International Transfers

[Wouter van Marle]

On Thu, 2007-03-15 at 09:31 +0000, Daniel Carrera wrote:

> I think I have a solution: Create a magic account "Equity:Transfers".
> When I deposit in Canada I credit Equity:Transfers, and when my UK
> account is credited, I debit Equity:Transfers. So I have two
> transactions.
> 
> Is this the correct solution?

I don't know if there is a "correct" solution for this. But it sounds
like your proposed solution could do the job..

The main argument against it that I can think of, is that as soon as
your Canadian account is credited, then that money is not available
anymore in your UK account. Example: you have 100 GBP in your account,
then write a 50 GBP cheque to put in your CA account, there is only 50
GBP left available in the UK account for making payments. That is not
reflected in your UK account, but you will have to remember this.
Also, this way, in the transit period, it will appear in GnuCash that
you have 50 GBP more than you really have. This as your CA account has
received 50 GBP while your UK account still has 100 GBP in it.

My solution would be to create a transit account as child of the actual
bank account, so you have Bank:UK and Bank:UK:Transit, and the same for
your CA account. Then when you transfer money from your UK account to
your CA account, you first book it against the B:U:T account, and when
it clears on the other side, you make a transaction between B:U and
B:U:T to correct with your bank statement. This way you can always see
your actual account balance, and the available balance.

Wouter.

> 
> Thanks for the help.
> 
> Cheers,
> Daniel.
> -- Spanish is essentially bad Italian.
> 
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