oh, I'm sorry but what the "tax man" has to do here? I've poorly explained, but my point is not to hide something. In the country I live, I'm not supposed to provide a book of records to the "tax man", it is not mandatory for personal finance.
I probably do not understand your answer. I just want to use Ledger mainly because I suppose it can help me see clearly what my money does, and answer very precisely what are my loss/gains, expenses/incomes... Buying some BTC with USDT is not a strange operation nowadays, after 2 or 3 trades of this kind, getting loss or gains is not so trivial, I hoped that Ledger could help me on that. Even if that kind of transaction does not involve or is linked to my own home currencies. We can probably think of that as a trade made directly between apples and oranges, does it change something if we call them cryptocurrencies? As I understand the -X operator for ledger, will give me a full report in the home currency if I want it. On Wednesday, December 29, 2021 at 10:47:30 PM UTC+1 Ajoeibin wrote: > On Wed, Dec 29, 2021 at 11:51 AM Pierre Bastoul <[email protected]> wrote: > > > > Hello, > > > > I'm working on tracking my cryptocurrencies trades with ledger-cli as > described in the "Multiple currencies with currency trading accounts" wiki > page. > > > > My first idea is not to have a default Fiat, I prefer not having a local > currency point of view. I want to be able to track trades for all pairs > like BTC to USDT, then BTC to ETH, the ETH to USD, and be able to do > "swaps" in all available possible combinations. > > > > So I started with only one trading account, expressed in many currencies: > > Equity:Trading:USD > > Equity:Trading:ETH > > Equity:Trading:BTC > > Equity:Trading:JPY > > .... > > > > Greetings > > Hmmmmmm - - - well - - - most of us keep our records (record keeping - > - - -most > commonly called accounting) as much for the tax man (the man) as we do > to manage > our businesses or our finances. > > The requirement for 'books' for the taxman is that 'everything' is in > ONE currency. > If other currencies are used everything is linked back to that 'home' > currency. > > The tax man really doesn't care about your costs or what you're spending > money > on or most of any other details. They're looking to see that your income is > reported accurately and that you're not trying to 'fiddle the books' by > either > misreporting income or expenses. > So if you're insisting that any currency goes - - - - well - - - I hope you > really never get audited. My guess is that that process would be very > very painful. > > Haven't had the joy myself but I've heard that they use a fine toothed > comb to make sure that not one hair is out of place on your hemorrhoids. > > I'm trying to come up with a way to use ledger for invoicing which > would be hugely useful for business purposes. I would suggest that > what you're looking for would be fine if you do it for just you but I > wouldn't suggest that a any currency goes in a general ledger be > a normal thing. (And yes, right now I'm usually only using 3 currencies > so I'm not just using a 'home' currency.) Just because one can > do something doesn't mean that you 'should' do it. > > Regards > -- --- You received this message because you are subscribed to the Google Groups "Ledger" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To view this discussion on the web visit https://groups.google.com/d/msgid/ledger-cli/96da0384-f186-4a37-b60a-81b8da5094bfn%40googlegroups.com.
