Need help with currency conversions

QuestionEdit

i am trying to do a spreadsheet with 3 currency: hong kong usa and uk. how can i have these currency updated when i put my prices in.eg if i have a value for uk as ?5.00, i want my other two currency columns to reflect their price. so the next column usa and hong kong will show their currency.hope this makes sense.tks 

AnswerEdit

Victoria

This isn't to difficult, but you have to have a conversion factor built into your formula. You can use a fixed conversion rate that you input, or you can use a conversion rate that is updated constantly as time passes.

For example currently a British pound is equal to 1.57431 dollars so you can use a multiple of 1.57431 to convert the pound value to US dollar. Therefore if you have input 5 pounds in cell A1, the conversion is +A1*1.57431 or 7.86 us dollars. Of course you can make the formula multiply by a fixed cell which will make it easier to change the conversion rate for example +A1*$X$1. Here you would only have to put the conversion rate into cell X1 and as you copy the formula down to toher cells it would still be appropriate to the formula.

The British pound to HK dollar conversion rate is currently 12.24421 or 1 pound equals 12 HK dollars. So your next conversion formula is +A1*12.24421 or 61.22 HK dollars.

Of course you can find many currency conversion tables the one I used is at http://moneycentral.msn.com/detail/stock_quote?Symbol=/HKDUS