Questions about using YNAB with multiple currencies
Hi! My home country and primary budget is in USD. I'll be traveling to Brazil for a week. Here is the best way to handle this, as I understand from this forum and the excellent YNAB subreddit:
- Set up a second budget in the other currency (ie, Brazilian reais)
- Cash in the local currency is recorded in the new budget. Example: Record a cash withdrawal of $100 in my primary US budget, and an inflow of 325 reais in my Brazilian budget. All cash spending then gets recorded in the Brazilian budget.
- Credit card purchases, before and during the trip, are recorded in my primary US budget, since these are converted to US dollars (and moving individual transactions to a new place would screw up the account balance and reconciliation).
- I'll include a specific memo (ie, "#brazil2018") for every trip-related purchase, so I can find them later for determining how much I spent overall on this vacation, drawing from both budgets.
- Anything I got wrong, or am forgetting?
- While I SHOULD have cellular signal in Brazil, there's always the chance I won't. Particularly since I'll be close to two other international borders. Will both budgets be available offline during the day? I will need to switch back and forth between them, so I'm hoping they will both load offline and allow syncing in the evening when I get back to wifi.
Note: As a backup, I'll carry a little notebook to record expenses, in case I have problems with YNAB. I always carry a little notebook.
Hi doctor_who !
I know this is a bit late so, if you've already taken your trip, I hope you had a blast! :)
1. No, that looks exactly right!
2. While offline, you should still be able to use the mobile app and it should then update once you're back on wi-fi.
It's always great to have a backup plan, but I hope you didn't need it!
Just to report back on this...
So I traveled, mostly to Brazil, but also spent some time in Argentina. The system described above worked, but I had to switch back and forth between three budgets:
* My primary budget, to record credit card transactions (which were converted to dollars; I'd log into my credit card's web site to find out exactly what I was charged), and ATM withdrawals.
* Brazil budget, to record cash spending in Brazilian currency.
* Argentine budget, to record cash spending in Argentinian currency.
I was pleased when I got home that everything balanced: I accurately knew what I'd spent on my credit cards and withdrawn from my checking accounts, and I had an accurate figure for how much cash I had left over. But moving back and forth between budgets was tedious. MoneyWiz, my prior software, allowed me to have different accounts in different currencies, which was more straightforward. In MoneyWiz, I could have set up a Brazil cash account and Argentine cash account, and accomplished the same thing all on one screen. So I hope YNAB considers moving in that direction.