Re: [GNC] Do I need to set up multiple bank accounts for different currencies?
Am 22.12.22 um 22:38 schrieb Dr. David Kirkby: https://wiki.gnucash.org/wiki/Trading_Accounts has a link to a tutorial, but the link is broken. Thanks to Peters prompt answer https://lists.gnucash.org/pipermail/gnucash-devel/2022-December/046472.html the links are fixed now. Regards Frank ___ 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.
Re: [GNC] Do I need to set up multiple bank accounts for different currencies?
On Thu, 22 Dec 2022 at 18:43, Adrien Monteleone < adrien.montele...@lusfiber.net> wrote: > I don't think you'd have separate accounts. But you might want to turn > on the Trading Accounts feature that can handle adjusting splits for > multi-currency transactions. (such as getting paid in USD, but the bank > shows receipt in GBP) > > I dare hazard a guess that if your account is denominated in GBP, that's > all it should be. How the bank handles receipt of other currencies and > conversions will be a separate exercise for you to have fun with. (where > turning on Trading Accounts might be helpful) > > Regards, > Adrien > I looked at the trading accounts, but was a bit put off. When I googled the term, there seemed to be quite different interpretations, and all confused me. I felt I was going out of my comfort zone. https://wiki.gnucash.org/wiki/Trading_Accounts has a link to a tutorial, but the link is broken. Then I see this comment https://www.reddit.com/r/GnuCash/comments/mf2vdt/trading_accounts_functionality/ about enabling trading accounts in GnuCash added splits to already reconciled transactions. 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.
Re: [GNC] Do I need to set up multiple bank accounts for different currencies?
Dave This is the crucial step >"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." In this case there generally is no need to have an account in another currency. If you can record all you need by adding a note that the orignal deposit/withdrawal was so much of another currency at the exchange rate valid at the time. When I was last travelling on holidays I had a debit card whose balance was recorded in another currency (SGD) and transactions recorded with it were made in that currency so it made sense to set up accounts in that currency and record the transfers from my bank account to itand back when I returned. When I was working my business credit card was in AUD but I could use it in most countries around the world and did. The bank did the conversions, added fees etc so I had no need to maintain accounts for transactions in other currencies I just recorded my expenses in AUD, usually with a note about the cost in the original currency (mainly because some were refundable by my employer and I had to provide receipts and match them to the AUD amounts i was claiming). When setting up an account structure, I always ask myself what information is it recording and for what purpose and in what form do I need that information. That usually sorts out whether I need a specific account or not. David Cousens On Thu, 2022-12-22 at 15:56 +, Dr. David Kirkby 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.
Re: [GNC] Do I need to set up multiple bank accounts for different currencies?
I don't think you'd have separate accounts. But you might want to turn on the Trading Accounts feature that can handle adjusting splits for multi-currency transactions. (such as getting paid in USD, but the bank shows receipt in GBP) I dare hazard a guess that if your account is denominated in GBP, that's all it should be. How the bank handles receipt of other currencies and conversions will be a separate exercise for you to have fun with. (where turning on Trading Accounts might be helpful) Regards, Adrien On 12/22/22 9:56 AM, Dr. David Kirkby 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. ___ 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.
Re: [GNC] Do I need to set up multiple bank accounts for different currencies?
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 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.
Re: [GNC] Do I need to set up multiple bank accounts for different currencies?
The Tutorial and Concepts Guide has a longish chapter on multiple currencies. Was that not of help to you? Stan Brown Tehachapi, CA, USA https://BrownMath.com On 2022-12-22 07:56, Dr. David Kirkby 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. ___ 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.
