I'm in desperate need of help setting up books for internet sales with special attention to multiple currencies. What is the simplest way to go about keeping tax compliant records without specialized software? Looking for a super KISS solution.
I’m currently using excel to track and balance accounts with a workbook ledger for each account & expense using a double-entry type system. Each workbook ledger links to a primary chart of accounts that auto-calculates the balance.
My Countries primary currency is CAD and I sell online in USD using a USD primary PayPal account. Items are purchased in CAD and sold in USD. Online expenses are paid in USD directly from unconverted USD funds received from sales. Any monies left over are transferred to a CAD bank account approximately once a week. CAD expenses are paid in CAD.
Multiple currencies aren’t balancing in my ledger. And there is an excessive amount of back and forth between workbooks (too much room for hair loss) and I’m wondering if there is a simpler way.
So far GNUCash has been the best automated solution but it’s stifling. Ideally I’d like to be old school about this and NOT use accounting software.
Any suggestions?
I’m currently using excel to track and balance accounts with a workbook ledger for each account & expense using a double-entry type system. Each workbook ledger links to a primary chart of accounts that auto-calculates the balance.
My Countries primary currency is CAD and I sell online in USD using a USD primary PayPal account. Items are purchased in CAD and sold in USD. Online expenses are paid in USD directly from unconverted USD funds received from sales. Any monies left over are transferred to a CAD bank account approximately once a week. CAD expenses are paid in CAD.
Multiple currencies aren’t balancing in my ledger. And there is an excessive amount of back and forth between workbooks (too much room for hair loss) and I’m wondering if there is a simpler way.
So far GNUCash has been the best automated solution but it’s stifling. Ideally I’d like to be old school about this and NOT use accounting software.
Any suggestions?
