Re: [GNC] Multiple currencies and business functions
Am 07.11.2018 um 01:32 schrieb Matthew Pounsett: > On Tue, 6 Nov 2018 at 15:30, Christian Kluge wrote: > >>> The currency logic is pretty simple: every amount you see in the invoice >>> entries is assumed to be in the customer's default currency. They income >>> account for each entry can be in a currency different from the invoice >>> account. In that case a currency conversion will be applied when posting >> this >>> amount to the income account. But as amounts for billable items come >> from the >>> entries, they are assumed to be in the customer's currency. >> >> >> That’s why my solution would be never to income and expense accounts in >> foreign currencies, but only assets and liability accounts in addition >> to the trading accounts. >> > > Expense accounts mostly get smoothed into one currency by the effects of > having banks convert on deposit or charge in bank accounts and credit > cards. Although I still have to deal with foreign currency service charges > on international wire transfers. > > I don't think it's reasonable to expect to have only one income currency > with international clients. It’s not resonable to use different currencies for income and expense accounts and the expense accounts are no going to be smoothed out by paying them with your standard bank account because of the fluctuating exchange rates. I’m not saying that you can’t bill your clients in other currencies or that they can’t pay you in their home currency. Although some might prefer to pay in your currency, because of the DCC issues. If you’re using foreign currency expense accounts and have some transactions throughout the year, open up a profit and loss report with only one currency and play a bit with the conversion settings. Since your liabilities are fully paid, there shouldn’t be any fluctuation in the values anymore, but with your method there will be. If you’re just recording those transactions through asset and liability accounts and leave the income and expense accounts in the default currency, the only time you have to account for the realized currency exchange gain/loss when you’re paying your liability. I can’t tell which exchange rate you’ll have to use when setting up the balance sheet, since I don’t know the specifics of your jurisdiction. Better check with an CPA there. Kind regards Christian Kluge ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Multiple currencies and business functions
On Tue, 6 Nov 2018 at 15:30, Christian Kluge wrote: > > The currency logic is pretty simple: every amount you see in the invoice > > entries is assumed to be in the customer's default currency. They income > > account for each entry can be in a currency different from the invoice > > account. In that case a currency conversion will be applied when posting > this > > amount to the income account. But as amounts for billable items come > from the > > entries, they are assumed to be in the customer's currency. > > > That’s why my solution would be never to income and expense accounts in > foreign currencies, but only assets and liability accounts in addition > to the trading accounts. > Expense accounts mostly get smoothed into one currency by the effects of having banks convert on deposit or charge in bank accounts and credit cards. Although I still have to deal with foreign currency service charges on international wire transfers. I don't think it's reasonable to expect to have only one income currency with international clients. > For the actual problem my solution would be as follows. > > [..] > The last operation would be to add a transaction from the temporary CAD > asset account to your normal USD income account. > > I had to read it a few times, but I think I follow that. I'll give it a shot later and see what happens. Thanks ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Multiple currencies and business functions
On Tue, 6 Nov 2018 at 12:22, Geert Janssens wrote: > I believe you have just pushed the boundaries of what to do with invoices > further than anyone ever could have imagined :) > Good? :) > > I don't think anyone so far ever considered the case of having billable > expenses in a different currency from the invoice currency. And from what > you > tell I gather it's currently not supported. > I'm a little surprised. It seems like an obvious situation to me. Between travel, foreign clients, or just import/export it seems like something that would come up at least occasionally. In my case there's a combination of travel (I post expenses in a half dozen currencies) and having International clients that want to be billed in their home currency. > > Can I ask you to file this as a bug report in bugzilla ? Refer to http:// > wiki.gnucash.org/wiki/Bugzilla on how to use our bug tracker. > > Sure. I'll get that in tonight. > ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Multiple currencies and business functions
Hi, just a minor addition. Am 06.11.2018 um 21:29 schrieb Christian Kluge: > Hi, > > Am 06.11.2018 um 18:22 schrieb Geert Janssens: >> Op dinsdag 6 november 2018 17:16:16 CET schreef Matthew Pounsett: >>> I have cases with both billable employee expenses (vouchers) and billable >>> purchases (vendor bills) which need to go on customer invoices. This is >>> fairly straight forward... the problem I'm having is how to deal with these >>> when the currency I'm entering the voucher or bill in is not the same as >>> the customer's invoice currency. >>> >>> To use a concrete example, say I've got a $100 employee expense in CAD that >>> gets marked as billable. If I have a client whose default currency is USD, >>> when the item is added it appears with the CAD value ($100) but is added up >>> in the total at the bottom as if it's USD. >>> >>> Is there a step I'm missing somewhere to get it to show up as a USD value >>> in the invoice? >> >> I believe you have just pushed the boundaries of what to do with invoices >> further than anyone ever could have imagined :) >> >> I don't think anyone so far ever considered the case of having billable >> expenses in a different currency from the invoice currency. And from what >> you >> tell I gather it's currently not supported. >> >> The currency logic is pretty simple: every amount you see in the invoice >> entries is assumed to be in the customer's default currency. They income >> account for each entry can be in a currency different from the invoice >> account. In that case a currency conversion will be applied when posting >> this >> amount to the income account. But as amounts for billable items come from >> the >> entries, they are assumed to be in the customer's currency. > > > That’s why my solution would be never to income and expense accounts in > foreign currencies, but only assets and liability accounts in addition > to the trading accounts. > >> >> This is a bug either way: or gnucash should prevent an entry from appearing >> as >> billable if it's original bill is not in the same currency as the invoice, >> or >> gnucash should support this and properly handle currency conversions. >> The first solution will be far more easy to implement than the second though. >> >> Can I ask you to file this as a bug report in bugzilla ? Refer to http:// >> wiki.gnucash.org/wiki/Bugzilla on how to use our bug tracker. > > > For the actual problem my solution would be as follows. > > Firstly I would grab the current conversion rate via Finance-Quote or > get it from somewhere else. > > That next thing would be to setup an temporary assset account in CAD so > that you can record your income later on. > > After this I would write the invoice and use the account previously set > up as the Income Account. > > Beware when writing the invoice you’d have to write the converted amount > in USD in the unit collumn. Luckily gnucash has rudimentary calculator > functions so that you can just write 100.00 press ÷ or × depending which > way the quote is given and paste the rate and you should get the > converted amount. u> > I would mention the CAD amount in the description and maybe also add the > conversion rate there or after the total invoice amount. > > Then go on and add your other billable lines. > > If you’re going to post the invoice, you’ll get asked for the conversion > rates. > > If everything plays out you should get the same amount in CAD, else just > change it, there sometimes are little rounding errors. > The other solution would be to cancel the posting and change the unit price. > The last operation would be to add a transaction from the temporary CAD > asset account to your normal USD income account. > ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Multiple currencies and business functions
Hi, Am 06.11.2018 um 18:22 schrieb Geert Janssens: > Op dinsdag 6 november 2018 17:16:16 CET schreef Matthew Pounsett: >> I have cases with both billable employee expenses (vouchers) and billable >> purchases (vendor bills) which need to go on customer invoices. This is >> fairly straight forward... the problem I'm having is how to deal with these >> when the currency I'm entering the voucher or bill in is not the same as >> the customer's invoice currency. >> >> To use a concrete example, say I've got a $100 employee expense in CAD that >> gets marked as billable. If I have a client whose default currency is USD, >> when the item is added it appears with the CAD value ($100) but is added up >> in the total at the bottom as if it's USD. >> >> Is there a step I'm missing somewhere to get it to show up as a USD value >> in the invoice? > > I believe you have just pushed the boundaries of what to do with invoices > further than anyone ever could have imagined :) > > I don't think anyone so far ever considered the case of having billable > expenses in a different currency from the invoice currency. And from what you > tell I gather it's currently not supported. > > The currency logic is pretty simple: every amount you see in the invoice > entries is assumed to be in the customer's default currency. They income > account for each entry can be in a currency different from the invoice > account. In that case a currency conversion will be applied when posting this > amount to the income account. But as amounts for billable items come from the > entries, they are assumed to be in the customer's currency. That’s why my solution would be never to income and expense accounts in foreign currencies, but only assets and liability accounts in addition to the trading accounts. > > This is a bug either way: or gnucash should prevent an entry from appearing > as > billable if it's original bill is not in the same currency as the invoice, or > gnucash should support this and properly handle currency conversions. > The first solution will be far more easy to implement than the second though. > > Can I ask you to file this as a bug report in bugzilla ? Refer to http:// > wiki.gnucash.org/wiki/Bugzilla on how to use our bug tracker. For the actual problem my solution would be as follows. Firstly I would grab the current conversion rate via Finance-Quote or get it from somewhere else. That next thing would be to setup an temporary assset account in CAD so that you can record your income later on. After this I would write the invoice and use the account previously set up as the Income Account. Beware when writing the invoice you’d have to write the converted amount in USD in the unit collumn. Luckily gnucash has rudimentary calculator functions so that you can just write 100.00 press ÷ or × depending which way the quote is given and paste the rate and you should get the converted amount. I would mention the CAD amount in the description and maybe also add the conversion rate there or after the total invoice amount. Then go on and add your other billable lines. If you’re going to post the invoice, you’ll get asked for the conversion rates. If everything plays out you should get the same amount in CAD, else just change it, there sometimes are little rounding errors. The last operation would be to add a transaction from the temporary CAD asset account to your normal USD income account. Kind regards Christian Kluge ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Multiple currencies and business functions
Op dinsdag 6 november 2018 17:16:16 CET schreef Matthew Pounsett: > I have cases with both billable employee expenses (vouchers) and billable > purchases (vendor bills) which need to go on customer invoices. This is > fairly straight forward... the problem I'm having is how to deal with these > when the currency I'm entering the voucher or bill in is not the same as > the customer's invoice currency. > > To use a concrete example, say I've got a $100 employee expense in CAD that > gets marked as billable. If I have a client whose default currency is USD, > when the item is added it appears with the CAD value ($100) but is added up > in the total at the bottom as if it's USD. > > Is there a step I'm missing somewhere to get it to show up as a USD value > in the invoice? I believe you have just pushed the boundaries of what to do with invoices further than anyone ever could have imagined :) I don't think anyone so far ever considered the case of having billable expenses in a different currency from the invoice currency. And from what you tell I gather it's currently not supported. The currency logic is pretty simple: every amount you see in the invoice entries is assumed to be in the customer's default currency. They income account for each entry can be in a currency different from the invoice account. In that case a currency conversion will be applied when posting this amount to the income account. But as amounts for billable items come from the entries, they are assumed to be in the customer's currency. This is a bug either way: or gnucash should prevent an entry from appearing as billable if it's original bill is not in the same currency as the invoice, or gnucash should support this and properly handle currency conversions. The first solution will be far more easy to implement than the second though. Can I ask you to file this as a bug report in bugzilla ? Refer to http:// wiki.gnucash.org/wiki/Bugzilla on how to use our bug tracker. Thanks, Geert ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
[GNC] Multiple currencies and business functions
I have cases with both billable employee expenses (vouchers) and billable purchases (vendor bills) which need to go on customer invoices. This is fairly straight forward... the problem I'm having is how to deal with these when the currency I'm entering the voucher or bill in is not the same as the customer's invoice currency. To use a concrete example, say I've got a $100 employee expense in CAD that gets marked as billable. If I have a client whose default currency is USD, when the item is added it appears with the CAD value ($100) but is added up in the total at the bottom as if it's USD. Is there a step I'm missing somewhere to get it to show up as a USD value in the invoice? ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
