Multiple Currencies

[Stephen J. Gowdy]

Hi Alan,
 	I work with many currencies (paid in US$, rent in EUROs and health 
insurance in CHF). I make sure accounts have the correct type of currency 
(so my Swiss account is in CHF, medical reimbursements too). I then have 
Currency accounts (of type Asset). If I use my US credit card over here I 
use the currency account to act as an intermediate between the Credit Card 
and Expense accounts. There is no actual amount in the Currency account, 
eventually I remove the blank split in the Currency account. Here is an 
example;

11/04/07 Payot Lib.							0.00
 				Assets:Currency:CHF
 				Expense:Books		39.80
 				Liabilities:CreditCard		39.80

In the CreditCard account it has;

11/04/07 Payot Lib.							0.00
 				Assets:Currency:CHF
 				Expense:Books		33.60
 				Liabilities:CreditCard		33.60

Once I've reconciled my credit card statement I update the exchange rates 
and remove the Assets:Currency:CHF split. When you enter the transaction 
you need to adjust the exchange rate on each split, otherwise it ends up 
blank on the other currency accounts.
 	Sometimes I don't need to use that account, for example a medical 
expense that will be like the following when entered in the 
Expense:Medical:Swiss account;

31/07/07 Pharmacie		Liabilities:CreditCard	549.20

This would appear in the credit card as;

31/07/07 Pharmacie		Expense:Medical:Swiss	470.80

 							regards,

 							Stephen.

On Wed, 3 Oct 2007, Alan Larkin wrote:

> Hi all,
>
> My accounts are in a mess after a visit to England. Can someone please explain how GNUCash should be
> used to handle transactions in multiple currencies.
>
> All transactions go back to my Visa (euros), i.e. stuff was either charged directly to it, or paid
> for with sterling withdrawn on the card. I created a sterling cash account to keep track of the
> sterling, but there are no conversions taking place, so in my other accounts I have running totals
> consisting of both euro and sterling tranactions which is obviously meaningless.
>
> Can anyone sketch the solution for me. I cant find any useful help online.
>
> Please please please, Thanks.
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|Stephen J. Gowdy, SLAC               | CERN     Office: 32-2-A22|
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