Dear community, please help me understand if Beancount is able to help me
solve the following problem.
I live in Australia and therefore report to Australian Taxation Office in
AUD.
I earn in USD, however, so I experience FX gains and losses, and I can
deduct losses in my tax return.
Here is a simple example:
option "operating_currency" "AUD"
2019-07-01 open Assets:Transferwise:USD USD "FIFO"
2019-07-01 open Assets:Transferwise:AUD AUD "FIFO"
2019-07-01 open Income:Upwork USD
2019-07-01 price USD 1.50 AUD
2019-07-02 price USD 1.60 AUD
2019-07-03 price USD 1.70 AUD
2019-07-04 price USD 1.80 AUD
2019-07-01 * "Earnings at Upwork"
Assets:Transferwise:USD 10.00 USD
Income:Upwork
2019-07-02 * "Earnings at Upwork"
Assets:Transferwise:USD 10.00 USD
Income:Upwork
2019-07-03 * "Converted 10 USD to 15 AUD at 1.7"
Assets:Transferwise:AUD 17.00 AUD
Assets:Transferwise:USD -10.00 USD @ 1.7 AUD
>From here, I need a report for the Taxation Office, where it will say:
- how much I earned in AUD; each income should be converted to AUD for
reporting purposes with using the exchange rate of the transaction date
- what is my foreign currency exchange gains / losses
The government designates to use FIFO for fx gains/losses calculation.
<https://www.ato.gov.au/Business/foreign-exchange-gains-and-losses/In-detail/use-of-first-in-first-out-method-for-fungible-assets,-rights-and-obligations/>
You advice is very appreciated.
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