I have expense accounts in several currencies, for example:
Expenses:Food:USD
Expenses:Food:ILS
I run the income statement report for 2013 for example, select only
Expenses:Food account (and its sub accounts) and select ILS as the currency
report.
The Price source chosen is Nearest in time.
While
The only report with ability to exchange currency amounts using price on
posting date is the Transaction Report.
On Thu, 15 Oct 2020, 5:40 pm Gal Bar Mashiah, wrote:
> I have expense accounts in several currencies, for example:
> Expenses:Food:USD
> Expenses:Food:ILS
>
> I run the income stateme
On 10/15/2020 5:37 AM, Gal Bar Mashiah wrote:
I have expense accounts in several currencies, for example:
Expenses:Food:USD
Expenses:Food:ILS
I run the income statement report for 2013 for example, select only
Expenses:Food account (and its sub accounts) and select ILS as the currency
report.
Th
Michael or Penny Novack wrote
> Meanwhile, Gal, please explain something to me. If you wanted dollar
> amounts converted to shekels as of the date of the initial transaction
> (frozen as of that date) why entered in dollars rather than shekels?
Actually, I'm in the middle of my evaluation of wh
On 10/15/2020 7:23 AM, Gal wrote:
Michael or Penny Novack wrote
Meanwhile, Gal, please explain something to me. If you wanted dollar
amounts converted to shekels as of the date of the initial transaction
(frozen as of that date) why entered in dollars rather than shekels?
Actually, I'm in the
Michael or Penny Novack wrote
> Well, this was the P&L report, one of the uses being when filing out tax
> forms (this is a case where the name usually used for the report depends
> on the form of the entity for which the books being kept)
>
> So what do the tax codes of the US and Isra
As I understand, for personal tax most would offer the original currency
income statements to the accountant; the latter would convert to local
currency using an exchange rate from legislated sources.
To achieve this using the formal reports you'd ensure there is price data
USD/ILS on the report d
Found it. Both methods are acceptable:
1) reach foreign currency converted to local according to Forex on date.
Transaction report will do this.
2) average rate is allowed under GAAP. Not doable easily unless price data
is carefully scrutinised.
https://www.accaglobal.com/us/en/technical-activitie
Assume a user doesn't file any tax report, and is only interested in accurate
expense and income reports for personal tracking.
Moreover, accurate, means that when a transaction is translated to a
different currency, it is always done so at the exchange rate of the
transaction date.
Under these re
On 10/16/2020 7:49 AM, Gal wrote:
Assume a user doesn't file any tax report, and is only interested in accurate
expense and income reports for personal tracking.
Moreover, accurate, means that when a transaction is translated to a
different currency, it is always done so at the exchange rate of t
I am not sure this is responsive to the original question.
I keep records for two different currencies in Gnucash. Every account is set to
one or the other of them. And every transaction is entered in the currency of
the account. The only time there is ever an issue of converting between
curren
Michael or Penny Novack wrote
> Accounting is all about information. Maybe if you explained what
> information was being kept for it would make more sense retaining both
> in one set of books. Note that if there were some restrictions on
> conversion, accounts in separate countries subject to su
Gal,
Have you investigated using the Trading Accounts feature?
While I do have some multi-currency transactions in my book, I rarely
need to do so, but turning on Trading Accounts helped me make sense of them.
A caveat, as I believe Will noted: I enter exact amounts for each
currency because
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