multicurrency

[Mike Alexander]

--On April 30, 2014 2:20:15 PM -0600 May Workman 
<may_workman at hotmail.com> wrote:

> I couldn't find any complicated examples as to how to setup my
> expense accounts correctly. What I did last night was made "expenses
> EUR" with groceries, auto fuel, telephone,...underneath. Then I made
> a similar tree under "expenses USD". I attributed the imported
> Quicken account to either the USD or the EUR expense account. The
> other one is new.

> Is this the correct way to setup my accounts?  I have 14+ years of
> material to go through and I want to make sure I'm doing it right to
> begin with. Will I be able to in the end track all my expenses in
> either USD or/and EUR combining the two separate expense accounts for
> each currency into one report?

You can do it that way, I did for years.  However, I think it works 
better to pick a home currency and keep all income and expense accounts 
in that currency.  That way you establish an exchange rate when 
entering the transaction (assuming it's not in the home currency) 
instead of when you run the report.  Other accounting programs I've 
used force that behavior which is what led me to try it.

          Mike