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

[Michael or Penny Novack]

Let's separate your questions. First deal with the basics and then the 
currency issue.

Yes, as assets. If you buy and sell regularly (business) create a parent 
"Inventory" under assets. If you are a collector and only sometimes 
acquire or sell, you might call that "music collection" etc. In either 
case probably a child account for each.

Currency -- since you DO record price at point of purchase and sale in 
both (using conversion rate at that point of time) you could keep your 
books in just one currency. Look, THAT choice would better be determined 
by other things, like do you hold bank accounts in both currencies, etc.

Michael




On 8/26/2024 2:13 PM, Boniforti Flavio wrote:
> 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
> _______________________________________________
> gnucash-user mailing list
> gnucash-user at gnucash.org
> To update your subscription preferences or to unsubscribe:
> https://lists.gnucash.org/mailman/listinfo/gnucash-user
> -----
> Please remember to CC this list on all your replies.
> You can do this by using Reply-To-List or Reply-All.


-- 
There is no possibility of social justice on a dead planet except the equality of the grave.