Foreign Currency Accounts Summation Problem

Brice_HBrice_H Member Posts: 6

As seen above, the account balances for foreign currencies in the transactions page does not sum correctly for the selected account. The actual transactions in this account currently sum to 0CNY which is correct in the dropdown but incorrectly shows as 18.61USD. In reports, the conversion is correct for each line item, however the summations are incorrect between the ending balance and the total account change:

Additionally, wave just doesn't handle currency conversions well throughout the entire app. Every time I move money between accounts, like drawing cash out of an ATM, the conversions are never correct and I have to manually adjust the entries. If you ever have to add a past transaction where the exchange rate might have been different that day, Wave seems to use the current exchange rate. You then have to add a journal transaction to account for Unrealized loss to balance everything. Essentially, there is no good way for handling foreign currency moving between accounts as Wave is not accurate enough.


  • JamieDJamieD Administrator Posts: 1,117 admin

    @Brice_H To me, it sounds like we might need to do a bit of further investigating in terms of finding out what exactly is happening with the balance being off. As for the currency conversion rate -- we pull all of our data from to be as accurate as we possibly can when factoring in these amounts (sometimes, yes, they will need to be adjusted so they match up with what the current rate is and you will need to categorize specific transactions as unrealized gains/loss on foreign exchange). I'm going to send you a support ticket email with more detail on the initial issue you were running into so I can further assist here.

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