What about the case where users have to do reports for different countries in their own respective currency (e.g. Japan in JPY and US in USD). I must report all income in both Japan and the US (thanks IRS!) so I need a way to convert my books between USD and JPY.
Folks, Bo is describing a problem (potentially) unrelated to there being ANY transactions between the two currencies.
He is describing having to file income tax for ALL of his income in two jurisdictions (in their respective currencies).
Some of us have to file income tax in more than one state but at least they are using the same currency. Of course the two jurisdictions might not classify taxable income and (deductible) expenses, in which case we have to make sure our CoA allows the data to be captured. To give a concrete example, my own state of MA treats "interest income from MA banks" differently than other interest income. So I might have to have "interest income" be a parent with children "MA bank interest" and "other interest.
Bo -- Do you also have THIS problem? (unrelated to the currency issue) that the US and Japan disagree on what is taxable income or deductible expenses? So you. might need to similarly set up your CoA to capture that?
Michael D Novack
For example say I have an Expenses:Advertising account with account currency USD and book currency USD. I can deduct these as business expenses both on US and Japanese reports, but I must convert them all to JPY to do so. Is there any way of doing this within GNUcash? Until now I've just been creating an Income Statement in USD and copying this to a spreadsheet and converting from there (not ideal). I see in the Income Statement options, I can change the Report's currency to JPY, but what is going on in the background here? Are all transactions converted per date, or just a single rate used on the totals? Based on what I can see at the bottom of the report, it appears to use the most recent rate limited by the report ending date (e.g. 12/31/2024), which would not be a standard way to report this. The two options I was told from a Japanese accountant to use would be 1. (Yearly Average TTS + Yearly Average TTB) / 2 from a Japanese bank (e.g. https://www.murc-kawasesouba.jp/fx/year_average.php) 2. (Preferred) Use exchange rates specific to each transaction. Thanks in advance for any advice. _______________________________________________ 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.
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