[GNC] Have I got my USD accounts set up wrong?

[Alan Hopkins]

   Hello David
   We receive and pay for a multitude of currencies.  This made life
   complicated for a small business so we decided to use a FX service - we
   use OFX because we managed to get to them in their early days and were
   offered a special continuing deal.
   However, there are quite a few others too - TransferWise (now just
   called Wise) were probably the initiators in this area.
   The way it works is that we tell them what we need to pay in FX, we pay
   in our local currency and the bill is paid to the supplier in their
   currency.  On the receipt side, the client pays into a bank account
   local to them, the OFX service notifies us of the receipt, and then we
   can either convert to our local currency immediately or at some time
   over the next 2 months when we wish - this has an advantage (generally)
   in being able to get a more favourable exchange rate and thus a better
   return.
   The service costs less than banks - they provide a better exchange rate
   and have lower fees - and our accounts are all in local currency.  We
   just adjust our invoices/bills according to the rate received/paid.
   Easy peasy.
   I'm not sure that will help you but it just might!
   Cheers
   Hop

   On 30/11/23 11:05, David Kirkby wrote:

On Wed, 29 Nov 2023 at 23:28, Adrien Monteleone <
[1]adrien.monteleone at lusfiber.net> wrote:


You can set your bank accounts nested however you want. GnuCash doesn't
care as there is nothing special about such accounts.

Gnucash *does* care about types Accounts Receivable and Accounts
Payable. (regardless of what you name them)

But exactly how these should be structured is still to be determined.

Regards,
Adrien



Is it possible, and so how, to move the A/R USD account directly under the
assets and not under the GBP account? When I set up accounts like that, the
P&L and trial balance agreed with each other.

I am still puzzled it’s now possible to delete a non-GBP transaction that
has been posted.  I think that’s a new problem , within the last day or
two.  I would need to go back to an earlier version to be sure.

I charge customer extra for non-GBP transactions, anti always say GBP will
be cheaper. They certainly do cause an extra overhead with software issues,
accounting issues, the need to maintain 3 price lists.

A few years ago I reported a bug to the bug tracker related to non-GBP
currencies. I think it was a report that was wrong, but that issue got
resolved.

Dave.




On 11/29/23 5:05 PM, David Kirkby wrote:

On Wed, 29 Nov 2023 at 23:02, David Kirkby <

[2]drkirkby at kirkbymicrowave.co.uk>

wrote:


But think about it, the fact one is supposed to set bank accounts that
way, probably implies one needs to do the same with A/P and A/R.

Dave.


I meant to say “thinking about it “  not “think about it “

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References

   1. mailto:adrien.monteleone at lusfiber.net
   2. mailto:drkirkby at kirkbymicrowave.co.uk
   3. mailto:gnucash-user at gnucash.org
   4. https://lists.gnucash.org/mailman/listinfo/gnucash-user
   5. mailto:gnucash-user at gnucash.org
   6. https://lists.gnucash.org/mailman/listinfo/gnucash-user