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<?xml version="1.0" encoding="UTF-8"?>
<chapter id="details.currencies">
<chapterinfo>
<authorgroup>
<author>
<firstname>Thomas</firstname>
<surname>Baumgart</surname>
<affiliation>
<address><email>ipwizard@users.sourceforge.net</email></address>
</affiliation>
</author>
</authorgroup>
<date>2009-05-05</date>
<releaseinfo>1.0</releaseinfo>
</chapterinfo>
<title>Currencies</title>
<para>
&kappname; supports the use of multiple currencies in different accounts. For
example, you can set up a bank account in Euro, another in British Pounds, and
still have your credit card account in US Dollars.
</para>
<sect1 id="details.currencies.basecurrency">
<title>Base currency</title>
<para>
Once you create a &kappname; file you will be asked for the base currency. The
base currency is the one that all income and expense categories use and that
reports will be based on. Usually, the base currency is the currency you use
in your country. If not otherwise selected, new accounts will use this
currency as the default.
</para>
<para>
<screenshot>
<screeninfo>The select currency dialog</screeninfo>
<mediaobject>
<imageobject>
<imagedata fileref="select_currency.png" format="PNG" />
</imageobject>
<textobject>
<phrase>select currency</phrase>
</textobject>
</mediaobject>
</screenshot>
</para>
</sect1>
<sect1 id="details.currencies.accountsetup">
<title>Account setup</title>
<para>
If you create a new account you have the option to specify the currency in
which it will be managed. The ledger for the account will then show all values
in the selected currency. The new account wizard defaults this setting to the
<link linkend="details.currencies.basecurrency">base currency</link>.
</para>
</sect1>
<sect1 id="details.currencies.transactions">
<title>Entering transactions using different currencies</title>
<para>
Whenever a transaction is entered that refers to more than one currency, the
exchange rate editor pops up and allows you to enter an exchange
rate. Initially, the current price available from the price database will be
used as exchange rate. See <link linkend="details.currencies.prices">Entering
exchange rates for currencies</link> for more information on how to provide
exchange rates manually and obtain online price information.
</para>
<para>
Optionally, the exchange rate is saved in the price database once entered by
the user.
</para>
</sect1>
<sect1 id="details.currencies.prices">
<title>Exchange rates for currencies</title>
<sect2>
<title>Entering prices manually</title>
<para>
The price database editor allows you to enter exchange rates between
currencies or prices for investments. You can pull it up using the
<menuchoice><guimenu>Tools</guimenu><guimenuitem>Prices...</guimenuitem></menuchoice>
menu option.
</para>
<para>
<screenshot>
<mediaobject>
<imageobject>
<imagedata fileref="currency_priceeditor.png" format="PNG" />
</imageobject>
<textobject>
<phrase>Currency Price Editor</phrase>
</textobject>
</mediaobject>
</screenshot>
</para>
<para>
In &kappname; a <quote>Price</quote> is the price of one currency in terms of
a second currency. For example, as I write this, the price of 1 USD in terms
of 1 EUR is 0.83; that is, 1 USD costs 0.83 EUR. The first currency is the
one being bought or sold, and the second one is the currency used to buy or
sell it.
</para>
<para>
When you press the <guibutton>New</guibutton> button, you get the New Price
Entry dialog. Enter the first currency (USD in the example above) in the
Security field. Enter the second currency (EUR in the example above) in the
Currency field. Enter the effective date of the price in the Date field.
</para>
<para>
<screenshot>
<mediaobject>
<imageobject>
<imagedata fileref="currency_newpriceentry.png" format="PNG" />
</imageobject>
<textobject>
<phrase>New Price Entry</phrase>
</textobject>
</mediaobject>
</screenshot>
</para>
</sect2>
<sect2>
<title>Online currency updates</title>
<para>
&kappname; will fetch currency conversions from the web. Once you have
entered a single price for a pair of currencies, the online quote feature will
always list that pair amongst its options.
</para>
<para>
See the section on <link linkend="details.investments.onlinequotes">Online
Price Quotes</link> in the Investments chapter for more details.
</para>
</sect2>
</sect1>
</chapter>
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