Subtitles of the Movie

In our last movie, we learned how to turn on our multiple currencies and we talked in terms of the Currency List where we could go in and we could actually edit the exchange rates for each of the currencies that we established. In this movie, I'd like to talk about working with the foreign currencies. In particular, what happens when we transfer between accounts and also how we can actually make a payment from an account in another foreign currency. I'm in BMW Personal Checking. This is an account that is typically in US dollars. I need to pay a bill, however, in Canadian funds. Now, to start, I am simply going to go in and type in my payee as normal and I just typed in a C and I'm going to choose the cafŽ. I would complete my entries as normal, placing in the amount of the payment. I have not left this payment field, however. Before I hit enter, I'm going to immediately go up to the Tools Menu and go down to the Currency List. In the Currency List I'm going to actually select my Canadian Dollar. Now, to do so, I'm simply going to double click. Notice on the screen that it immediately changed the amount from 100 dollars to 72 dollars and 17 cents in Canadian funds. Now I'll simply go ahead and complete my entry. You will notice that I can now see my actual amount but it's going to be reflected in Canadian Dollars. So when you're using the transfer, it will go ahead and it will convert automatically to that currency. Now, keep in mind that it's under Tools and the Currency List is what's going to dictate the conversion rate. Of course, we can change that at any given time, so if you know the correct rate, just go in and adjust it. Back at our checking account, I will find the same simplicity with transferring from a foreign account. Once again, I'll go and start my new entry. This time as a transfer. I will transfer money from my Canadian account and see how clearly it stands out that it's foreign and I've actually typed it in all caps. I'll chose my Canadian account. I will now go to my checking account and once again I'm going to go ahead and type in the amount of the transfer. When I finally hit the Ok button, you will notice that it will automatically do the conversion based on the rate from my Currency List. When I accept it and say OK, the conversion now, the transfer of money from my Canadian account is at 90 dollars and 21 cents. By going through and showing these conversions automatically, your reconciliation is very simple and your day-to-day balances are more accurate. If you do work with foreign currency, you will find it very, very easy to work with within Quicken.