Business and multiple currencies

[Derek Atkins]

>From IRC:

--> Vache (~nigel at www.titley.com) has joined #gnucash
<Vache> I'm having trouble setting up multi-currency business transactions. I normally work in GBP but I have suppliers who invoice me in USD. Can gnucash handle this automatically for me?
<Vache> I'm running SVN
<warlord> Vache: unfortunately no.  the business features are all currently single-currency
<warlord> but worse, it doesn't properly check for the error case
<Vache> OK... I'll stop beating my brains out then... thanks very much. At least I'll stop wasting time.
<Vache> Many thanks for the quick response
<warlord> You're welcome to send in patches to help improve the situation
<Vache> I may do at some point... 
<warlord> Cool!
<Vache> Thanks very much... 
<-- Vache (~nigel at www.titley.com) has left #gnucash

-derek

Nigel Titley <nigel at titley.com> writes:

> I'm been beating my head against a brick wall for several days over this 
> and can't seem to get anywhere.
>
> The scenario is this. I run a small e-commerce business in the UK which 
> involves buying stuff in the US, importing it and onward selling it. 
> I've got the outgoing side working fine, because I sell in GBP, however 
> my suppliers bill me in USD. I'd like to be able to enter my suppliers 
> bills in USD, calculate the VAT and then finally convert the payment to 
> GBP. What I have tried to do is
>
> 1. Create the vendor entry and mark it as being paid in USD
> 2. Create a VAT tax table and create a VAT liabilities account
> 3. Enter the vendor bill in dollars
>
> At this point the line at the bottom of the bill gives me totals (for 
> bill and VAT) in GBP. Regardless of what I do I don't seem to be able to 
> enter a bill in USD. I can go ahead and post the bill and it appears in 
> the AR account but with an unbalanced zero split. I've tried creating an 
> AR account in USD, I've tried creating Expense accounts in USD to charge 
> the individual bill items against all to no avail. The only way I can 
> seem to make it work  is to do the whole transaction in GBP, having 
> manually converted the bill into GBP first. Am I doing something stupid, 
> or is gnucash just not up to what I'm asking of it? I'm running current 
> SVN on Fedora Core 3 patched to date.
>
> Please can someone help, even if just to tell me that what I want to do 
> is impossible.
>
> Thanks
>
> Nigel
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-- 
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
       warlord at MIT.EDU                        PGP key available