Question about managing accounts.
Amit Rana
amit.rana at gmail.com
Wed Jun 7 04:27:35 EDT 2006
Hi,
I have been trying to use GnuCash for my company, I have absolutely
no accounting background and I have some doubts can anyone help me
clear those?
My scenario is like this:
- I have a checking/current account which only holds Rs
- I raise invoices in $ and Rs
I have created following accounts along with others:
Assets
- Account reveivable ($)
- Account receivable (Rs)
- Current/bank account
- cash in hand
Income
- From Customers ($)
- From Customers (Rs)
I create a customer and raised invoice of say 1000$, this shows in
[assets]A/c receivable ($) and [income] From Customers ($). When I
"process payment" and put "Transfer Account" as my bank account it
will deduct whatever amount i give from A/c receivable and add it to
my bank account. But the problem is both the accounts are in different
currency. How do I handle this? Ideally if there was a currency
conversion thing (as we get during transfers) it would have helped.
Am I doing it the righ way?
Shall I create a dummy dollar bank account in assets and then
transfer it to by actual bank account?
Comments are welcome.
Regards,
Amit.
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