Handling different currencies in my budget
Hello. I am struggling with foreign currency conversions in my budget.
I live in Kenya, and I set up my budget in USD as it converts relatively easily to Kenyan Shillings (you just add a couple of zeroes and it roughly correlates). The problem is with my UK account, which is in GBP.
Every time I reconcile, the GBP amount jumps when I convert it to dollars - say, for instance, £1,300 was equivalent to $1750 a couple of months ago, this month it is equivalent to $1900. Now, the money I have hasn't changed, but I then start thinking that I have a spare $150 to budget - but I'm not sure I really do..
Presumably this issue is down to currency fluctuations, which seem to be moving in just one direction at the moment. I would have expected it sometimes to come to the equivalent of $1750, sometimes $1650 and sometimes $1850. I can live with that if it all evens out in the end.
But I am now thinking that I made a fundamental mistake of not setting up my budget in Kenyan Shillings in the first instance, and secondly that I would like to convert from GBP to USD per transaction, and have my UK account shown in GBP. I am not sure if it's possible to have different accounts in different currencies - I think not - and wondered if anyone had any hints on how to resolve this?
You might try the Foreign Currency Accounts for YNAB API, which allows you to manage accounts with multiple currencies in one budget. You will have to have a "home" currency, which seems like it should be Kenyan Shillings.