodging) in the Yen cash account with a split 
transferring $255 from the dollar credit card account as 27,500 Yen. What 
adds to the cash account is 0 Yen. Again, the rate upon your return when you 
sit down at the computer is irrelevant. Money will figure the exchange rate 
the credit card company gave you based on the Dollar and Yen value you tell 
it in the transfer.

"Brett" <no@spam.net> wrote in message 
news:ONmeKNBGFHA.3648@TK2MSFTNGP10.phx.gbl...
>I don't bring my laptop with me when I travel.  So when I get back in the 
>states and do the foreign currency cash account in Money, as you mentioned, 
>the exchange rate may have changed, which means I won't have an accurate 
>transfer.
>
> I'm currently just doing an expense account called CashX.  I just means 
> spending on anything - food, merchandise, etc but not categorizing it.  I 
> just looks as though I made a withdrawal via my debit card for cash.  The 
> difference is in the memo.  I make of a not have how much this is in the 
> foreign currency.  Guess that is good enough for now. 


0
2/21/2005 1:43:26 PM
Reply:

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