How do I manage accounts in multiple currencies?

One of iBank's more advanced features is the ability to manage accounts in different currencies and track exchange rates automatically. By default, iBank sets your main currency to match the one you have specified in System Preferences, under the "Formats" tab in the International pane:

system currency

To add or edit the list of currencies available in iBank:

Choose Account>Show Currencies to view the Currencies sheet:

Click the button to add a new currency to the list. Double-click the currency's name, code, and symbol to edit each one:

To update the exchange rates for your currencies:

First, make sure you are connected to the Internet. Choose Account>Download Exchange Rates, or open the Currencies sheet and click the button. iBank will connect to Yahoo! Finance and download updated exchange rate information automatically.

To view the exchange rate for a particular currency, click the arrows in that currency's "Compare To" column (in the Currencies sheet) and select the currency you want to compare it to. The exchange rate will be shown in the "Rate" column, and should be interpreted from left to right. Using the example of the first line in the Currencies sheet shown above, the correct interpretation would be, "1 British Pound is currently valued at 1.36 Euros." Be sure to update your currency exchange rates frequently!

To remove a currency from iBank:

Choose Account>Show Currencies to open the Currencies sheet, select the currency you want to remove, and click the button. You cannot delete any currency that has been assigned to an account.

To specify which currency to use with a particular account:

Each iBank account can be assigned a single currency. Assign a currency to a new account by selecting it from the "Currency" menu in the "Create New Account" sheet. Click the "Edit" button as a shortcut to show the Currencies sheet.

You can change the currency assigned to an existing account by selecting the account in the source list, choosing View>Show Account Info, and selecting a different currency from the "Currency" drop-down list.

select currencyEach account shows its balance in the source list in its own currency. The "Total value" figure automatically converts all account balances to a single currency (based on iBank's current exchange rates) before summing them. To select which currency to use for the total value display, click the arrows next to the currency symbol.

Smart accounts do not automatically convert between different currencies. Transactions in smart accounts will appear in their own currencies, but will be summed as if they were using the same currency. For that reason, it is best to limit your smart accounts to use only accounts with the same currency.

To apply an exchange rate to an individual transaction:

Each transaction has an exchange rate associated with it for when the transaction involves a change in currency. The exchange rate can be accessed in the transaction editor by clicking the show additional options button to reveal additional options, then clicking show other info (if splits are currently showing):

transaction editor with currencies

Click the edit button to make changes to the transaction. The number displayed in light gray to the right of the "Ex. rate" field represents the original amount of the transaction. The transaction's resulting amount is equal to the original amount times the exchange rate you enter. To enter or adjust the exchange rate applied to a transaction, change the number in the "Ex. rate" field. An exchange rate of "1.000" indicates that no exchange has been made; the resulting amount of the transaction is equal to its original amount.

Transferring money between accounts with different currencies:

If you create a transfer transaction to move money between two accounts that use different currencies, iBank will automatically apply an exchange rate to the transaction in the receiving account based on its current rate information. This rate can be adjusted manually as necessary. An exchange rate only needs to be applied to one side of the transfer, assuming that the transaction was conducted in the native currency of one of the two accounts involved. The exchange rate should be applied to whichever account uses a different currency than that of the original transaction.

About multiple currencies and other features:

The category list, smart accounts, charts, budgets, and forecasts do not automatically convert between currencies. Be careful when viewing totals that include transactions from accounts that use different currencies, as they will not be accurate. Each transaction is counted in its own currency, and transactions that are added together are treated as if they were the same currency.

To avoid miscalculations based on multiple currencies, be sure to only include accounts that use the same currency. Certain charts allow you specify a currency to use; this will simply filter out transactions from accounts in different currencies so that they will not be counted in the chart. Smart accounts let you add rules to filter its transactions based on account type.