Currency settings in PocketSmith
Every PocketSmith account has a base currency which is the default currency for your Net Worth, overall budget summary, and reporting. However, if you have banks and accounts in different currencies, you can also add these to your PocketSmith account to give you a full view of all of your finances in one place.
Read on to learn all you need to know about changing your currency settings across your whole PocketSmith account, at the bank level, or at the individual account level 👍
In this user guide
In this user guide
Currency settings in PocketSmith
Currency selectors are available at three levels within PocketSmith, and can be changed at any time:
- Base currency - Your default currency across your entire PocketSmith account.
- Bank currency - The default currency for a particular Bank
- Account currency - The currency set for the individual bank account
When adding a new bank feed to PocketSmith, the bank and any accounts added will default to the base currency of your account.
When adding an offline account for a new bank, you have the option to set the currency when adding the bank. If no currency is selected, it will default to the base currency of your PocketSmith account.
If you are wanting to add a bank account in a different currency to your base currency, you may need to edit the currency settings at the bank or account level. For more detail check out: Adding an account in a different currency to your base currency
For detail on PocketSmith's multi-currency features see: Multi-currency features in PocketSmith
Base currency
Your base currency sets up the default currency across your PocketSmith account. This means that if you have accounts in other currencies, any account totals will be converted to this in order to calculate your Net Worth. Where budgets or categories contain transactions across multiple currencies, they will also be converted to your base currency.
The base currency is typically set to the country that you currently reside in. When creating a PocketSmith account the base currency will default to the currency of the location of the IP address being used.
To change your base currency:
- 1
-
Head to
User Preferences (
Profile menu > User preferences)
- 2
-
Under
Locale Settings, choose your base currency from the drop-down menu
- 3
- Then click Save and Reload
Bank currency
When adding a new bank to your PocketSmith account you'll have to option to set the currency for the bank. This means that when adding a new account, the account will select the bank currency by default. If you missed this step when adding the bank, don't worry - you can change it at any time.
To set the currency at the bank level:
- 1
- Head to the Account Summary page ( Manage > Account Summary)
- 2
-
Select the bank you'd like to set the currency for in the left menu panel, and then choose
Manage >
Edit
- 3
-
Choose the appropriate currency from the drop-down menu. Then click
Save.
Note
Changing the currency at the bank level will not automatically update the currency for any existing accounts with the bank and you'll need to update each account's currency as outlined here: Individual account currency
Individual bank account currency
A currency can also be set for each bank account. When creating a new bank account, it will default to the base currency, or the bank currency if this is different from the base currency.
If you've added a new bank feed and established accounts, these will default to the base currency. If the account is in a different currency you'll just need to adjust the currency as shown below.
To change the currency for an account:
- 1
- Head to the Account Summary page ( Manage > Account Summary)
- 2
-
Navigate to the account, click
Manage Account, and then select
Account Preferences
- 3
-
Select the desired account currency from the 'Currency' drop-down, then click
Save
Adding an account in a different currency to your base currency
Multi-currency is automatically enabled when you add a bank or bank account in a different currency to your base currency. The process for adding an account in a different currency is slightly different depending on whether you are adding a bank feed account or an offline account.
You can find out all the details here: Adding an account in a different currency to your base currency