[GNC] Can GnuCash compute income from foreign exchange transactions using the first in first out method?

[John Ralls]

GnuCash does have that built in, see Actions>View Lots. It is however a bit cumbersome and isn't likely to scale well for your use case. You might try using trading accounts and creating a balancing G/L transaction at the end of each day, but I think that will come out closer to average cost than to fifo.

Regards,
John Ralls


> On Aug 30, 2021, at 5:04 PM, Tim Hume via gnucash-user <gnucash-user at gnucash.org> wrote:
> 
> Hi everyone,
> 
> I'm using GnuCash for a small money transfer business. There are lots of transactions from Australia to Tonga, and transactions going the other way (Tonga to Australia) too. Transactions are of varying amounts and happen frequently.
> 
> From day to day GnuCash handles this fine (though the database is getting rather large). In fact, one reason for using GnuCash is that it handles foreign currencies (and it's free). For tax, it is necessary to compute income using the first in first out method (FIFO). The way I've been doing this to date is to dump the transactions going through the trading accounts into CSV format, and then using a small program I wrote to compute the income using the FIFO method (the program is written in awk for anyone curious).
> 
> However, it would be really nice if GnuCash could do this computation itself. Is this possible?
> 
> Cheers,
> 
> Tim.
> 
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