[GNC] Assets with two different currencies and buy/sale in different currencies?

Boniforti Flavio boniforti.f at gmail.com
Mon Aug 26 14:13:13 EDT 2024


Hi all.
I'm starting to set up my accounts on GnuCash and I'm actually stuck
understanding how (or even if) I should add the following.
I do own a music studio with a collection of vintage instruments. As the
whole gear is worth quite some k, I thought I'd add it as an asset. So
first questions here: is it correct? Does it make sense?
Let's assume I will add it as an asset, the next question is around the
corner. I buy my gear in two different currencies, thus I would've thought
to set up two different asset accounts: one in currency A and one in
currency B. So far so good. Now the (for me) difficult part comes: I also
sell items of my collection sometimes and when I do, the transaction can be
in either one of the two currencies I bought them. Assuming I bought an
item in USD and I sell it in CAD, how would I have to enter this
transaction in GnuCash?

As an additional info (maybe irrelevant, but anyways): as of today I
maintain a spreadsheet with the price I paid for a specific piece of gear,
including the currency I used. At the same time, I do a currency conversion
and fill the adjacent column with the converted value (e.g. bought for 1200
USD I put the equivalent 1630 CAD in the other column).

Thanks for any help!
F.

https://www.instagram.com/boniforti_music
https://soundcloud.com/boniforti_music
https://bonny-j.bandcamp.com


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