How can I not exchange foreign currency?

travelguytravelguy Member Posts: 1

Our company has two main currency accounts CAD and USD. The challenge is that we don't want to calculate the exchange on the day a purchase or payment is made. The reason is that we collect and pay for services in USD as well. If I convert money when I receive it and pay the same amount to a supplier a few days later, the amounts are off. We don't want to report any gain or loss on foreign currency exchange until we actually convert our USD revenues to CAD. Wave always converts amounts to our main profile currency when looking at reports such as income statements and profit loss statements. It drives my accountant nuts.
We import all transactions from our bank accounts so a few months ago I tried to set up our USD titled account as a CAD account in the settings but Wave was too smart and still imported amounts as USD and on reports showed the CAD equivalent. Currently I have to go through every imported line item for our USD account and USD credit card expenses and change them to show as a CAD currency amount otherwise my reports are completely off. Any other suggestions on how to resolve this problem without having to edit things.

Comments

  • ErikErik Administrator Posts: 193 admin

    Hi @travelguy, thanks for the input and explanation! At this time, customization for how Wave handles foreign currency transactions is limited and you are not able to achieve what you are looking for. However, I see that this is an issue for you and your business so I will definitely raise this issue to our Product Team, who can look into possibly implementing this in a future update to Wave.

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