[GNC] Multiple currencies

[Norbert Klein]

Servus GNUcash helper,

thanks for the detailed advice - I am working through it.

But I get aware that my problems start sometime one more level down,
when I read: "When you create a new account, you have the option to
define the commodity in which that account is denominated."

Yes, I try to create a sample database, but "when I create a new
account" - I have not yet been able to define the commodity (in which
that account is denominated).

I hope to get it soon (others tell me at my ago of 88 I should just not
try new things. I do not agree.

Norbert


On 18-Jul-22 02:10, list+gnucash at jdlh.com wrote:
> Servus Norbert, welcome to GnuCash:
>
> On 2022-07-16 22:14, Norbert Klein wrote:
>> I am a new gnucash user, living in Cambodia (since 32 years).
>>
>> I downloaded (in Windows 10), installed and tried to set up gnucash with
>> the US$ as the basic currency (which was already set-up as a default). I
>> have not yet set up the accounts.
>>
>> Then I tried to find out how to make it possible to use, in addition,
>> also the Cambodian currency - the Riel - which is used here,
>> alternatively to the US$, every day. The Riel is available as one of the
>> currencies that can be used in gnucash.
>>
>> I spent quite some time reading gnucash documents, but so far without
>> success. I would be most grateful if somebody could help me.
>
> I have used GnuCash for many years with a book that included
> transactions in Canadian Dollars, US Dollars, Euros,  Japanese Yen,
> and more. It all works quite well. I can encourage you that what you
> seek is definitely possible.
>
> My advice to you:
>
> 1. Do read the GnuCash concepts and tutorial guide, especially Chapter
> 12 /Multiple Currencies/
> <https://www.gnucash.org/docs/v4/C/gnucash-guide/chapter_currency.html>.
>
> 2. Do enable Trading Accounts, as described in 12. /Automatically
> Recording Currency Transactions using Trading Accounts/
> <https://www.gnucash.org/docs/v4/C/gnucash-guide/currency_trading_accts.html>.
> I have always used them. (In fact, I cannot tell you what happens if
> you do not use them, because I have not tried.
>
> 3. I second Paul Kroitor's excellent advice that you make a "test
> book" for practice and experiments. Accept a default chart of
> accounts. Make a few accounts in KHR currency. Enter a few test
> transactions. See how things work.  Then set up your real book.
>
> 4. I use the one currency structure for my asset accounts, and a
> different currency structure for my expense accounts. See if either of
> these makes sense for you.
>
> a. Who / Currency / Category / Detail structure, which I use in my
> Asset accounts.
>
> Level 1: Who, i.e. Personal assets vs My Business assets.
> Level 2: Currency, e.g. CAD Personal assets vs USD Personal assets.
> Level 3: Category, adopted from GnuCash suggested chart of accounts,
> i.e. Current Assets, Investments, Accounts Receivable
> Level 4: Detail, adopted from specific bank accounts and investment
> accounts, e.g. Credit Union Chequing, Cash, Brokerage Account Cash
> Balance.
>
> e.g. Assets:Personal Assets:CAD Personal Assets:Current Assets:Credit
> Union Chequing
> Assets:Personal Assets:CAD Personal Assets:Current Assets:Cash CAD in
> pocket
> Assets:Personal Assets:USD Personal Assets:Investments:Brokerage
> account:USD Cash Balance
> Assets:Business Assets:USD Personal Assets:Current Assets:Paypal acct USD
>
> b. Who / Detail / Currency structure, which I use in my Expense accounts.
>
> Level 1: Who, i.e. Personal expenses vs My Business expenses.
> Level 2: Detail, adopted from GnuCash suggested chart of accounts,
> modified by my own needs, i.e. Rent, Groceries, Dining
> Level 3: Currency, e.g. CAD Groceries vs USD Groceries.
>
> e.g. Expenses:Personal Expenses:Groceries:CAD Groceries
> Expenses:Personal Expenses:Groceries:USD Groceries
> Expenses:Personal Expenses:Groceries:CAD Rent
> Expenses:Business Expenses:Computer Accessories:CAD Computer Accessories
> Expenses:Business Expenses:Computer Accessories:USD Computer Accessories
>
> I enter way more Expense account paths than Asset account paths. This
> currency-last structure makes it easier for GnuCash to complete each
> segment of the path when I type just the first few characters. If I
> type "Ex:P:Gro:C" then GnuCash expands those initial characters to
> "Expenses:Personal Expenses:Groceries:CAD Groceries".
>
> 5. Don't feel like you have to get the account tree right the first
> time. You can change the structure and the account names later, and
> the transactions will move with the changes.
>
> Or more accurately: when you create an Account, GnuCash gives it a
> unique identifier behind the scenes. The transactions are linked to
> these unique identifiers, not to the Account's name or parent
> accounts. When you change the Account's name, or move it to a
> different parent Account, the identifier remains unchanged. Thus the
> transactions are still attached to the account, despite its new name
> and parent.
>
> I hope this is helpful.  Have fun with the experiments!
>
> Best regards,
>      —Jim DeLaHunt, Vancouver, Canada
>
>> Norbert (Klein) - a German
>>
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