I am neither an accountant nor particularly expert at GnuCash, though I've used it for a dozen years or so. But if I understand what you are saying it sounds crazy to me.
I have several bank accounts in USD and several in MXN. I have one account in Gnucash for each bank account and the currency is set to whatever currency is appropriate. Transactions generally occur with both sides in the same currency. The only exceptions are when I transfer money from a bank account in USD to a bank account in MXN or visa versa. Then the two sides of the transactions are in different currencies and GnuCash asks me about the conversion rate. Or when I use an ATM in one country to withdraw cash from a bank in another country. This happens mostly when traveling. You certainly do not need to have multiple Gnucash accounts for a single bank account to deal with currency exchanges. Just set the Gnucash bank account to GBP and have expense accounts in the other currencies as needed. GnuCash will deal with transactions that involve two currencies. Will On Dec 22, 2022, at 09:56, Dr. David Kirkby <drkir...@kirkbymicrowave.co.uk> wrote: My Bank is a UK bank, but I sometimes buy things in $HKD, and fairly regularly receive payments in USD and EUR in addition to the obvious GBP. Should I set up accounts like this? (American's call them checking accounts, but we don't here). Assets: Current Assets: Bank Account (GBP) Assets: Current Assets: Bank Account (USD) Assets: Current Assets: Bank Account (EUR) Assets: Current Assets: Bank Account (HKD) It's the one bank account - I don't have different account numbers for different currencies, and can't hold balances in anything other than GBP. I initially assumed I needed 4 accounts for 4 currencies, but now I'm wondering if I can avoid that complexity, given I can only have a balance in GBP. Dave _______________________________________________ gnucash-user mailing list gnucash-user@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. _______________________________________________ gnucash-user mailing list gnucash-user@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.
