This topic was merged into another on Thu, 28 Jul 2016 00:33:53 +0000 Click here to see the authoritative topic.

Allow for an alternate base burrency

Is it possible to change base currency for a portfolio? Each time a try to create a new portfolio is automatically records the base currency as Australia
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  • Hi Monique,

    Currently we have a NZ version and an Australian version of Sharesight. The portfolio base currency is always set to either AUD or NZD depending on the version of Sharesight that you are using.

    It's not currently possible to have both NZ and Australian portfolios in the same Sharesight account. You would need to sign up for a separate NZ Sharesight account in order to record portfolios in a NZD base currency.
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  • Hi,
    Has there been any developments on this as a possible future feature? I have just started using sharesight and I have created two portfolios based on the accounts I have with my broker; denominated in AUD and GBP. Unfortunately I am getting currency gains on the GBP portfolio which while true is skewing my performance tracking.
    • Hi Andrew,

      We don't have any plans to offer multiple base currencies at this stage.

      We recommend that a Sharesight portfolio is based around a tax entity (since the tax reports can only be run against a portfolio). Sharesight converts gains to the portfolio currency so that we can sum total performance across multiple currencies etc, however the currency vs capital gain components are split so you could look at the capital gain figure only if you wanted to ignore currency movement.
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  • This reply was created from a merged topic originally titled Reporting currency.

    I need to change the reporting currency back to AUD. I live in Hong Kong, am a NZ citizen but a Hong Kong tax resident, hence a need to report in a base currency so I don't have currency fluctuations in my repporting
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  • I live in Belgium, am an Australian citizen but a Belgium tax resident. However, I invest in Australia and want my portfolio to be in AUD.
    It's currently going to be in Euros. Does anyone know how to change this to A$.
    Thank you for any replies.
    • Hi Elizabeth,

      The base currency matches the location you choose. So if you'd like the base currency to be AUD, then you'd need to open a new account and choose Australia. In the Australian version, there is more tax reports (e.g. CGT report) specifically for Australian tax resident. However, the other reports are the same.

      In your case, you might want to check whether, for tax purpose, the FX rate of each trade is required, before deciding to continue with the Belgium version or not. Our experience is that it will most likely be required, which means, although you trade in in AUD, and keep the proceeds in AUD, it's the FX rate when the transaction happens matters, not the rate you use later on to convert the lump sum.
    • Hello Lulu Thank you for your reply. FYI Fortunately Belgium has no CGT on share trades. They only want their pound of flesh from the dividends paid which is painful enough with fully franked shares. Cheers
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  • I just signed up, but from reading this it seems there is no way to have a portfolio denominated in a different currency to the country site you signed up in.

    It was mentioned above one could possibly split out the effect of foreign currency fluctuations by using the capital gain column but this doesn't seem to work for the sold securities report or performance report.

    Is there any report to see that allows one to see only the change in value due to security change in value?
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  • I’m frustrated
    Hello, my company is in Singapore, but its capital is denominated in US$, so all the portfolio must be in US$. Tax is paid at the end of the year in SG$, but this is a separate process done by the tax accountant.
    Sharesight seems like a good product, but if I cannot use US$ as a base currency, again since my company capital is in US$, then this software is lagging on a very core feature.
    Here, to highlight the problem, I am purchasing Japanese stock, but Sharesight only offers to show this as Singapore Dollar...
    Thank you to let me know if this can be worked out.
    • Hi Jacques,

      Does your tax accountant use Sharesight for your tax reporting? If not the best option at this stage would be to set up a US portfolio so that all of your reporting is in USD as opposed to SGD. It would be possible to export all of your source transactions to provide to your tax accountant if necessary.
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