I have been struggling with this for three years and have managed to make one transaction/transfer form a USD account to the default currency. I am a publisher in Canada, so my default currency has to be CAD for income tax etc. and I sell books via a Print-on-Demand wholesale distributor in the US, IngramSpark [IS] which distributes my books to a multitude of retailers worldwide, [IS] , which reports sales in multiple currencies, primarily USD and because I receive the payment directly to my PayPal account in USD 3 months after the date of the sale, which is how long the retail customer has to return books. Print books are printed and shipped by LightningSource [LS] which has printing facilities in various locations around the globe.
So the sales path is: 1. Retailers order Print books from [IS] or sell an ebook. If they sell an ebook they at some point report the sale to [IS] who then report the sale to me. If a print book is ordered by a retailer then [IS] has the book(s) printed and shipped from the nearest location. At the end of each month I get a monthly sales report which tells me how many books were sold and how much money they owe me after the wholesale discount, printing and shipping costs have been deducted from the retail price which can vary depending on the retailer and the country a book is printed in. 2. Ninety days after the end of the month the sale was made, either [IS] or [LS] direct deposits my proceeds in my PayPal (USD) account. 3. Upon receiving payment I owe the author their percentage AKA royalty of the profit. So when I get paid $10 (USD)for Book Title1 then I owe the Author $5 (USD) as per contract. So when I receive a monthly sales report I enter the amount of the sales (for each author/book title) under: Revenue (CAD) ^Book Sales ^:Authors ^Author 1: ^Book title 1 (USD) Debit entry Credit entry Accounts Receivable (CAD) ^[IS] USD Credit entry When I receive the payment for a sale Eg. $10 USD it is paid to my PayPal in USD, then I need to enter a split transaction: - Assets>Paypal (CAD)>Paypal (USD) -Credit entry $10 (USD) - AccountReceivable (Cad)> [IS] (USD) -Debit Entry $10 (USD) - Expenses (CAD)> Cost of books sold (CAD)> Author 1 royalty- Debit $5 (USD) - Accounts Payable (CAD)> Author1 total royalty (CAD) >Book Title 1 (USD) Credit $5 (USD) The trouble I am having is When I try to set up the exchange rates, and the account types, it isn't working. When I enter an amount in a USD child account it automatically enters the same amount in the parent (CAD) account. Now that I have installed Strawberry Perl and GnuCash 4.9 things should be a lot easier but I am confused about - setting up the Tools Menu>Pricing. - Trading Currency exchange - Or whatever I need to do to get this to work so that I can generate reports in CAD for income tax filing - How can I generate reports for my authors in their country's currency. Note that Author 1 is in England (GBP) - How can I do this so that when I enter a (USD) amount in a child account and have it automatically reflect the correct amount in CAD in the parent account, without making a multitude of entries for each transaction by Manually entering the exchange rate in pricing. - So far the Help>About still shows Finance::Quote- even after running the Start menu>Gnucash>Install Online Price Retrieval. Dealing with multiple authors who each might have multiple titles published is turning out to be awfully complicated. _______________________________________________ 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.
