Accounts in multiple currencies

[Mike or Penny Novack]

Watson-Haigh, Nathan (LI, Rock. Rendel) wrote:

OK --- you have (actual) accounts holding funds in multiple currencies. 
So you would at least want separate (GnuCash) accounts. But that's an 
"at least" because possibly you want entirely separate "books".

Yes I understand, that might make more work for yourself having to 
combine figures from the two books (perhaps using a spreadsheet for 
this) to see if overall you are over or under budget. BUT, and this is a 
big but, if GB and AU do not require you to report to each what your 
operations were in the other -- this depends upon the various reporting 
rules/tax laws, etc. you probably don't want to volunteer any financial 
information that you aren't required to. I don't know anything about the 
tax laws of either the UK or Australia so can't advise on that. But it's 
a general rule "you don't tell them anything you are not absolutely 
required to".

Michael D Novack, FLMI