#GNUCASH ACCOUNT CODE ISO#

Its a typical monopoly situation in which it is possible that money owners realize a net income beyond the wear-out (zero in the case of money), the risk surcharge and the transaction costs when lending it out. Currencies that are designed with such extra superiority to all known goods besides their convertibility do imply ever positive income for money ownership, or otherwise the money withdraws from the market. The significant difference, which sets them apart from all other things in the world, is that they are guaranteed to be medium of exchange and value safe-keeping at the same time. In gnucash, same as in other accounting systems, monetary differences are represented correctly just by entering adequate transactions.

The difference between most of the national currencies in use today and commodities in general lies in their designs.Yet the difference has no implication on the way transactions need to be accounted for and handled in gnucash or elsewhere. However on the underlying transaction level the proper accounting method is the same. This ties in with the proposed support for 'lots' in accounts and more complex transaction reports. The reporting needs are on a level finer than just account-balances though, they're based on individual transactions (buy/sell) and time. It may be higher for stocks than for other commodities or vice versa. The difference between stocks and other types of commodities, or between commodities in general, lies in the reporting needs. The transaction accounting method should not imply anything about different properties or valuation and be the same for all. It's only that currently the method is only applied to transactions with foreign currencies. The method for transactions between accounts with different denominations has already been successfully implemented. (Stocks are just another subset of of commodities.)Īll the necessary accounting is done by recording transactions properly (in the future optionally 'lot-ed' in some accounts). Those things have been solved in the course for multi currency handling and the solution seems applicable for other commodity types too. Same as the old gnucash currency handling did not support to earn other currencies than your current (and assumed to be static) home currency.

#GNUCASH ACCOUNT CODE ISO#

Stock option plans (Or anything else where income/expense is not denominated in ISO currencies) can't be accounted for at the moment.(Just like it had to be done with currencies before.)

read broker, location or storage place) to another without ' virtually selling' them in gnucash.

With the stock/mutual accounts it is not possible to transfer stocks from one gnucash account (i.e.Such special stock/mutual account types are similar to the old currency account type that is now deprecated: The very good job gnucash does with the currency subset of commodities may not need to be limited to currencies only.Īt the moment if one wants to account for stocks, or as a workaround for another type of commodity, one uses a special stock/mutual account and defines the denomination (stock name, code, etc.) for it.

Those things that are now well handled with accounts denominated in currencies are the same things that can also happen with other commodities like stocks for example. and be subjected to price/exchange rate changes. Relative to that, other currencies can come in, traded, lost etc. Most users have a preferred currency they use as their point of view (report currency). Accounting for other commodities like inventory is officially not supported yet. With the new multi currency handling gnucash can handle foreign currencies great now.

Gnucash account code