Recording in KRW, Reporting in USD, Budgeting in USD

Scott scottstevens34 at gmail.com
Thu Nov 9 22:36:21 EST 2017


Hello everyone,

I've been reading the forum and resources online, but I can't seem to find a
situation that matches mine. 

I work for a human rights NGO in Seoul, South Korea, so all of my
transactions are in KRW. That is, except for our USD drawdown payments from
one of our donors in the US. 

I've been using GNU cash to record all our expenses and keep a balanced
book, but I'm looking to make some progress on budgeting and reporting. Our
budgets for each account are set at the beginning of the year by our donor,
and we need to report quarterly in USD. I use a weighted average formula to
make sure that our KRW amount matches the USD amount so at the end of the
year we spend within the USD amount.

So basically, I'd like to be able to *1) see my regular KRW transactions
alongside their value in USD (set to the weighted average rate)* and *2) be
able to set my budget in USD*.

Up to this point I've just been keeping a KRW record and then manually
applying the USD exchange rates to find out how much we've spent in USD. 

There must be a better way!

I've found two possible solutions, but I'm not sure if they're workable and
would greatly appreciate the community's input!

1) Record all transactions in KRW, export reports to xml, find a way to get
the xml to display in excel and apply exchange rates there. Drawbacks here
are that I can't see my budget or spending in USD live, without a time
consuming process. 

2) Set my default currency to USD and apply my updated exchange rate at each
transaction. The downside here is that I have no easy way to see my data in
KRW, which I need to report for Korean taxes etc. 

My first post is an essay, so thanks if you made it this far. Glad to join
the community!

-Scott



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