Accounting in foreign currencies

[Charles Day]

On Sat, Jun 7, 2008 at 1:17 PM, Danny Rohde <homebox at gmx.de> wrote:

> Hello,
>
> I have a question regarding accounting in different currencies and the
> automatic input of exchange rates.
>
> I have a credit card account in CHF and my expense account is also in
> CHF. If I go abroad and buy something in GBP I didn't find a "smart" way
> to record this transaction. If I put in the numbers if does not allow me
> to use the exchange rate feature because both accounts are in my base
> currency.
>
> It would be great, if I could just use the program to get a preliminary
> exchange rate, before I finally reconcile it from my credit card bill.
>
> Any idea how to achieve this?
>

Perhaps create a GBP subaccount for your credit card, then enter your GBP
transactions there? The credit card's CHF balance, as shown in the account
list and reporting, should go up according to the exchange rate. When you
receive your statement, enter each foreign exchange transaction in the CHF
account as a transfer to the GBP account (reducing the GBP balance).

Hopefully that would work.

-Charles


> Regards
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