multiple currencies

KamalKamal Member Posts: 2

Dear Wave Team,

First of all I would like to thank you for the all efforts you put together and created such a good accountant software.

I am looking for a solution to resolve my currency issue.
where I live we use two different currencies (USD and AFN) and I have few petty cash account for example: I have two Petty cash one for Office daily expanses which is AFN and the other one is USD when I transfer money from my AFN account to my USD account there should be an option for exchange rate, but there is no option and I don't know how wave calculate the exchange rate maybe it is based on the daily market rate... and there is also another option which when i get reports if my home currency is set for AFN then the USD amount which i have in my USD accounts which be converted to AFN with unknown rate. which make variation in my accounting please advice if there is a solution for companies who uses multiple currencies.

Thank you in advance,

Comments

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi @Kamal.

    Wave doesn't currently support managing accounts in multiple currencies, but we are working on a suite of features to better support businesses like yours which operate in more than one currency. There's currently limited multi-currency support (the ability to send out invoices and to log receipts in different currencies), but there is plenty more coming, notably the ability to log transactions in multiple currencies and see foreign currencies on reports.

    I can't give a timeline for the launch of those new features, but I can tell you that our engineers are hard at work.

    We use the mid-market exchange rates from xe.com for all of our calculations. If you need to find the rates we've used on a given day, you'll find them there.

  • alexKalexK Member Posts: 1

    We are facing the same issue with the Currency AED, especially as the USD and AED are "officially" fixed. We finally have losses / pay higher VAT as Wave exchange USD to AED with approx. 3,67 in average, all the local banks exchange to a fixed rate of 3,6494 when we transfer internally between USD and AED account. It is a pity... Wave is so flexible as you also allow to let the user change the currency when receiving a payment for an invoice but not when we issue the invoice.

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi @alexK. I do empathize with your frustration. We are working on better tools to accommodate businesses like yours.

    If you'd like to discuss this in more details, I would recommend reading this post, and starting a discussion of your own under the Wave Feature category.

    edited March 20, 2018
  • AzizaHAzizaH Member Posts: 1

    Hi Alexia,

    Thank you for your services.
    But as i see almost all your customers who use different currencies have problem with the exchange rate.
    The rate you use is a little bit different from the rate in our local market and this make changes to our balances.I really face problem when i want to give the report of my petty cash to my manager and this make me feel anxious.
    Why you do not have a feature that we can enter the exchange rate manually?
    I sent your support team an email about this along time ago,but maybe no thing is done about that.

    Best,

    Aziza

  • AlexiaAlexia Administrator Posts: 3,315 admin

    Hi, @AzizaH.

    We can never guarantee that a requested feature will be added to Wave. We do, however, always appreciate feedback and do forward it to our product team. If you want to learn more about how we choose what to build next for Wave, I recommend reading the discussion linked in my last reply here.

    We have been delivering new features related to multicurrency support regularly in the last few months, and there are more in the works, but adding the ability to manually override the exchange rate on given transactions is not currently on the roadmap.

    My recommendation would be to create adjustment transactions whenever you need to exchange currency. That way, you'll be able to make sure the balance of your bank accounts and your balance on Wave always match.

    edited April 30, 2018
  • GomikGomik Member Posts: 1

    Hi,
    I am considering switching from wave. The issue is that I have transactions in EUR, USD, CHF and HKD. When I import my transactions the system just assumes it's all HKD and I can't change it. Am I missing something or is wave just not equipped to deal with this at the moment?

  • CharlotteCharlotte Administrator Posts: 695 admin

    @Gomik In Wave, you can create accounts in any currency you choose. However, the system only allows for one currency per account. This means that Wave will not interpret multiple currencies in your transaction import to one account. Are you importing your transactions manually using a spreadsheet or automatically through a bank connection? In the case of the latter, you see a conversion.

    edited March 15, 2019
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