What about OFX, will I be able to produce 3+ split transactions, including multi-currency ones, via OFX?
The problem I’m trying to solve is that I have NO accounting system in place, and I want to start being more organized.
I used to send bank statements, receipts, and manually written notes / lists to my accountant, but I cannot analyze my cashflow and, most importantly, calculate currency exchange gain and loss, both realized and unrealized.
I can download CSV only from a few financial institutions that I use. They all produce CSV files of no particular standard. So the approach here would be to program a script that produces some standard file.
Therefore my question consists of two parts:
What would be the format that is the simplest to learn and produce programmatically?
What would be the format that would allow me multi-currency 3+ split transactions?
Yes, thanks, familiarized myself with those already.
So, just to make sure, it will be possible to import multi-currency 3+split transactions from OFX and there are no known issues with it at the moment?
Disclosure: I’ve been trying Gnucash for a few days since that’s what I found first - it does have a sophisticated CSV import, but there are known bugs when it comes to importing multi-currency transactions from CSV. More to that, Gnucash cannot currently report unrealized currency exchange gain/loss for when my foreign currency comes as an income and not as a result of buying it / exchanging with my local currency.
Bank import will record movement of money between the specified bank account and a single Manager account as defined in each bank rule. A user can edit the transaction manually during import to do more elaborate allocation if required.
Gains and losses due to exchange rate variations are recorded by manually entering the exchange rate in settings.
Is it possible to import multicurrency transactions through QIF files?
I know they have no mention of currency. But what if I have two files - one generated from the US Bank statement, the second one from the AUD Bank statement. After importing both separately, is there a way for me to somehow “connect” the corresponding records from the two files, as well as assign the exchange rate explicitly?
You are missing an important point, @antonphp. An imported bank statement, by definition, involves only one currency, because the bank account is in only one currency. There is no such thing as a multi-currency bank transaction; there are only deposits and withdrawals in the currency of the bank account.
The same is true of manually entered receipts and payments. Each is in a specific currency according to the bank or cash account it is received in or paid from.
The postings to various accounts in the chart of accounts to which receipts, payments, deposits, or withdrawals are allocated may have designated equivalent amounts in other currencies, but the movements of money themselves can only be in a single currency.
I realize Checking_USD and Checking_AUD are two separate checking accounts, each using a particular currency.
What I’m trying to achieve is, after importing from 2 CSV files, for Manager to understand that both postings / legs / splits belong to the same transaction, i.e. the one named “Exchange” in my example above.
The problem is that these are not the same transaction. As @Patch wrote while I was composing this answer, what you describe is an inter account transfer in Manager. But inter account transfers are really just a shortcut method for entering simultaneous withdrawals and deposits in two separate cash or bank accounts without needing a clearing account. In other words, one transfer is two separate receipts or payments.
I see. So, if there is no association between the two legs of that transaction, it means I can separately import two separate statements one after another. Now, if there is no association between the “withdrawal” and “deposit” legs of the transaction, will Manager be able to:
display both within a single transaction in a journal
calculate realized P&L correctly (the features that, as it has been said, is coming)
Hey team, no updates to this process since us discussing it last time?
I’m still a freelance developer, still dealing with clients from all around the world, still experiencing all the same problems with currency conversion and P&L calculation, and still no tool exist to process it smoothly.
Have you looked? Inter account transfers allow you to specify both legs of the transfer in different currencies according to the denominations of the bank or cash accounts involved. But the program will not recognize withdrawals and deposits from different statement imports as being related. See the example below: