multicurrency

[Alun Champion]

The only challenge is when you change your main currency, e.g. moving
from UK to US. I have all the old income/expense accounts in GBP and
the new accounts in USD.
Currently I've just put all the old GBP accounts under my main
currency accounts, e.g. Expenses:Groceries has a sub of
Expenses:Groceries:Groceries £.
Converting can also be problematic if you are liable for tax in both
jurisdictions.



On 30 April 2014 21:35, R. Victor Klassen <rvklassen at gmail.com> wrote:
> The approach I've taken is that the choice of currency depends on the bank/credit card/etc. account, as well as the vendor in the case of invoices - I'm using the business features.   But the expense accounts are in the main currency.   So a foreign expense may be incurred in a foreign currency, and paid with a foreign credit card,  which, in turn is paid with a foreign bank account.  But when I get a report of the expense categories, they're all in the main currency.  If I need to transfer across accounts with different currencies, GNUCash will ask for the applicable exchange rate.
>
> On Apr 30, 2014, at 4:59 PM, Mike Alexander <mta at umich.edu> wrote:
>
>> --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
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