The problem is this: My accounts (expenses etc) are mostly in Indian Rupees.
I invoice the client in GBP. The money comes into the bank in India and get
converted to the Indian Rupee at a conversion rate of the day it arrives in.
How do I account for this in the journal? I would appreciate a short example
transaction.
Although Ledger has several features to deal with multiple currencies,
I find the currency trading account method extremely appealing and clean,
because it does not require any special syntax (search the web for the
tutorial on multiple currency accounting by Peter Selinger - which has been
discussed in this list a few times in the past). It may or may not work for
you, depending on your requirements.
John's example would be rewritten as follows:
2009/06/03 Exchange cash
Assets:Cash £41.71
Assets:Cash $-75.00
Income:Currency
2009/06/03 Exchange cash
Assets:Cash £564.91
Assets:Cash XCD -2,730.00
Income:Currency
Then, `ledger bal assets` and `ledger reg cash` would produce equivalent
reports for both examples. One advantage (IMHO) of this method is that
reports balance to zero more often (try `ledger reg`, for example).
Note that you only need one trading account (Income:Currency) for all your
currency exchanges, although you are free to use more if you want.
Enjoy,
Life
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