Here's a GnuCash answer: You *could* record into a Income-GBP, and you *could* use an Asset-GBP account if you chose to keep your foreign income in a GBP-based account. When you convert GBP to USD at a later date, you'd convert using appropriate exchange rate (and account for any forex based capgains) Paypal etc allows this.
Here's a legal answer: you *should* convert into USD using transaction date USD/GBP spot price. https://www.ifrs.org/content/dam/ifrs/publications/pdf-standards/english/2021/issued/part-a/ifric-22-foreign-currency-transactions-and-advance-consideration.pdf IANAL IANAA. On Thu, 13 Mar 2025 at 03:30, Bruce Griffis <bruce.grif...@gmail.com> wrote: > I started doing some online stuff for Prolific. They pay in both US > dollar and GPB depending on where the researcher is located. My default > currency is USD. How would I record an income transaction that is in > GPB? Would I need to do a conversion based on USD to GPB on that day? > > _______________________________________________ > 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. > _______________________________________________ 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.
