Multi-Currency Setup

[Mike Alexander]

--On February 17, 2011 6:52:04 PM -0500 Tony <penury at gmail.com> wrote:

>
>
> I'd largely operate in 2 currencies simultaneously.  Is there a
> consensus view on the right way to setup up accounts for this?
>
> I'm tempted to just pick a home currency (USD) and have child
> accounts for all my income/expense accounts for the second currency
> (GBP).
>
> E.g. I'd have such pairs as:
>
> Assets:Current Assets:Cash
> Assets:Current Assets:Cash:GBP
>
> or
>
> Expenses:Housing:Rent
> Expenses:Housing:Rent:GBP
>
> Is this a smart setup, or is there some other standard?

I don't know if it's smart, but it's what I do.

        Mike