[GNC] Should i create "Equity Account" for each currency I had ?

[David Cousens]

Long,

Adrien's description applies to the situation where you are starting off
with all your money in the one currency, the home currency of your set of
accounts /book and then you subsequently have trading transactions.  If this
is your situation, then you will not need foreign currency accounts in
equity.

A more general situation is that when you start recording in your books you
might initially have money held in more than one currency. E.g some in VND
and some already in USD.

If this is the case then you will  have to have Equity:Opening
Balances:<cur> accounts for each currency you hold money in at that time
where <cur> takes the value of each currency you hold.

In either case the Balance Sheet and Income Statement will reflect this and
convert any foreign currency amounts to then main currency of the book.

Hope this is a bit clearer.

David



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David Cousens
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