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

[Murugan Mariappan]

First of all, hats off to you for your passion! Vintage instruments are definitely valuable assets and should be captured as assets

You can keep two accounts or one asset account, it depends on what currency you want to track the same.

When selling one of the instruments say bought in USD but sold in CAD, the transaction will be

Dr : Bank Account (CAD)
Cr: Vintage Instrument Asset account(USD)

When you enter this transaction GNUCash will ask for the exchange rate or the debit amount.  So this should be straight forward entry




Saludos Cordiales


Murugan

________________________________
From: gnucash-user <gnucash-user-bounces+m.muruganandam=hotmail.com at gnucash.org> on behalf of Boniforti Flavio <boniforti.f at gmail.com>
Sent: 26 August 2024 14:13
To: gnucash-user at gnucash.org <gnucash-user at gnucash.org>
Subject: [GNC] Assets with two different currencies and buy/sale in different currencies?

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.

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