Bank/CC to Expense, diff currencies

Ken Runge kr at bell.net
Sun Mar 19 18:41:37 EDT 2017


Thanks for your reply. I did not completely understand your steps but 
they lead me in the right direction. I lost the thread of your 
description at the word "Transfer " in the sentence:

_Enter transaction with today's date Tab Tab Description: Test 
transaction Tab __*Transfer*__: Expenses:Food:Groceries Tab Tab 
Charge(Credit):100 Tab. The Transfer Funds window pops up.__
_
as I could not determine if this was part of an actual description or a 
window of some sort.

My successful, if inefficient, entry process looks as follows:
(T=Tab)

Date T, T, Enter desc, Tx5, Enter Cr amt (on USD Visa line) $100.00, 
Tx3, load correct exp a/c, T, enter Dr (CND) amt $135.00, T, Transfer 
Window pops up, click on Dr amt at bottom of window, enter (neg) 
-100.00, enter. That works! If you can suggest a refinement which would 
reduce key strokes, please do.

You mentioned considering a USD CC so I thought I would mention what I 
do. I use a Canadian bank (the one that uses a lot of green in their 
logo and has had some bad press this last week to do with employees and 
sales targets).  Anyway, I have a USD chequing account and a USD Visa 
card with them. I transfer CND to the USD on line when I need them and 
pay the USD Visa from the USD c/a, again on line. I get a slightly 
better rate when buying the USD then I would if buying cash at a teller 
and pay no conversion charges of any kind. Been in Florida 2 months this 
year and 3 months each of the last 5 yrs and absolutely no problems. 
Check it out.

Thanks again
Ken



On 3/19/17 1:19 A, 1:19, Edward Doolittle wrote:
> Ok, here are the steps:
>
> 1) Create USD credit card account Liabilities:Credit Card:USD Visa of 
> type credit card with security/currency set to USD. <=== This is 
> important.
> 2) Open that account by double clicking it in the chart of accounts.
> 3) Enter transaction with today's date Tab Tab Description: Test 
> transaction Tab Transfer: Expenses:Food:Groceries Tab Tab 
> Charge(Credit):100 Tab. The Transfer Funds window pops up.
> 4) Because I know the amount of both sides of the transaction I click 
> on the To Amount radio button at the bottom of the window. It has 
> estimated 132.99 as the amount, I change it to 133.01. Click on OK.
> 5) The transaction has now been entered. In the currently open tab 
> (USD Visa) I have Charge 100.00 and Balance 100.00. I select the 
> transaction and click on Jump to visit Expenses:Food:Groceries (in 
> CAD) and see the expense 133.01 which has added that amount to my balance.
> 6) Everything seems to be in order. If I click Split, it looks like this:
>
> Expenses:Food:Groceries Dr. 133.01
> Trading:CURRENCY:USD Dr. $100.00
> Liabilities:Credit Card:USD Visa Cr. $100.00
> Trading:CURRENCY:CAD Cr. 133.01
>
> Then I deleted the transaction to bring my books back in line with 
> reality and deleted the USD Visa account because I don't (yet) have a 
> USD credit card. (BTW I was thinking about getting the Chase Amazon 
> Visa with 0% currency conversion charge but there seems to be a lot of 
> complaints about declined transactions with that card ... anyway ...).
>
> On 18 March 2017 at 21:29, kr <kr at bell.net <mailto:kr at bell.net>> wrote:
>
>     Thanks for the reply. Unforunately (for me) one of the first
>     things I did was
>     turn on the trading accounts feature. If you would be so kind,
>     would you
>     please run through entering an expense transaction going from a
>     'foreign'
>     currency asset account to a default currency expense account. Thanks
>
>
>     Edward Doolittle wrote
>     > My setup is quite similar to yours, and I don't have your problem (if I
>     > understand it correctly). In fact, a lot of my problems with
>     multiple
>     > currencies (due to my own ignorance or otherwise) went away when I
>     > switched
>     > to trading accounts, File -> Properties -> Accounts -> Use Trading
>     > Accounts.
>     >
>     > Trading accounts are not for everyone ... they're not consistent
>     with
>     > current generally accepted accounting principles, if I understand
>     > correctly, and they're hard to understand at first, but I would
>     never
>     > willingly go back to the way things were before.
>     >
>     > If you are interested in going that way, read the wiki page
>     > https://wiki.gnucash.org/wiki/Trading_Accounts
>     <https://wiki.gnucash.org/wiki/Trading_Accounts> and follow the
>     links to the
>     > guides and tutorials. After trading accounts are set up, Actions
>     -> Check
>     > &
>     > Repair may help with your historical transactions.
>     >
>     > On 18 March 2017 at 12:58, kr <
>
>     > kr@
>
>     > > wrote:
>     >
>     >> Running latest GC on Win 10, household accounting so no tax
>     >> considerations.
>     >> Home currency is CND but I have Bank, CC's and Cash accounts
>     set up as GC
>     >> accounts to reflect USD and EUR currencies as well as CND ones,
>     (this can
>     >> be
>     >> confusing so hereafter refered to as GCa/c). All of my expense
>     GCa/c's
>     >> are
>     >> in CND. I am hoping to find a way to enter a purchase from a
>     USD bank
>     >> account (Credit) and charge it to a CDN expense GCa/c, such as:
>     >>
>     >> Wine Dr. CDN $135.00
>     >>    USD Visa Cr. USD $ 100
>     >>
>     >> I would expect to calculate and enter the CDN amount when the
>     transaction
>     >> is
>     >> processed in GC. This is proving to be impossible. When
>     entering the
>     >> transaction in the USD Vias GCa/c the transfer window which pops up
>     >> insists
>     >> on making the Debit Account the USD currency and the Credit
>     Account the
>     >> CND
>     >> currency. This, of course, is the reverse of the example noted
>     above and
>     >> no
>     >> matter how I play with alternative schemes to enter the amount,
>     nothing
>     >> works. The best I can do is a Dr and Cr which equal each other,
>     in the
>     >> example above $100 for both currencies. I tried entering the
>     transaction
>     >> in
>     >> the CND Wine expense GCa/c and got the Debit and Credit currencies
>     >> orientated correctly but the transaction still ended up with
>     >> Out-of-Balance
>     >> amounts. However, even if this 'worked' it would be hopelessly
>     >> inefficient
>     >> with numerous transactions going to many different expense
>     accounts.
>     >>
>     >> I've spent 2 to 3 hrs searching this site for an answer to this
>     question
>     >> without success. Discussions which came close were 5 to 10 yrs
>     old so I
>     >> am
>     >> writing to see if there is any newer information or to be told
>     it will
>     >> not
>     >> work so forget it! I should add that a separate set of expense
>     accounts
>     >> paired to each non-CND asset or liability is also something I
>     would like
>     >> to
>     >> avoid.
>     >>
>     >> Thanks for any help you can provide.
>     >>
>     >>
>     >>
>     >> --
>     >> View this message in context: http://gnucash.1415818.n4.
>     >> nabble.com/Bank-CC-to-Expense-diff-currencies-tp4690456.html
>     <http://nabble.com/Bank-CC-to-Expense-diff-currencies-tp4690456.html>
>     >> Sent from the GnuCash - User mailing list archive at Nabble.com.
>     >> _______________________________________________
>     >> gnucash-user mailing list
>     >>
>
>     > gnucash-user@
>
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>     >
>     >
>     >
>     > --
>     > Edward Doolittle
>     > Associate Professor of Mathematics
>     > First Nations University of Canada
>     > 1 First Nations Way, Regina SK S4S 7K2
>     >
>     > « Toutes les fois que je donne une place vacante, je fais cent
>     mécontents
>     > et un ingrat. »
>     > -- Louis XIV, dans Voltaire, Le Siècle de Louis XIV, Chap. XXVI
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>
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>
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>     > -----
>     > Please remember to CC this list on all your replies.
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>
>
>
>
>     --
>     View this message in context:
>     http://gnucash.1415818.n4.nabble.com/Bank-CC-to-Expense-diff-currencies-tp4690456p4690462.html
>     <http://gnucash.1415818.n4.nabble.com/Bank-CC-to-Expense-diff-currencies-tp4690456p4690462.html>
>     Sent from the GnuCash - User mailing list archive at Nabble.com.
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>
> -- 
> Edward Doolittle
> Associate Professor of Mathematics
> First Nations University of Canada
> 1 First Nations Way, Regina SK S4S 7K2
>
> « Toutes les fois que je donne une place vacante, je fais cent 
> mécontents et un ingrat. »
> -- Louis XIV, dans Voltaire, Le Siècle de Louis XIV, Chap. XXVI



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