GNUCash Import QIF - Help Please!

[GT-I9070 H]

I know that GnuCash recommends using expense accounts in the same currency
as the asset account involved. I know that it eliminates the use of
exchange rates and a lot of work, but we lose the exchange rates involved
in the given transaction, we multiply our expense accounts and when
exchange rates fluctuate generate differences in assets.

So I opted for another approach:

Exchange for me is not just pay with EUR something priced in USD, if only
because in practice mostly a country only accepts their currency.

Exchange is to me more when I use one currency to buy another as well as
buy anything else, after the exchange I have an asset in another currency
equivalent to money I used to pay according to a CARRIED exchange rate at
the time of purchase.

When I spend all this money that I bought I'll also spent all that money
used to purchase it.

For this, I have all my expense accounts in the default currency and for
the asset in the foreign currency I use CARRIED exchange rate, FIXED in the
purchase of this asset for all this asset because this was the price in the
default currency of this asset.

Thus, with the cost of more work, I eliminate many or all of the above
problems.

I do not know anyone who uses this approach to work with multicurrency, but
for many years I have my assets and expenses in default currency, buy
assets in foreign currency (an account for each fixed exchange rate) and
spending on exchange for the default currency according to CARRIED, FIXED
exchange rate. It has worked very well. Until today I have not seen
problems.

If left over asset in foreign currency I do an exchange to the default
currency, calculate the losses or gains and haul in profit or loss.

I read, if I remember correctly, in GnuCash documentation a very well
explained approach to work with multicurrency, but I did not like and I
developed my own. I wrote up a document that I planned to share.

I hope I was clear, I hope now you can understand.

Regards
GTI


2015-06-23 0:32 GMT-04:00 David Carlson <david.carlson.417 at gmail.com>:

> On 6/22/2015 10:25 PM, GT-I9070 H wrote:
> > Hi David,
> >
> > Thanks for the tip!
> >
> > But I do not want the Internet exchange rates, I want to exchange
> > rates (currency prices) that I practiced on that date in every
> > transaction that I have written in an MS Excel spreadsheet.
> >
> > Regards
> > GTI
> >
>
> I am still not fully understanding what you are looking for.  If a given
> transaction involves two (or more) currencies, it will have an inherent
> exchange rate which should be correct therein if it is entered
> correctly.  I.e., if I buy a bag of candy marked US$5.00 and pay for it
> with a certain number of Euros, there is an exact exchange rate within
> the transaction.
>
> Conversely, if I buy a bag of candy priced in Euros and pay in Euros,
> then there are no US dollars involved in that transaction and there is
> no exchange rate to track.
>
> Both of those cases can be tracked correctly in GnuCash, although the
> first case is more difficult to enter correctly, and may need to be
> post-edited if it was imported from an external source.
>
> To accomplish the first case, there would need to be an expense account
> for candy expressed in US dollars, and the second case would use an
> expense account for candy expressed in Euros.  To keep those straight,
> one would probably need to somehow code the currency names into the
> account names, say by calling one Candy$ and the other Candy€.
>
> David C
>