Foreign Currency Invoices and Bills

SystemSystem Posts: 270 admin

imageForeign Currency Invoices and Bills

If your business issues invoices or makes purchases in a foreign currency, Wave will automatically keep track of how these values convert to your business currency to keep your bookkeeping accurate...

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edited November 8, 2019 in Help Center Discussion

Comments

  • VikTH0RVikTH0R Member Posts: 9

    After upgrade I cannot choose INVOICE payment for USD account transaction. My main currency is CAD.
    My invoice is in USD.
    I received payment to USD account.
    I need Categorise this transaction with Invoice. But isn't apeer. I ask live chat support they didn't help. I show them transaction (US invoice/US account) from last month and it was surprise them.
    I find workaround to apply this Invoice payment in Invoice menu, but still don't get it why.
    I have main Transaction table with synchronise to Bank. After workaround to avoid duplicate I have to delete Bank Transaction, but it isn't logical to me. Because Banking Transaction has priority. If I have all invoices paid via invoices menu I actually no need link my bank.

    But CANADIAN invoices I can apply payment via Transaction Table.
    I completely lost with new logic.

    Please advise.

    edited November 8, 2019
  • EmmaPEmmaP Administrator Posts: 270 admin

    Hey @VikTH0R1! Sorry to hear about the the issues you are having. As you have already been in touch with our Support team, we have continued the communication through there. Keep an eye out for a message from us! We need a bit more information from your account to see what next steps are best to take.

    edited November 12, 2019
  • VikTH0RVikTH0R Member Posts: 9

    @EmmaP said:
    Hey @VikTH0R1! Sorry to hear about the the issues you are having. As you have already been in touch with our Support team, we have continued the communication through there. Keep an eye out for a message from us! We need a bit more information from your account to see what next steps are best to take.

    Please connect to My account and see second USD Invoice payment and transfer to account. amount is 2500 USD but situation is same. Workaround is apply payment via invoice and Delete Banking Transaction.

  • EmmaPEmmaP Administrator Posts: 270 admin

    Hey @VikTH0R! The workflow you are following is correct. Because Wave has not been set up to handle multi-currency transactions this is the best method!

  • MartaPMartaP Member Posts: 5

    Dear Wave Team! I would like to refer to the above quote: “You'll always need to record foreign currency payments directly on the invoice. Foreign currency invoices can't be paid from the Transactions page. If the bank has imported these transactions, record the transaction on the invoice, and then go back and delete the bank import from the Transactions page!”.
    This is a huge step backwards with the functionality of your software!!!!! In the old version we could pay the invoices in foreign currency through transactions. Now it is confusing, time wasting, causing lots of mistakes (posting, reconciling, deleting, posting reconciling again). Why did you make a downgrade of your system instead of an upgrade? Are there any plans to fix it?

    Also when posting a foreign currency bank statement (e.g. GBP) previously we could see the balance in a foreign currency so we could easily saw if we posted transactions correctly and if our bank statement was reconciled. Now we can see the balance in the functional currency ONLY (in my case EURO).

    edited December 5, 2019
  • VikTH0RVikTH0R Member Posts: 9

    "You'll always need to record foreign currency payments directly on the invoice. Foreign currency invoices can't be paid from the Transactions page. If the bank has imported these transactions, record the transaction on the invoice, and then go back and delete the bank import from the Transactions page."
    Can I MERGE this transaction after "record the transaction on the invoice"? in case to delete?
    I received payment in USD and apply payment try Invoice record. But before delete Transaction from table I sow system permit me to select and MERGE.

    Please advise

    edited December 3, 2019
  • mike8mike8 Member Posts: 1

    I understand that you can't record a bank transaction against an invoice where the currency doesn't match but if the bank account and invoice are in the same foreign currency that should be allowed. As mentioned previously, requiring users to manually record the payments against the invoice and deleting the imported entries as not only more work but prone to error and eliminates the record keeping to match the bank transactions in wave to the bank statements. This is a big step back in usability. Please prioritize a fix.

  • AlexLAlexL Administrator Posts: 1,118 admin

    Hi @MartaP @VikTH0R @mike8 . I agree that the software lost this functionality when being upgraded to the new version For that reason, we will be working at bringing this function back into the software when we have finished moving all of our users over to the new version.

    @VikTH0R you can merge the transactions together so they don't have to be deleted.

  • MartaPMartaP Member Posts: 5

    @AlexL Good to hear that there are plans to fix it.

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