[GNC] Exchange rate of income statement report

[Gal]

Michael or Penny Novack wrote
> Well, this was the P&L report, one of the uses being when filing out tax 
> forms (this is a case where the name usually used for the report depends 
> on the form of the entity for which the books being kept)
> 
> So ........ what do the tax codes of the US and Israel have to say about 
> currency conversion dates? For example, suppose you had a dollar expense 
> that was deductible on Israeli taxes. As of what date must the 
> conversion to shekels be done. Now vice versa. How about if the two 
> jurisdictions don't  agree? For the more general situation, consider any 
> other pair of countries.
> 
> Michael D Novack

I don't keep track of expenses for tax reports.
I do so purely for expense and income tracking.
For several years now I've used YNAB4 and implemented SSAP20 method for
tracking foreign currency accounts:
https://www.mscs.dal.ca/~selinger/accounting/tutorial.html#3

But now I'm making the transition to GnuCash and one of the reasons was to
take advantage of the better multi currency support is has.
So I'm mainly trying to figure out how to setup the accounts, and whether if
having expense account per currency is the right way for me.

The thing I had in mind, in addition to what I wrote before, is that it
seems like a good practice to have a separation between the data and the
translation+reports.
The expense was done in USD? document it in USD, and the report system
should deal with the translation for you.
If a country has specific tax codes, but a common one, I expect that the
report system will provide me with that option.
Doing the translation during data entry means you stick with a single
predetermined rule/tax code that cannot be changed without modifying all of
the transactions.




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