currencies

[Leach, Chris J (Oakton)]

Perhaps a better way to start is to look at the types of transactions
that involve multiple currencies and then at how to make them easier
to use.
1) Buy alternate currency from currency exchange/bank
Usually there is a listed exchange rate and often a commission.
You have all the relevant details on the receipt.
2) Credit card purchase in alternate currency
The credit card company calculates it on exchange rate which
usually includes the commission. You find out the actual cost
when you can view the posted transaction.
3) ATM withdrawal in alternate currency
The receipt usually is in the alternate currency so you need to
wait till you can see the posted transaction. There is often an
exorbitant charge for using a non local ATM
4) Cash transactions
Pay for an item in 1 currency and get change in the alternate.
5) travellers checks
I believe these are similar to 1.

What other types of transactions have people experienced?

How do I enter this.
At the moment it would require a transaction from
the source account to a currency account
and the currency account and the destination account
There maybe other splits for commission/transaction charges.

Ideally from the GUI I would like to say
from source to destination
perhaps have a popup asking for exchange rate because
the source and destination have different currencies
and gnucash can automatically setup the transactions via
the currency account.

But what when I buy things via EFTPOS/Credit. The
transaction is going to posted in the accounts currency but
all I have is the alternative currency value and an approximate
exchange rate.
I this case the amount paid probably should be recorded in a
memo and I should use a calculator and enter the approximate
value which will definitely need fixing at reconciliation time.
Is there anyway to make this easier?


As for nett worth when one has accounts in multiply currencies
then you will need to decide which currency you want to view it in
and what are the exchange rates between it and the others.

- Chris