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Make currency per record, as balance changes every day with currency exchange rate updates#81


Currently, currency is either synced each day, or is once manually set in the app. The problem is, when you do the exchange, you “fixate” the currency rate on a particular day, and it might be different each day, even each hour or minute. Besides, different banks might have different exchange rate on different day, or for different kind of operation (imagine having German card, but paying in Poland in McDonalds with that card the price in pl)
Because of this, balance changes every day, even when you already “committed” the exchange with value set for some particular day and got money in the other currency.
If the currency was set per record, it would fix this bug.

a year ago

I think this is a very problematic issue with the application and has to be sorted out.

In order to give a potential solution to the Devs based on the above, it is strongly suggested to implement the below:

When reflecting the balance of each or all accounts, the exchange value against the base currency is always updated based on the daily rate.

However, when creating transfers between accounts, if the exchange rate was set to a custom value throughout the process,then it should therefore retain this the value of that particular transaction.

And last but not least, when showing the total amount of transactions per account, is it possible to give the balance in the account currency rather than the base currency?

a year ago

I totally agree and what’s worse is when the rates change, previous months and balances also change and that’s really annoying because the stats won’t mean anything at some point.

10 months ago

Please help us to fix this issue asap as at some point, specially now with the big changes of more than 10% in some currencies against others, the totals could be completely useless and therefore the app;
I guess a feasible and quick solution will be:

The most important one, is to allow the option to have an exchange rate per record and the possibility to manually adjust it if needed

Also is important to get the exchange rate of every day through a public/private service from your side and apply it to all the transactions in this way; so for example on June 11th I add a record from May 1st the exchange rate of that given record is the best approximate of May 1st (but keeping the option to be modified if required by the user)


8 months ago

I think this is now fixed for individual records. But when we look at the statistics, problem is still there. Income and expenses changes when we change the currency rate from settings but individual record seems fine

8 months ago

This is a problem I had with the application as well. I might look back 6 months later at an expense and see a completely different number, since it is showing me the amount converted from the dollar of the day, rather than the historical exchange rate from 6 months ago.

I have decided to work around this by only entering expenses in my local currency manually based on the receipt. A bit sad though since it basically makes the bank sync feature useless.

For my use case for instance, I live in Brazil, where the currency is in BRL, however, I do quite a bit of spending with my US credit card to accumulate points. When syncing my bank to the app, it’s going to report everything in USD, which is fine, except I would like to see my budget in BRL since most everything I do is in that currency. Not to worry, the app converts everything when looking at the budget overview. Awesome! One thing though, every time I look back at my numbers for the previous month, they continually change each time I check. I thought I had only spent 400 BRL last month, but now instead it’s showing I spent 410. Weird!

That’s where I’m at currently. Naveen’s comment seems to indicate its been fixed for individual records, which is already 50% of the way there. Now if we can have bank data reflecting the conversion of the day (or better yet, maybe grabbing the bank’s own conversion data for the transaction) that would be great.

7 months ago

Yes, this is very important to solve, because the change in exchange rates distorts the statistics if the user keeps budget data in several currencies. In this case, the Wallet is not well suited for exactly what it is supposed to do. I started using it a few weeks ago and already my opening balance in the application is very different from the op e. ening balance set at the start due to changes in the price of foreign currencies. It is also not a solution if I manually record the exchange rates, because in this case the balances are also changed, but never show the correct value.

5 months ago

I’ve realized since long time that there’s something off with the calculation of records that are not in base currency. In my case USD is my base currency and LBP is my local currency so there’s a lot of records that get registered in LBP.
I can adjust the exchange rate to update it to the current rate in settings, and each new record in LBP will use the exchange rate at the time of recording. So far so good.

However, the problem occurs when they summarize the records in LBP over time. Instead of relying on the exchange rate at the time of recording for each record, they re-convert them all to whatever exchange rate is currently in settings which is the most recent exchange rate and that doesn’t make sense. A record from 2 years ago was made using a different exchange rate, therefore its equivalent in USD should be calculated using the old exchange rate not the recent one.
That’s why if I go to settings and change the current exchange rate, all the analytics for historical data change as well, but that is not how it should be.

To verify the problem and in order to solve it, I’ve exported all my data from my android device and looked at it. The good thing is that I’ve found they include for every record the equivalent of the amount in the base currency (they name the field “ref_currency_amount”) and this calculated amount gets calculated at the moment of recording using the exchange rate at the time of recording which is great and this is exactly what is needed.

So the solution is very simple, just use this column in all the analytics instead of summarizing the “amount” column and re-converting all foreign currency records using the current exchange rate.
I really don’t get why they do it this way if they already have the equivalent of each record in base currency readily available for them to use, no need to do any new conversions.

I’m a data analyst as well, so by now I’ve created my own dashboard using the exported data with proper calculations to get a correct historical view, and also I’ve been able to verify their way of calculation by following their logic and I got matched numbers with what Wallet app is displaying so I’m aware of how currently their calculations are made.
So the problem is very clear to me and the solution is very simple as well.
To adjust the calculations to using “ref_currency_amount” field everywhere in the app.

3 months ago