If you have accounts with different currencies, you can easily add them to Budget Flow. This tutorial will show you how to do this.
Update the Currency of an Account
- First, open the “Settings” of the app and navigate to “General” => “Manage Accounts”. Then, either swipe from right to left and click on the “Pen”-icon, or long press to open the context menu and select “Edit”.
- Scroll down to the “General” section and select “Currency”. In the next view, you can select the desired currency for this account. Since (as soon as you save your changes to the account) all existing transactions in the selected account will be converted to the new currency, the app will ask you again whether you really want to do this. You must confirm this dialog to change the currency.
- Finally, save your changes.
Limitation
As you can see on the screenshot, the current exchange rate is automatically calculated for each account using the app’s selected default currency. This is required to ensure that the total account balance as well as the balance sheets, etc. are correctly converted into the respective standard currency when using multi currency accounts. However, this has a limitation: If you manually set the exchange rate for an account, the app will automatically override it when it updates.
Use of Multi Currency Accounts
- Now that you have several accounts with different currencies (e.g. one in euros and one in US dollars) you can use them for transactions as usual.
- As soon as you create a transaction and select the desired account, the amount is now created in the selected currency of the respective account by default.
- However, your charts, evaluations and totals will continue to be displayed in the global default currency you selected in the app and converted accordingly. Here is an example of what it looks like in the Overview view:
- As you can see, the total account balance is still shown in euros although one account is held in euros and one in US dollars. In the distribution widget below the chart, however, the account balance is displayed in the corresponding currency of the account.