As I understand, for personal tax most would offer the original currency income statements to the accountant; the latter would convert to local currency using an exchange rate from legislated sources.
To achieve this using the formal reports you'd ensure there is price data USD/ILS on the report date corresponding to the legislated exchange rate rather than the daily rate. IMHO this is too complex; I'd rather the reports use the original currency amounts instead. On Thu, 15 Oct 2020, 8:22 pm Gal, <galb...@gmail.com> wrote: > Michael or Penny Novack wrote > > Well, this was the P&L report, one of the uses being when filing out tax > > forms (this is a case where the name usually used for the report depends > > on the form of the entity for which the books being kept) > > > > So ........ what do the tax codes of the US and Israel have to say about > > currency conversion dates? For example, suppose you had a dollar expense > > that was deductible on Israeli taxes. As of what date must the > > conversion to shekels be done. Now vice versa. How about if the two > > jurisdictions don't agree? For the more general situation, consider any > > other pair of countries. > > > > Michael D Novack > > I don't keep track of expenses for tax reports. > I do so purely for expense and income tracking. > For several years now I've used YNAB4 and implemented SSAP20 method for > tracking foreign currency accounts: > https://www.mscs.dal.ca/~selinger/accounting/tutorial.html#3 > > But now I'm making the transition to GnuCash and one of the reasons was to > take advantage of the better multi currency support is has. > So I'm mainly trying to figure out how to setup the accounts, and whether > if > having expense account per currency is the right way for me. > > The thing I had in mind, in addition to what I wrote before, is that it > seems like a good practice to have a separation between the data and the > translation+reports. > The expense was done in USD? document it in USD, and the report system > should deal with the translation for you. > If a country has specific tax codes, but a common one, I expect that the > report system will provide me with that option. > Doing the translation during data entry means you stick with a single > predetermined rule/tax code that cannot be changed without modifying all of > the transactions. > > > > > -- > Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html > _______________________________________________ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > If you are using Nabble or Gmane, please see > https://wiki.gnucash.org/wiki/Mailing_Lists for more information. > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
