> On Aug 25, 2021, at 10:29 PM, Peter West <[email protected]> wrote:
>
> The recommended mode of dealing with crypto seems to be to record your crypto
> as a stock, and handle fluctuation in prices as you would for a stock. When
> you are investing crypto that makes sense. But what if you are using crypto
> for purchases? That is, if you are using cryptocurrency for the originally
> intended purpose?
>
> Any ideas on how to record this?
Aside from the way GnuCash presents assets in registers the only difference
between currencies and non-currency commodities is that you can't have Equity
or Payable/Receivable accounts denominated in non-currency commodities. We've
been told by a licensed accountant that one shouldn't have those accounts in
anything other than the book currency anyway.
So the answer is that that's how you account for transactions in all
currencies, crypto or national, other than the book currency: You price them
back to the book currency on the day of the transaction and record any
resulting trading gains or losses. Do it any other way and you'll make yourself
crazy trying to get your book to balance.
Regards,
John Ralls
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