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;doc: valuation: clarify that -V requires P directives (#1239, #1253)

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Simon Michael 2020-06-14 10:37:45 -07:00
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hledger/hledger.m4.md
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@ -1146,8 +1146,8 @@ if they have a [transaction price](journal.html#transaction-prices) specified.
The `-V/--market` flag converts amounts to market value in their The `-V/--market` flag converts amounts to market value in their
default *valuation commodity*, using the default *valuation commodity*, using the
[market prices](#market-prices) in effect on the *valuation date(s)*, [market prices](#market-prices) in effect on the *valuation date(s)*, if any.
if any. More on those in a minute. More on these in a minute.
### -X: Value in specified commodity ### -X: Value in specified commodity
@ -1163,21 +1163,6 @@ used as the valuation date; otherwise the valuation date is "today".
For [multiperiod reports](#report-intervals), each column is valued on For [multiperiod reports](#report-intervals), each column is valued on
the last day of its period (displayed in the column heading). the last day of its period (displayed in the column heading).
### Valuation commodity
With `-X COMM`, the valuation commodity is COMM, and hledger tries to
convert all amounts to COMM.
With `-V` (and `--value` with COMM unspecified), hledger picks a
valuation commodity automatically. Typically your P directives
give prices in a single base currency, and -V will use that.
More precisely: for each source commodity A, it chooses a valuation
commodity B based on, in this order of preference:
1. the latest P directive (on any date) declaring a price for A.
Amounts for which no valuation commodity can be identified are not converted.
### Market prices ### Market prices
To convert a commodity A to its market value in commodity B, hledger To convert a commodity A to its market value in commodity B, hledger
@ -1208,6 +1193,27 @@ in this order of preference:
Amounts for which no suitable market price is found are not converted. Amounts for which no suitable market price is found are not converted.
### Valuation commodity
With `-X COMM`, the valuation commodity is COMM, and hledger tries to
convert all amounts to COMM.
With `-V` (or `--value` with COMM unspecified), hledger tries to pick
a valuation commodity - or possibly more than one - automatically.
Currently, for each source commodity A, it chooses the commodity of
the latest-dated declared market price (P directive) for A.
(*hledger 1.18; previously, it was the latest-dated on or before valuation date. experimental*)
If hledger can't identify a valuation commodity for an amount, it will not be converted.
How does this work in practice ? Typically you will have P directives,
all declaring prices in a single base currency, and -V will convert to
that currency. This makes it slightly more convenient than -X. But if
you don't have any P directives, you will need to use -X instead, for now.
(Choosing valuation commodity based on transaction-implied market
prices can be confusing, so currently
[we don't do it](https://github.com/simonmichael/hledger/issues/1239).)
### Simple valuation examples ### Simple valuation examples
Here are some quick examples of `-V`: Here are some quick examples of `-V`: