Since everything in FN is recorded in US dollars, set up the foreign currencies as investment accounts. You buy and sell the foreign currency just like a stock, using the current exchange rate as the market price. To pay a bill in Pounds, all you may have is the number of Pounds. You may need to look up the exchange rate for that day, if the broker does not provide it. In FN, sell the Pounds and record the expense in US $.
Create account for Euros in Marketable Investments Group:
Account: Euros/Goldman Sachs
Price per Share: exchange rate
Cost Basis: average cost calculated by FN or from broker statement
Number of Shares: number of Euros held
Pay bill in Euros (enter transactions in broker cash account)
Manually convert amount in Euros to US dollars.
Dr 1/1/06 Pay in Euros Euros/Goldman Sachs 121.00 Dr (US Dollars)
Sold investment = yes
Multiple Distribution screen:
Quantity sold 100 (Euros)
Euros/Goldman Sachs 121 Cr
Vacation Home Expenses 121.00 Dr
Partial sale = yes
Bal Net
- David
FNI Support
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posted 01-06-2006 09:53 AM
