Foreign Currency Invoices and Bills

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Comments

  • SolnceSolnce Member Posts: 1

    Hi Guys,
    nice program, but I have few questions. As an organisation we do a lot of inter- currency inter- bank fund transfers, I've tried to do this on Wave, but had no success. For example, I have to record transfer of 1000 GBP and receive 1200 EUR, but I was unable to do this - I got whether 1000gbp or 1200 eur record, - I have EUR transaction in GBP account and vice verse. Also, there is no option to add currency rate - we use on that is recommended by HMRC (https://www.gov.uk/government/publications/hmrc-exchange-rates-for-2020-monthly), but no option to have currency ranges. So it is like exist, but not exist.
    Guys, any plans for an upgrade some time soon? We are small charity and looking for an option to move to a cloud based program and we could consider you if there will be an improvement in this department some time soon (let's say 4-5 months).

    Thank you.
    Solncev

  • BarsinBarsin Administrator Posts: 1,910 admin

    Hey there @Solnce

    Currently Waves foreign currency features in Wave are in need of updating, which is why we're planning on releasing some updates to this feature soon!

    Check out THIS ARTICLE on our future plans for forex transaction.

    Have you created your accounts in your Chart of Accounts in those currencies?

    Wave pulls in live updates for foreign exchange rates using the website XE.COM. But as previously mentioned we're hoping to have a manual override for you to customize your transactions on the date of which they may have occurred, rather than the present exchange rate from xe.com.

  • OnurKOnurK Member Posts: 1

    Helo All,

    Is there any update to change exchange rates manually ? It is really bad but easy to update your system..Why nobody care about this ? Most of users experience same situation.

    Thanks,

  • CalliePCallieP Administrator Posts: 439 admin

    Hi there @OnurK , thanks for your message! Our team is working on this as we speak, in fact! You can check out this Community post to learn more about the features which our team is working on to improve your experience with Wave's Transactions feature. So, this doesn't exist yet, but it's coming - thanks for your patience.

  • Somethinglittle4uSomethinglittle4u Member Posts: 2

    will there ever be a way for American customers to pay me directly through the transactions page? It would be so convenient!

  • AlexLAlexL Administrator Posts: 2,053 admin

    HI @Somethinglittle4u , can you expand on this a little bit? How would you like to see your customers pay you through the Transactions page? What would this look like?

  • Somethinglittle4uSomethinglittle4u Member Posts: 2
    @AlexL
    I am based in Canada but I have American customers and I don’t see anyway they can have their invoice in their own currency and pay through the sent invoice. The only people that can pay through that is if they’re also in canadian dollars. For my business, it’s better to quote them in their personal currency.
  • BeeSayHelloBeeSayHello Member Posts: 2

    I have a UK wave account and I'm based in the UK.
    I would like to invoice my wholesale clients in the US in dollars - but I can't see a way of changing the currency on my invoice to dollars from pounds. Please help.

  • BeeSayHelloBeeSayHello Member Posts: 2

    I have set a Stripe account through WAVE so that I can invoice my US customers from my business based in the UK.

    In WAVE I made my invoice in USD but I cannot use the stripe because the invoice currency (USD) is different to my WAVE currency (pounds)

    I get this error message below:
    Credit card payments are turned off because the currency of this invoice (USD) does not match your business currency (GBP).
    Credit card payments can be enabled only for invoices created in GBP.

    Please can you let me know how I can therefore use Stripe to invoice my US customers - now that I have set an account in both WAVE and Stripe to do exactly that?

  • BarsinBarsin Administrator Posts: 1,910 admin

    Hey there @BeeSayHello

    Thanks for reaching out to our community. As you may have already learned, if you'd like to accept payments in Wave, your Wave account, Stripe account and invoice all have to be in the same currency.

    If your business is in EUR, your US clients would not be able to see the "pay now" option if you invoice them in USD. However, if you bill them in EUR, they will be able to pay that invoice with a USD credit card. Our system will automatically apply the conversion.

    Though they won't see the currency conversion on their invoice which I understand may be crucial to your business, this is still the preferred method in order to collect credit card funds.

    Hope this helps!

  • Leonie82Leonie82 Member Posts: 1

    Hello, I charge in EUR and my invoice currency is set to EUR per default. Though, as soon as I enter my clients´address (USA), the currency changes to USD. I need it to show EUR, though. How can I fix this? Thx

  • AlexLAlexL Administrator Posts: 2,053 admin

    Hey @Leonie82 , is this on the invoice? If so, you should be able to go into your Customer's profile under Sales > Customers and change the currency that you have them under. This is what's most likely changing the default to USD.

    Let us know if it works!

    edited October 19, 2020
  • JerryJerry Member Posts: 4

    I'm issuing Invoices to my clients in our local currency, however some clients pay in their currency (cash payments) but there are no option in selecting the currency paid in when adding payments. This creates an unbalance account when making deposits to the bank account. What solution is there without creating so many currency accounts for one item/services account.

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