Question about managing accounts.

Amit Rana amit.rana at
Wed Jun 7 04:27:35 EDT 2006

 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:
 - Account reveivable ($)
 - Account receivable (Rs)
 - Current/bank account
 - cash in hand

 - 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.


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