Selection of account & maintaining parallel entries in two currencies

[Maf. King]

On Fri 9 August 13 20:50:06 mkashif wrote:
> Hello All,
> 
> I need your advise in selecting an appropriate account for the below
> business:
> 
> 1) Purchases of goods are made in bulk from China & those are sold to
> retailers in smaller size lots. We pay excise duty, which is a fixed
> percentage of the cost of the goods. After we sold the goods, our customers
> pay   another tax called VAT, which is also a fixed % of the price of the
> goods. We want to capture all these details and make a profit and Loss
> account on monthly/yearly basis.

Hi,

Have a look at this piece of documentation:
http://gnucash.wikia.com/wiki/GnuCash_Accounting_tips_Wiki

It should be adaptable to get you going with the Excise Tax and VAT payments.   
Do you have to track VAT on other things you buy too?

Note that GC isn't an inventory tracker, so if you need stock control you'll 
have to find some other solution to keep track of your stock-on-hand.

> 
> 2) I also want to make parallel entries for each transaction in two
> different currencies. I don't wish to use conversion rate as such. Just want
> to track all transactions in two different currencies.

Hmm, I'm not quite sure I follow what you want here - do you want to be able 
to track each transaction in both (eg. USD and EUR), with no exchange rate?

I suspect the best way to do that in GC is two account trees (or datafiles), 
one per currency, and enter each transaction twice.  Of course, I may be 
misunderstanding your question!

HTH,
Maf.
 

> 
> Please help on how can this be done in GnuCash.
> 
> Regards,
> 
>