[GNC] Multiple currencies

Thu Jul 21 02:44:08 EDT 2022

Hello, Norbert:

On 2022-07-20 03:41, Norbert Klein wrote:
> 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).

Let me see if I can explain this part better.

Take a look at the Gnucash Tutorial and Concepts guide, 
<https://www.gnucash.org/docs/v4/C/gnucash-guide/chapter_accts.html>. 
Scroll down to section *2.8.3.2. The Basic Top Level Accounts*. There is 
a picture there of the New Account dialogue. Do you see something like 
this when you create a new account?

The dialogue has a field labelled "Security/currency". In the picture, 
the field contains "USD (US Dollar)". To its right is a button labelled 
"Select…".

Click on the "Select…" button. A small dialogue, with the title "Select 
currency…", appears. It has two fields. The upper field is labelled 
"Type", and it contains the word "Currencies". Leave that unchanged. The 
lower field is labelled "Currency". It contains some currency name 
(perhaps "USD (US Dollar)" in your case). To the right is a black 
triangle pointing down.

Click on that black triangle to the right of "Currency". A gigantic menu 
appears, containing codes for currencies, in alphabetical order. Scroll 
through this menu until you find "KHR (Riel)". Click on it. The menu 
disappears, and you are back at the small dialogue. Now, the lower field 
contains "KHR (Riel)".

Click on the "OK" button. The small dialogue disappears, and you are 
back at "New Account" dialogue. The field labelled "Security/currency" 
now contains "KHR (Riel)".

Do any other account setup you need to in that dialogue. For instance, 
enter an Account name at the top, select the Account Type from the list 
at the lower left, and maybe change the new Account's parent Account at 
the lower right.

Then press the "OK" button. The New Account dialogue disappears. 
Congratulations! You have created a new account, denominated in KHR.

Does this method work for you, in your books?

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.

The age of 88 sounds like a wonderful time to try new things! Have fun 
with it.

Best regards,
     —Jim DeLaHunt, Vancouver, Canada

>
>
> 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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