Thomas
Baumgart

    ipwizard@users.sourceforge.net

2005-06-01
0.7

# Currencies

&kappname; supports the use of multiple currencies in different accounts. For example, you can setup a bank account in Euro, another in British Pounds and yet your credit card account is maintained in US Dollars.

## Base currency

Once you create a &kappname; file you will be asked for the base currency. The base currency is the one that all income and expense categories use and that the reports will be based on. Usually, the base currency is the currency you use in your country. Once selected, the base currency cannot be changed. If not otherwise selected, new accounts will use this currency as the default.

The select currency dialog select currency

## Account setup

If you create a new account you have the option to specify the currency in which it will be managed. The ledger for the account will then show all values in the selected currency. The new account wizard defaults this setting to the base currency.

## Entering transaction using different currencies

Whenever a transaction is entered that refers to more than one currency, the exchange rate editor pops up and allows you to enter an exchange rate. Initially, the current price available from the price data base will be used as exchange rate. See Entering exchange rates for currencies for more information on how to provide exchange rates manually and obtain online price information.

Optionally, the exchange rate is saved in the price data base once entered by the user.

## Exchange rates for currencies

### Entering prices manually

The price database editor allows you to enter exchange rates between currencies or prices for investments. You can pull it up using the Tools Prices... menu option.

Screen Shot of the Price Editor

In &kappname; a "Price" is the price of one currency in terms of another. For example, as I write this, the price of USD in EUR is 0.83. That is, 1 USD costs 0.83 EUR. In the price editor the first currency is the one being bought or sold, and the second one is the currency used to buy or sell it.

When you press the New button, you get the New Price Entry dialog. Enter the currency being bought or sold (USD in the example above) in the Security field. Enter the currency used to buy or sell it (EUR in the example above) in the Currency field. Enter the effective date of the price in the Date field.

Screen Shot of the new price entry dialog

### Online currency updates

&kappname; will fetch currency conversions from the web. Once you have entered a single price for a pair of currencies, the online quote feature will always list that pair amongst its options.

See the section on Online Price Quotes in the Investments chapter for more details.