A convenient way to track currency unrealized gains ?
coolnodje
coolnodje at googlemail.com
Sun Aug 11 23:41:50 EDT 2013
I've try to find a way on how I could track my potential gain/loss in
forex in Gnucash.
Help has been helpful for the concepts, particularly Chapter 9, but it's
not satisfying for what I would like to achieve.
I've been able to create my own accounts under Trading, which gives me a
concrete figure for a given rate, but that setup is too complex and
involves a lot of splits which I find error prone.
The good thing is that it offers me a "control board" which does not
affect the Asset - Income equation.
What I would like ideally is a sort of control table that tells me how
much I've gain/lost for each forex transaction.
Here's a concrete case to make things clear.
Let's say I have a EUR and a USD account at the bank.
Asset:Bank:EUR €10000 Total €10000
Asset:Bank:USD $0 Total €0
On 01/01/2008 I transfer €1000 at a rate of say EUR/USD 1.30
Asset:Bank:EUR €9000 Total €9000
Asset:Bank:USD $1300 Total €1000
On 01/01/2009 I transfer €1000 at a rate of say EUR/USD 1.20
Asset:Bank:EUR €8000 Total €8000
Asset:Bank:USD $2500 Total €2083.33
The Gnucash Account global currency, in EUR here, will offer me a global
valuation in EUR according to the daily exchange rate, which is good.
So I would know my today valuation, if EUR/USD is 1.20, is €10083.33.
But I can only calculate that I have an unrealized gain of €83.33
because I remember the original equity was €10000.
Over time, especially with many currencies, one loses track of what
operation is a gain or a loss.
I'd like to be able to SEE that €83.33 gain in an account somewhere, and
also get it automatically ajusted to daily rate.
The way I found for now is to duplicate every transaction (say EUR-USD)
into manually defined accounts under Trading (which, if I understand
correctly, don't affect the basic equation).
But that's 3 accounts:
Trading:EUR Sell €2000
Trading:Unrealized EUR Buy -€2083.33
Trading:Unrealized Gain €83.33
That's much too heavy a process and quite error prone to manipulate all
the splits.
Hope I've made myself clear.
How do others track their stocks/currency unrealized gains?
Best regards
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