Dear Gnucash community, Residing in Australia, I work with US customers and get paid in US dollars. I don't always convert money from USD to AUD, and if I do, it's usually an arbitrary amount on an arbitrary day.
Now, how do I setup my accounts in Gnucash, and what would be the corresponding income and exchange transactions, in order to be able to report report unrealized and realized currency exchange gains and losses? Here's how I have it now (simplified): Income US Client A Assets US Bank AU Bank Trading:Currency (automatic accounts) AUD USD When I got paid USD 1000, I recorded the first transfer: Income:US Client A => Assets:US Bank USD $1000 This was worth AUD $1500 at 1.5 AUD = 1 USD, but I keep USD Also, AUD $1500 is what I will have to report in my business activity statement for GST purposes. Then say in 1 month time I convert USD $100 to AUD $130 at 1.3 My understanding is this transaction should generate a realized loss of AUD$20 At the end of the day, in my report for the taxation office I need to put something like this: Income: AUD $1500 Expense: Deductible Realized currency exchange loss: AUD $20 Please advise. -- Thanks, Anton _______________________________________________ gnucash-user mailing list [email protected] To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
