
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?
Thank you
-
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.