multi currency processing

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Posted by martin F on January 29, 2007 at 00:39:47:

I am based in Canada, but have US Dollar, Swiss Franc, Euro, Sterling and other investments in my account.

Firsly, I cant figure out what currency code you use for swiss franc. Can you please suggest something?

I'd like to suggest that you introduce the ISO codes - for example USD for US Dollars, CAD for Canadian, GBP for sterling, CHF for swiss francs etc..

Secondly, for Canadian tax purposes, everything needs to be expressed back into Canadian dollars at the exchange rate at the time of the transaction. So when I buy shares in sterling I need to record the GBP/CAD exchange rate (from Bank of Canada web site) on that day. When I sell the shares I again have to record the GBP/CAD ex.rate on the day I sell. Thus, even though I might make no profit or loss in sterling, if the GBP/CAD exchange rate has moved from purchase date to sale date, I would end up with either a profit or loss.

Can you explain to me how I might record these exchange rates?

Finally, how can I reflect multiple cash balances, all in different currencies, but in the one brokerage account?

Thanks in anticipation

Replies:

• Re: multi currency processing Mark 16:12:29 01/29/07 (2)
  • Re: multi currency processing martin F 01:50:10 01/30/07 (1)
    • Re: multi currency processing Mark 10:54:52 01/30/07 (0)