On Thu, Oct 1, 2020 at 10:49 PM Oon-Ee Ng <[email protected]> wrote:
> Hi all, > > I've got more than a decade of records in a single currency. I've just > started a bank account in a foreign country (with a different currency) for > investment purposes, so now I suddenly have to look at using more than one > commodity in a way I haven't before. > > First, let me summarise what I already know to save time:- > 1. Using @ (exchange rate) or @@ (exchange value) in my multi-currency > transaction > 2. Opening accounts with the 'right' currency is helpful but not required > 3. operating_currency should be used for your 'main' currencies, but can > be just kept to one currency if you prefer. Mostly for display (used by > fava) > > My questions:- > 1. Do I need to change account structure? Currently I have stuff like:- > Assets:Cash:MyName > Assets:Banking:BankName:AccountName > Income:InterestIncome > Income:Salary > > Is it better long term to have different account names for my other > currencies? So for example:- > Assets:Banking:CUR1:BankName:AccountName > Assets:Banking:CUR2:BankName:AccountName > Income:CUR1:InterestIncome > For the assets/liabilities accounts I use a two-letter country code instead of CURx in my account names. It's more relevant the country it's in IMO, not so much the currency, but the latter tends to follow the former. Or is it better (especially for income/expenses accounts) to just declare > them as multi-currency:- > 2020-10-02 open Income:InterestIncome CUR1,CUR2 > Up to you. I use a country code in my Income accounts (so the source country is clear when it's time to do taxes) but not for my expenses accounts. > > What's the pros/cons of the above? > Just organization niceness. > 2. How do I (or should I even) keep track of flunctuating exchange rates? > > My secondary (and tertiary, as my final aim is USD investments but I need > an intermediary currency due to how my local currency works) currency is > primarily for investment. My income for now is all in my primary currency, > but eventually there'll be dividend/capital gain (or loss, I'm not naive) > to be booked in the secondary and tertiary currencies. Is it easy to keep > track of nominal exchange rates in a way which makes sense for reporting > purposes, or is it better practice to only report an investment in the > currency it is denominated in? > It depends where and how you'll be paying taxes. Figure out how the taxes you'll have to file and to which countries, go through the calculation, that should tell you what rates you need to keep. I don't think there's a rule. 3. Does fava support hiding/displaying currencies at will? My wife also > uses our fava install and for day-to-day use the additional currency > columns would just be a bother especially on smaller smartphone screens. > > Thanks all! > > -- > You received this message because you are subscribed to the Google Groups > "Beancount" group. > To unsubscribe from this group and stop receiving emails from it, send an > email to [email protected]. > To view this discussion on the web visit > https://groups.google.com/d/msgid/beancount/CAGQ70etfnEo402epFYKUfM%3D8Y8_hjy0PDz_SLxdZfuQHQ_BQgA%40mail.gmail.com > <https://groups.google.com/d/msgid/beancount/CAGQ70etfnEo402epFYKUfM%3D8Y8_hjy0PDz_SLxdZfuQHQ_BQgA%40mail.gmail.com?utm_medium=email&utm_source=footer> > . > -- You received this message because you are subscribed to the Google Groups "Beancount" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To view this discussion on the web visit https://groups.google.com/d/msgid/beancount/CAK21%2BhN5KyByS2XBu%3D9hGSrGQ5LvOUEyv4zbkYxw2kmL0p8vhw%40mail.gmail.com.
