How do I set up a foreign currency account?
Use accounts associated with foreign currencies to keep the transaction amounts in that foreign currency (for example, a Canadian Dollar account or a Euro account).
When a Quicken file contains accounts in different currencies, the Account List displays the currency symbols for these accounts in the Balance field.
Keep in mind that the calculations used by the tax and investment features in Quicken may not apply to foreign accounts and transactions, especially if those transactions were conducted via foreign brokers. For example:
- Capital Gains reports based on foreign currency may not compute correctly.
- The Capital Gains Estimator may not show correct results.
- Tax estimates from the Tax Planner may not be correct.
- Investment reports may not be correct.
Consult a tax professional to determine how to properly declare your foreign income.
If you plan to prepare your taxes using TurboTax, you must keep foreign transactions in separate foreign accounts. U.S. accounts with foreign currency transactions won't import into TurboTax successfully.
- Choose Tools menu > Accounts List.
- Click Add Account.
- In the Add New Account window, choose the type of account you want to create.
- Enter a descriptive name for the account, indicating the name of the currency, such as SFr for Swiss francs.
- Select the currency from the Currency drop-down list.
- Complete the Account Setup.
Don't import data from foreign currency accounts directly into your tax preparation software. Export the report data to a .TXF file and import the .TXF file into your tax preparation software (including TurboTax).