Currency
c-a-l
c-a-l at earthlink.net
Sun Apr 25 10:50:49 EDT 2010
Using GnuCash 2.2.9 in Windows, with USD as my main currency. Problem is
some Euro accounts and the results on the balance sheet.
I create an account under current assets, and under Edit: Security/Currency
I select Euro. Under Edit: Smallest Fraction, I select Use Commodity Value.
I have included Euro in the Price Editor to download the value of Euro to
USD when I download prices.
So let's say we have only two entries.
9/1/08 I have an opening balance of 100 Euro. In the Euro account, the
first entry is Equity:Opening balance of 100 Euro, with a balancing entry of
Euro Account of 100 Euros. I right click and define the exchange rate on
that day. If I jump to Equity Opening Balance, the entry there is $146, due
to the exchange rate.
So far all is good. Whenever I run a balance sheet, it shows Unrealized
Losses or Gains based on the differential between the original exchange rate
and the current rate.
Now lets say I transfer all the Euro out to dollars and close the Euro
account this year. So in the Euro account, I enter a transaction of
negative 100 Euro and a balancing transaction to my USD account of 100 Euro.
The new exchange rate is $1.35, so in my USD account it shows $135 coming
in.
However there is still the issue of the loss, which is now realized. Even
if I enter a realized loss, how do I enter the balancing transaction? I
understand how to do this for stocks, from Mike Alexander's helpful pointing
me to the Help/Tutorial for stocks. I cannot find a similar set of
instructions for currency. I'm trying to remove the Unrealized loss from
the Balance sheet as it is now realized.
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