company credit cards with foreign currency

[Derek Atkins]

Hi,

Michael Hendry <hendry.michael at gmail.com> writes:

> On 23 Jul 2013, at 13:02, Marc Lindup <Marc.Lindup at marel.com> wrote:
>
>> 
>> Hi,
>> 
>> I am a new user of gnucash and really like the concept of being able
>> to use it for my personal accounts and also my expenses for work (if
>> possible) using the android additional software.
>> 
>> I have been reading through the documentation and I can't easily
>> find out how to do this in gnucash. I have a company credit (balance
>> paid by them) that I use whilst travelling abroad where I could have
>> mixed transactions on the same statement in different
>> currencies. They pay the card directly so I'm not responsible for
>> the payment but the payments have to be approved and registered with
>> them.
>> 
>> How would I set this up in Gnucash, or is it not possible?  Any help
>> would be very much appreciated.
>
> Hi, Marc. Welcome to the GnuCash community!
>
> First a disclaimer, I'm an ordinary user of GnuCash, using it for
> personal accounts and tax affairs - I Am Not An Accountant.
>
> My first thought is that your company credit card is entirely separate
> from your personal accounts, so there is nothing to be gained (except
> confusion!) from incorporating this credit card into your own
> accounts.
>
> My second thought is that if your'e planning to enter transactions
> with this credit card using GnuCash, and hoping that all the foreign
> currency conversions and credit card fees are going to be added in
> automatically, you're going to be disappointed - see a recent thread
> entitled "Odd behaviour in multicurrency txns".
>
> It's not clear what you want in the way of a report for your employer,
> but I presume that it's a list of expenses, with dates, descriptions
> and amounts, which your employer will check against the credit card
> statement. As the exchange rates and charges are variable, you can't
> even predict the eventual cost of any of these items, so you might
> just as well present your account of your expenditure as a word
> processor file - or even as plain text!
>
> Michael

Indeed, I would recommend you treat everything in your home currency.
The credit card will exchange your foreign transactions for you.  What I
do is put the foreign amount in the description and use my home-currency
for all my accounts.

>> Kind regards,
>> 
>> Marc

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-derek

-- 
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
       warlord at MIT.EDU                        PGP key available