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
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