Multi-currency expense accounts

[T Yeoh]

Yes I set up different accounts for Cash-$ and Cash-Euro in the respective US$ and Euro currencies. I entered EUR23 into the Cash-Euro account and categorized it as 'Expense:Taxi'.
However when I looked into the 'Expense:Taxi' account, the entry was for '23' - should it not have been converted into USD the home currency? If left as EUR23, then the total would not be correct because other taxi expenses in USD will be totaled up
 


     On Sunday, September 13, 2015 8:08 AM, John Ralls <jralls at ceridwen.us> wrote:
   

 
> 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