CURRENCY & FX
Choose the currency MoniTrak uses to bring accounts, activity, reporting and planning into one consistent financial picture.
3 min readBEFORE YOU START
Your base currency becomes the common currency MoniTrak uses for consolidated values across your workspace.
The currency you normally use for financial planning
The currency you want Overview and Reports to summarize in
The currency you want Budget and Forecast values shown in
Any foreign currencies already used by your accounts or transactions
STEP BY STEP
Open Settings and choose Currency & FX. This is where you manage the base currency and the exchange rates MoniTrak uses for foreign-currency values.
Select the currency you want MoniTrak to use as the common reporting and planning currency across your workspace.
Your base currency should usually be the currency you use most often for everyday financial decisions and planning.
MoniTrak uses the base currency when it combines information from different currencies into consolidated summaries, reports and planning views.
Selecting a base currency does not rewrite the original currency of an account or transaction. MoniTrak keeps the native value and calculates a base-currency equivalent when a consolidated value is needed.
A USD account remains a USD account and a USD transaction remains recorded in USD even when AED is your base currency.
If you change your base currency after adding foreign-currency information, MoniTrak needs exchange rates that allow those currencies to be converted into the new base currency.
Add the missing exchange rate before changing the base currency so MoniTrak can continue producing complete consolidated values.
Changing the base currency changes consolidated presentation and valuation. It does not change native account balances or the original currency of historical transactions.
THE RESULT
MoniTrak can keep foreign-currency accounts and activity in their native currencies while using your selected base currency whenever information needs to be combined into one financial picture.
NEED MORE HELP?
Visit the Help Center or get in touch if you can't find what you need.