Multi-currency expense accounts

[John Ralls]

> On Sep 12, 2015, at 8:43 AM, T Yeoh <tyeleyt at yahoo.com> wrote:
> 
> Hi
> The expense accounts seem to require a currency during set up or it defaults to home currency $
> When I use the expense account (e.g. "Taxi") under a foreign currency cash account and enter say EUR23, the entry registered in the "Taxi" account is $23 without FX conversion which results in an incorrect total
> Short of having to duplicate the expense account in the foreign currency, is there any other way to handle this such that the expense account entries are correct? Having a set of "Taxi" accounts in different currencies may be cumbersome as the number of currencies involved increases

You can’t enter arbitrary currencies. Each account has a currency and all of the splits in that account are denominated in that currency.

If you’re paying the cab in cash and keeping track of your cash expenditures, create a “Cash in Wallet” account for each currency you use. When you visit the ATM in Euro-land enter the transaction as a transfer between your US account and Cash in Wallet-EUR; you may want to wait to enter it until you can check your bank account online so that you get the right exchange rate. Then when you make a cash payment you’ll be transferring from Cash in Wallet-EUR account to Expenses:Taxi and you can use the same exchange rate that your bank used when you got the cash.

Regards,
John Ralls