[GNC] US Based - have income in both USD and GPB - how to enter into GnuCash

[Christopher Lam]

Here's a GnuCash answer:
You *could* record into a Income-GBP, and you *could* use an Asset-GBP
account if you chose to keep your foreign income in a GBP-based account.
When you convert GBP to USD at a later date, you'd convert using
appropriate exchange rate (and account for any forex based capgains)
Paypal etc allows this.

Here's a legal answer: you *should* convert into USD using transaction date
USD/GBP spot price.
https://www.ifrs.org/content/dam/ifrs/publications/pdf-standards/english/2021/issued/part-a/ifric-22-foreign-currency-transactions-and-advance-consideration.pdf

IANAL IANAA.

On Thu, 13 Mar 2025 at 03:30, Bruce Griffis <bruce.griffis at gmail.com> wrote:

> I started doing some online stuff for Prolific. They pay in both US
> dollar and GPB depending on where the researcher is located. My default
> currency is USD. How would I record an income transaction that is in
> GPB? Would I need to do a conversion based on USD to GPB on that day?
>
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