CURRENCY & FX
Keep an account in its native currency while MoniTrak calculates its current value in your base currency.
4 min readBEFORE YOU START
A foreign-currency account keeps the balance that actually belongs to the account. MoniTrak converts that balance only when a base-currency equivalent is needed.
The currency in which the account is actually held
The account's current native balance
Your MoniTrak base currency
A configured exchange rate between the account currency and your base currency
STEP BY STEP
When an account is held in another currency, record the account using that actual currency rather than converting its balance manually.
For example, a USD bank account should remain a USD account even when AED is your MoniTrak base currency.
The account balance represents the amount actually held in that account. Exchange-rate changes do not alter this native balance.
MoniTrak applies the current configured exchange rate when it needs to express the foreign account's balance in your base currency.
If the configured exchange rate changes, the account's base-currency equivalent can change even when its native balance has not moved.
The account still contains USD 10,000. Only its current AED equivalent has changed.
This is different from a saved transaction. Historical transactions keep their stored FX conversion, while a current account balance can be revalued using the current configured rate.
MoniTrak can show the native balance as the primary account value and the base-currency equivalent as additional context.
When MoniTrak combines accounts into an available-cash or consolidated total, foreign balances are converted into the base currency first.
THE RESULT
Foreign-currency accounts remain understandable in their native currency while MoniTrak can still include them in one consolidated base-currency financial picture.
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