Does Wave support multi currency reporting?

awijonoawijono Member Posts: 1

What if my business deals with 2 different currencies and I'd like to have both currencies in my reports instead of having the secondary currency converted into the base currency.

edited August 30, 2018 in Wave Features

Comments

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi, @awijono.

    You can set payment accounts to operate in a currency different than your business' default currency. You account transactions report for that account will be in the foreign currency you chose. The amounts in other reports will be automatically converted to your default currency, however, following the mid-market exchange rates from xe.com.

    I also have seen business owners use a secondary business to handle transactions in their second currency so that they can get reports from each side.

    Can you tell me a bit more about how your business works in terms of using multiple currencies? What kind of insights are you hoping to get from separating your transactions by currency in this way?

  • Lemon_1Lemon_1 Member Posts: 4

    @Alexia said:
    Hi, @awijono.

    You can set payment accounts to operate in a currency different than your business' default currency. You account transactions report for that account will be in the foreign currency you chose. The amounts in other reports will be automatically converted to your default currency, however, following the mid-market exchange rates from xe.com.

    I also have seen business owners use a secondary business to handle transactions in their second currency so that they can get reports from each side.

    Can you tell me a bit more about how your business works in terms of using multiple currencies? What kind of insights are you hoping to get from separating your transactions by currency in this way?

    Double currency would make my life easier as well. We have clients in different parts of the world that require the estimates and invoices to be in their own currency. Having a secondary business needs extra steps to reconcile original invoice, FOREX rate and bank credit. Not to mention all the extra fees involved

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi, @Lemon_1.

    We do allow for businesses to use payment accounts in multiple currencies, but reports, with some exceptions, will only the amounts of transactions in your business' default currency. You can also invoice in any currency you want. Wave will convert foreign currency put into accounts in your default currency automatically following the mid-market exchange rate from xe.com, so you might have to add adjustments for exchange fees or differences between the exchange rate you use and the one used by xe.com.

  • TamerTamer Member Posts: 1

    Hod do I input the multiple currencies.

    I deal with USD, EGP, GBP, EGP, Swiss Franks? If i put the sign for any of them into the box when I press save it reads 0.00

    Please help me.

  • CalliePCallieP Member Posts: 439 admin

    Hi @Tamer , welcome to the Community! In Wave, foreign currency transactions are reported in the business 'home' currency. Transactions can only be seen as foreign currency in Wave if the account the transaction occurs in is foreign currency. This Help Centre article explains this all in detail, with examples, much more clearly than I can in this comment section. If you have lingering questions after reading that through, please don't hesitate to reach out!

  • WaveWaveWaveWaveWaveWave Member Posts: 8

    This is the advantage:

    As you can see my account shows NEGATIVE altough I have USD dollars on account. That's because you are converting to the CAD at the date of transaction and then you just minus plus and thats it. That's not how it goes. When we pull balance you need to convert the USD to CAD at the date of report.

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