Currencies
Default currency
Monex can work with multiple currencies.
The default currency is the base currency for all exchange rates to other currencies.
On first start up the user must choose it's default currency, which will be the base currency offered on all actions.
The default currency should obviously be the domestic currency in which the major part of the transactions will happen.
We can change the default currency, but this can have some side affects, so the operation should be performed with care.
Dialog to select / change the default currency.
List of currencies
On choosing the default currency or later in editing the currency list the user can alter the list of currencies he wishes to work with.
A default list of international important currencies is already selected.
A click on the currency selection menu will open a list of available and selected currencies.
Additionally the user can set currencies to be active or passive, meaning:
- Active: the currency will be instantly visible in the currency selection
- Passive: the currency will be only visible if needed or on user request
Altering list of currencies
There are two lists of currencies:
- User list of currencies: the list of currencies the user will work with
- Global list of currencies: the global list of available (preconfigured) currencies the user can choose from to build his own list
Adding new currency
There are two ways to add a "new" currency.
- Choose a currency from the list global list of currencies
- Add a completely new currency (altering the list of global currencies)
Double click, drag and drop or click on Add/Remove button to move currency from one side to the other.
Removing a currency
The user can remove a currency from his list of currencies only if the currency is not used in any transaction or account.
The currency will still be available in the global list.
If the currency was used in a single transaction or account, then it can not be removed from the users list of currencies.
In this case the currency can be set to be passive (active check box unchecked).
Editing a currency
User can change all currency data except the currency code.
A currency has the following data:
- Active - the active flag indicates that a currency is active or passive
- Code - international currency code (can not be edited) (840)
- Label - three letter international currency label (USD)
- Country - name of country (where currency originates) (USA)
- Description - descriptive name of currency (Dollar)
Currency edit dialog.
Bottom shows two representations of entered data.
Changing the default currency
The default currency can be changed to any other currency in the currencies list:
menu: Finances > Default Currency, select the new default currency, and click the Set button.
Effects of changing the default currency
Changing the default currency means that all exchange rates will be recalculated to the new default currency.
For the recalculation to the new default currency at least one exchange rate for this currency must be entered in order to recalculate other exchange rates.
If no exchange rate of the target default currency is found the user must enter the exchange rate before the default currency is changed.
Because other currencies exchange rates are recalculated over the exchange rate of the target currency they are just an assumption and probably are not correct.
Therefore after the default currency change the exchange rates should be manually reviewed.