Hello, Patrick, welcome to GnuCash! On 2022-10-20 09:28, Patrick Pöndl wrote:
... - BUT: For income and expense accounts, multi-currency accounts seem to be a total disaster. Why? Because all PAST transactions on both income and expense accounts will be valued at the CURRENT exchange rates....
I think you are misunderstanding the original proposal. Look below in the thread, to what Anton Tsyganenko wrote:
On 2022-10-18 02:34, Anton Tsyganenko wrote:
...All accounts that user creates are "multi-currency", like placeholder accounts without any specific currency. Sub-accounts for each currency are created automatically, when the first operation in this currency in this account is made....
Thus, the "multi-currency" part is a placeholder. Transactions are not recorded in the placeholder, they are recorded in "sub-accounts for each currency". Once they are recorded in that currency, they are valued in that currency. Relationship to other currencies is established by means of trading accounts, which GnuCash already supports.
As I read it, Anton is just proposing that GnuCash do automatically what I do manually. I have transactions denominated in CAD, USD, EUR, and various stocks and funds in my book today.
What is the base-currency value of a book with transactions denominated in various currencies? That is a separate question to the proposal for "multi-currency accounts". It is already an issue for books like mine. For some GnuCash users, accounting regulations will determine how they calculate base-currency value. For others, it can be whatever meets the information needs of the user.
...Therefore, my current conclusion is that for all transaction that involve income or expense accounts, the amount has to be converted into the base currency using the exchange rate on the day the transaction occurred, or at least closely....
OK, that is one way to deal with transactions in multiple currencies. It is not what I am required to do for tracking capital gains in US stocks when I report to Canadian authorities, or Canadian stocks when I report to US authorities.
Or, are you saying that GnuCash should only allow me to record transactions in my base currency, not in any foreign currency? That would be a big inconvenience for my usage.
Best regards, —Jim DeLaHunt _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
