[GNC] Exchange rate of income statement report

[Michael or Penny Novack]

On 10/16/2020 7:49 AM, Gal wrote:
> Assume a user doesn't file any tax report, and is only interested in accurate
> expense and income reports for personal tracking.
> Moreover, accurate, means that when a transaction is translated to a
> different currency, it is always done so at the exchange rate of the
> transaction date.
>
> Under these requirements, would you recommend entering transaction, under
> the expense and income accounts, in the main currency or in the original
> transaction currency?

Personally? In a single currency.

Here's why. The retention of information about "in which currency" is 
important mainly because you want to consider evaluation at some other 
dates. You might have funds retained in that currency, and no, 
especially in this case not what they were worth in terms of some other 
currency when deposited but more likely now.

Accounting is all about information. Maybe if you explained what 
information was being kept for it would make more sense retaining both 
in one set of books. Note that if there were some restrictions on 
conversion, accounts in separate countries subject to such restriction, 
I would probably suggest separate books.

Michael D Novack