Bank/CC to Expense, diff currencies
Ken Runge
kr at bell.net
Sun Mar 19 18:41:37 EDT 2017
Thanks for your reply. I did not completely understand your steps but
they lead me in the right direction. I lost the thread of your
description at the word "Transfer " in the sentence:
_Enter transaction with today's date Tab Tab Description: Test
transaction Tab __*Transfer*__: Expenses:Food:Groceries Tab Tab
Charge(Credit):100 Tab. The Transfer Funds window pops up.__
_
as I could not determine if this was part of an actual description or a
window of some sort.
My successful, if inefficient, entry process looks as follows:
(T=Tab)
Date T, T, Enter desc, Tx5, Enter Cr amt (on USD Visa line) $100.00,
Tx3, load correct exp a/c, T, enter Dr (CND) amt $135.00, T, Transfer
Window pops up, click on Dr amt at bottom of window, enter (neg)
-100.00, enter. That works! If you can suggest a refinement which would
reduce key strokes, please do.
You mentioned considering a USD CC so I thought I would mention what I
do. I use a Canadian bank (the one that uses a lot of green in their
logo and has had some bad press this last week to do with employees and
sales targets). Anyway, I have a USD chequing account and a USD Visa
card with them. I transfer CND to the USD on line when I need them and
pay the USD Visa from the USD c/a, again on line. I get a slightly
better rate when buying the USD then I would if buying cash at a teller
and pay no conversion charges of any kind. Been in Florida 2 months this
year and 3 months each of the last 5 yrs and absolutely no problems.
Check it out.
Thanks again
Ken
On 3/19/17 1:19 A, 1:19, Edward Doolittle wrote:
> Ok, here are the steps:
>
> 1) Create USD credit card account Liabilities:Credit Card:USD Visa of
> type credit card with security/currency set to USD. <=== This is
> important.
> 2) Open that account by double clicking it in the chart of accounts.
> 3) Enter transaction with today's date Tab Tab Description: Test
> transaction Tab Transfer: Expenses:Food:Groceries Tab Tab
> Charge(Credit):100 Tab. The Transfer Funds window pops up.
> 4) Because I know the amount of both sides of the transaction I click
> on the To Amount radio button at the bottom of the window. It has
> estimated 132.99 as the amount, I change it to 133.01. Click on OK.
> 5) The transaction has now been entered. In the currently open tab
> (USD Visa) I have Charge 100.00 and Balance 100.00. I select the
> transaction and click on Jump to visit Expenses:Food:Groceries (in
> CAD) and see the expense 133.01 which has added that amount to my balance.
> 6) Everything seems to be in order. If I click Split, it looks like this:
>
> Expenses:Food:Groceries Dr. 133.01
> Trading:CURRENCY:USD Dr. $100.00
> Liabilities:Credit Card:USD Visa Cr. $100.00
> Trading:CURRENCY:CAD Cr. 133.01
>
> Then I deleted the transaction to bring my books back in line with
> reality and deleted the USD Visa account because I don't (yet) have a
> USD credit card. (BTW I was thinking about getting the Chase Amazon
> Visa with 0% currency conversion charge but there seems to be a lot of
> complaints about declined transactions with that card ... anyway ...).
>
> On 18 March 2017 at 21:29, kr <kr at bell.net <mailto:kr at bell.net>> wrote:
>
> Thanks for the reply. Unforunately (for me) one of the first
> things I did was
> turn on the trading accounts feature. If you would be so kind,
> would you
> please run through entering an expense transaction going from a
> 'foreign'
> currency asset account to a default currency expense account. Thanks
>
>
> Edward Doolittle wrote
> > My setup is quite similar to yours, and I don't have your problem (if I
> > understand it correctly). In fact, a lot of my problems with
> multiple
> > currencies (due to my own ignorance or otherwise) went away when I
> > switched
> > to trading accounts, File -> Properties -> Accounts -> Use Trading
> > Accounts.
> >
> > Trading accounts are not for everyone ... they're not consistent
> with
> > current generally accepted accounting principles, if I understand
> > correctly, and they're hard to understand at first, but I would
> never
> > willingly go back to the way things were before.
> >
> > If you are interested in going that way, read the wiki page
> > https://wiki.gnucash.org/wiki/Trading_Accounts
> <https://wiki.gnucash.org/wiki/Trading_Accounts> and follow the
> links to the
> > guides and tutorials. After trading accounts are set up, Actions
> -> Check
> > &
> > Repair may help with your historical transactions.
> >
> > On 18 March 2017 at 12:58, kr <
>
> > kr@
>
> > > wrote:
> >
> >> Running latest GC on Win 10, household accounting so no tax
> >> considerations.
> >> Home currency is CND but I have Bank, CC's and Cash accounts
> set up as GC
> >> accounts to reflect USD and EUR currencies as well as CND ones,
> (this can
> >> be
> >> confusing so hereafter refered to as GCa/c). All of my expense
> GCa/c's
> >> are
> >> in CND. I am hoping to find a way to enter a purchase from a
> USD bank
> >> account (Credit) and charge it to a CDN expense GCa/c, such as:
> >>
> >> Wine Dr. CDN $135.00
> >> USD Visa Cr. USD $ 100
> >>
> >> I would expect to calculate and enter the CDN amount when the
> transaction
> >> is
> >> processed in GC. This is proving to be impossible. When
> entering the
> >> transaction in the USD Vias GCa/c the transfer window which pops up
> >> insists
> >> on making the Debit Account the USD currency and the Credit
> Account the
> >> CND
> >> currency. This, of course, is the reverse of the example noted
> above and
> >> no
> >> matter how I play with alternative schemes to enter the amount,
> nothing
> >> works. The best I can do is a Dr and Cr which equal each other,
> in the
> >> example above $100 for both currencies. I tried entering the
> transaction
> >> in
> >> the CND Wine expense GCa/c and got the Debit and Credit currencies
> >> orientated correctly but the transaction still ended up with
> >> Out-of-Balance
> >> amounts. However, even if this 'worked' it would be hopelessly
> >> inefficient
> >> with numerous transactions going to many different expense
> accounts.
> >>
> >> I've spent 2 to 3 hrs searching this site for an answer to this
> question
> >> without success. Discussions which came close were 5 to 10 yrs
> old so I
> >> am
> >> writing to see if there is any newer information or to be told
> it will
> >> not
> >> work so forget it! I should add that a separate set of expense
> accounts
> >> paired to each non-CND asset or liability is also something I
> would like
> >> to
> >> avoid.
> >>
> >> Thanks for any help you can provide.
> >>
> >>
> >>
> >> --
> >> View this message in context: http://gnucash.1415818.n4.
> >> nabble.com/Bank-CC-to-Expense-diff-currencies-tp4690456.html
> <http://nabble.com/Bank-CC-to-Expense-diff-currencies-tp4690456.html>
> >> Sent from the GnuCash - User mailing list archive at Nabble.com.
> >> _______________________________________________
> >> gnucash-user mailing list
> >>
>
> > gnucash-user@
>
> >>https://lists.gnucash.org/mailman/listinfo/gnucash-user
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> >>
> >
> >
> >
> > --
> > Edward Doolittle
> > Associate Professor of Mathematics
> > First Nations University of Canada
> > 1 First Nations Way, Regina SK S4S 7K2
> >
> > « Toutes les fois que je donne une place vacante, je fais cent
> mécontents
> > et un ingrat. »
> > -- Louis XIV, dans Voltaire, Le Siècle de Louis XIV, Chap. XXVI
> > _______________________________________________
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>
>
>
> --
> View this message in context:
> http://gnucash.1415818.n4.nabble.com/Bank-CC-to-Expense-diff-currencies-tp4690456p4690462.html
> <http://gnucash.1415818.n4.nabble.com/Bank-CC-to-Expense-diff-currencies-tp4690456p4690462.html>
> Sent from the GnuCash - User mailing list archive at Nabble.com.
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>
>
>
> --
> Edward Doolittle
> Associate Professor of Mathematics
> First Nations University of Canada
> 1 First Nations Way, Regina SK S4S 7K2
>
> « Toutes les fois que je donne une place vacante, je fais cent
> mécontents et un ingrat. »
> -- Louis XIV, dans Voltaire, Le Siècle de Louis XIV, Chap. XXVI
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