Enter expenses in different currencies

  • 5
  • Idea
  • Updated 9 months ago
  • Not Planned
I have seen some 'multiple' currencies ideas here. But this one might be quite simple to implement. All I would need is the ability to enter an expense in different currency, however, it does not have to be remembered in it.
In other words, when my base currency is e.g. dollars and I enter expense in euros, the system would automatically convert it with the current exchange rate (or last remembered one) and make a note about it. That is what I'm currently doing manually.
Example, if I'm on a trip, I have to add the expense, check the current exchange rate, calculate the expense correctly, and I put into the note the original value in the foreign currency.
This really has nothing to do with keeping envelopes in different currencies, it is more about I would say 'extending' the calculator to support automatic currency conversion and probably making an optional note to the transaction that the user can change afterwords. If I'm correct, this wouldn't even require to store any new information with the transaction (on backend side) and is more about having the exchange rates to your disposal and updating the UI (calculator) to handle this.
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pavol.zibrita

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Posted 5 years ago

  • 5
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Steven Tafzil, Employee

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Hi Pavol,

Thanks for the feedback. We've been wondering how to better support our international users, with currencies being a part of that. I like your solution as a workaround users can do right now.

Is there something lacking in the existing calculator that prevents you from handling conversions now?
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pavol.zibrita

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No there isn't, but I have to it manually instead of selecting some currency symbol and having the calculator do it for me. I also have to add the note myself, so I can match the bill if searching for the transaction.

This is not about adding something that can't be done now, it is more about making such workflow comfortable. I understand that it is a long shot and such capability of calculator might not be used a lot. I don't know the percentage of people that need to work with two currencies with the app, but I can imagine it is not very high.

Probably it can be some option in settings to add this option to the calculator.

I also miss the calculator on web interface, but that is another story probably :-).
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Steven Tafzil, Employee

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Hi Pavol,

Thanks for the clarification. I've added your comments to our records. As well as your request for a calculator input on the web!
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Dayna Baker

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Hi Pavol and Steven, 

My husband and I have been using Goodbudget for a few months now and it's been a life (and money) saver! We were previously using a big spreadsheet to track expenses and Goodbudget is the first app we've tried that captures all the information we need in terms of at home income and expenses so thank you!

I wanted to give my two cents on this issue as it may seem like an issue for the minority of Goodbudget users but could open the door to a whole new set of clients.

My husband and I are avid travellers and blog about our life on the road. There are many apps that let you track spending in different currencies for trip such as Trail Wallet for IOS or Travel Expense for Android. But there isn't an app out there that will track your travel expenses and how it relates to your actual at home budget. 

It's an app that we would love to design ourself but unfortunately we aren't programmers!

The idea that Pavol has is definitely a step in the right direction and would be so helpful for people like us who want an all in one app/budget to truly track spending. It would be wonderful if his idea was implemented as even this simple work around would be better than having two separate apps. I also agree it could be a setting where people who don't need it could turn it off.

As a travel blogger, I know there is a huge hole in the market for an app like this and it would be a big hit with the community.

Thanks, 
Dayna
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Mario Ponticello

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This is the solution I'd love to see to this problem as well.  I live across a few countries for work, so I don't want to maintain different budgets for each country.  It's all 'Travel' or 'Groceries' or whatever category, regardless of the currency.  This would just be an option to select the currency when you input the charge, and would convert it to your "home" / "base" currency automatically.  That'd be more than enough for me, and allow me to save myself toggling between apps to record expenses!
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John Vander Stel

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Just an interesting idea for the GoodBudget team:

Maybe an optional plug-in connection could be built to use a popular currency exchange calculator app to offer this kind of functionality.  This may be the easiest way to do it for GoodBudget by allowing a separate app do the extra processing and keeping track of current exchange rates.

This could be an additional revenue enhancer for GoodBudget that would cost GoodBudget customers nothing and still offer a possible new small revenue flow to GoodBudget for driving that international traffic to the other popular exchange calculator app by creating an in-app link to its services.

Just a thought for GoodBudget team consideration...

John Vander Stel
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Tiffany Kucifer

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I love this idea and we travel often, but I do see one big potential hole. This works great with cash where the exchange rate is fixed at the time of the currency trade, but it doesn't work well at all for credit transactions because they're not subject to the prevailing exchange rate. I have one card that charges the standard rate with no foreign fees if I choose to pay in local money, but some merchants insist on using their own (advantageous) exchange rates which are of course higher. Starbucks, for example, is charging $1.59/£1.00 while the prevailing rate is $1.29/£1.00! 
It's still a great idea, but one would have to consider this issue for budgetary reasons.