How do I enter a journal entry in foreign currency now?

ChilaChila Member Posts: 1

With the new interface, I cannot find how to set the currency type when I enter a journal entry. How to do this?

Comments

  • CharlotteCharlotte Member Posts: 695 admin

    Hi Chila! Based on what you've said, it sounds like you are using our upgraded Accounting platform - something that is gradually being rolled out to all of our users.

    The new experience has several benefits, like improved speed and performance, better reporting insights, and you would be first in line to get new features that are being built specifically for the new version of Accounting by Wave.

    We are still working to make this experience the best that it can be. Multicurrency support for journal entries is not yet available. If you'd like to learn more about the new features you can expect, why we made these changes, and when you can expect updates, you can read more here.

  • waveuser168waveuser168 Member Posts: 2

    Your migration adjusting entries adjusted my bank account in foreign currencies. Now it cannot be reconciled without the capability of booking a journal entry in foreign currency. You screwed up!

  • BarsinBarsin Administrator Posts: 1,910 admin

    Hey there @waveuser168

    I apologize if our upgraded platform is has create some issues with your accounting. You should be able to reverse this adjustment entry by creating a new one and simply reversing the debits and credits.

    Just curious what your native currency in Wave originally was, and what is the currency of the adjustment entry we have created? You can see your currency under Settings > Dates and currency. Typically we should only have created a transaction in the currency that your account was/is in. Please let us know, and if you could provide screenshots of the currency discrepancy that would help greatly.

  • PaulHPaulH Member Posts: 3

    Now that I have finally determined to make sense of my migrated data, I see that I have the same problem. My previously (manually) reconciled account balances have been thrown off by Migration Adjustment Entries in my USD account (my main currency is CAD).

    For example, there's a Sept 30, 2017 journal entry in my US Account's transaction list with a USD value of 1291.27. If I open up the entry, the values are all in CAD, for a total of 2411.44 CAD. I can't see how 2411 CAD becomes 1291 USD (that's a rate of 1.87!).

    I tried to create an offsetting journal entry, but the form doesn't let me specify USD, and when I tried CAD 2411.44, it gets converted to USD 1934, so that didn't help with offsetting.

    I ended up using some math to arrive at CAD 1609.82, which converted to the right USD number, but there has to be a better way.

  • AccountsProAccountsPro Member Posts: 104 ✭✭

    Yes, I agree with @PaulH - this feature is needed - not sure why it was removed, but I am sure your programmers can figure out how to include it again?

  • MarkTTMarkTT Member Posts: 1

    I'm in the same boat - primary currency is CAD but I receive USD income and have USD investments and therefore need to make USD JE. Any update on when/if this will become available?

  • JulianPJulianP Administrator Posts: 115 admin

    Hello everyone! Since accounts are based in a specific currency, you'll need to create a new account with your desired currency. To do this, head over to Accounting > Chart of Accounts > Add a New Account. Once the new account(s) are created with the correct currency, you can select them on the journal transaction.

    edited October 2, 2020
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