Foreign Currency Invoices and Bills

SystemSystem Posts: 381 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
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Comments

  • VikTH0RVikTH0R Member Posts: 20

    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: 639 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: 20

    @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: 639 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: 13

    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: 20

    "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: 2,175 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: 13

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

  • jasingjojasingjo Member Posts: 6

    Hi,

    I've been setup to download bank transactions into the transactions page. Those transactions can then be matched to existing open invoices that have been sent.

    Recently, I have been unable to match any USD transactions as payment for invoices. I have other CAD transactions that I have been successfully matched as payment for invoices. I've been experiencing this issue for about a month now.

    edited January 4, 2020
  • BarsinBarsin Administrator Posts: 2,038 admin

    Hey there @jasingjo

    I've merged your conversation into the appropriate thread where you can see the other peoples posts about this as well as the help center article explaining the new workflow on foreign currency invoices and bills

  • theMikeDtheMikeD Member Posts: 4

    Here is what I have discovered:
    1. My business currency is CAD
    2. I have an invoice in USD
    3. I received a payment in USD to a USD account

    Given the above, I cannot link the payment to the invoice; the option just doesn't appear. This is what I get:

    If everything is in CAD, I get this

    How am I to assign payments in this case?

  • InjectorsInjectors Member Posts: 2

    Why can I not take a credit card payment in a currency other than the currency of my business? I REALLY NEED that function in order for this to be useful to me at all.

  • BarsinBarsin Administrator Posts: 2,038 admin

    Hey @theMikeD

    I've merged your conversation into this thread as it should be able to guide you on how to achieve this action in Wave as well as checking out this article on Foreign Currency on Invoices and Bills

  • BarsinBarsin Administrator Posts: 2,038 admin

    Not sure if you read through the article @Injectors

    however at this time we are asking users to record the payment from the invoice rather than from the bank imported transaction. Our team is looking into implementing an update in the future.

  • theMikeDtheMikeD Member Posts: 4

    @BarsinA The linked document doesn't apply. I'm not depositing USD to a CDN account, I'm depositing USD to a USD account and I'm unable to then link the USD deposit in the USD account to a USD invoice.

  • EmmaPEmmaP Administrator Posts: 639 admin

    Hey @theMikeD! Sorry to hear you're running into this issue. Are you able to take a screenshot of the transaction you are trying to categorize as an invoice payment and share it here? Feel free to edit out any data you do not want to share.

  • elisemartinsonelisemartinson Member Posts: 9

    Help! I don't see the currency/ exchange rate options when trying to record payment of an invoice?

  • lollelolle Member Posts: 2

    I have a bank account in GBP which is automatically converted to USD when I upload my statement (correct).
    However, at period end I'll have to do another currency revaluation.
    I guess I have to do it with a manual journal entry, but if I fix the the USD balance then the original GBP balance will be wrong because wave will still apply it's currency rate (that should be 0 instead).
    Can I manually set the currency rate for manual journal entries? If not how do I fix the above?

  • C4VC4V Member Posts: 1

    What about 'receipts'?
    I bought something in USD, now I want to enter the expense in the exchange rate in CAD.

  • BarsinBarsin Administrator Posts: 2,038 admin

    hey there @lolle

    You cannot manually change the currency in Wave unfortunately. You may be able to create a journal transaction debiting the difference to a foreign currency gains or losses account.

    @elisemartinson

    What are you seeing when you mark the invoice or bill as paid? Are you able to upload a screenshot to give us a better idea? Thanks!

    @C4V

    You'd want to achieve this in a journal transaction likely, but we might need a bit more information here:

    • Did you purchase this from a USD or from CAD account?
    • Is you bank connection connected and did it import the CAD converted amount? If so you won't be able to enter the receipt in that case since it doesn't match with your upload :(
  • CaraCara Member Posts: 1

    We used to be able to select the currency when manually entering an expense. I don't see the option to do that anymore. Do we have to do the currency conversion on our own now before entering the expense?

  • lollelolle Member Posts: 2

    @BarsinA said:
    hey there @lolle

    You cannot manually change the currency in Wave unfortunately. You may be able to create a journal transaction debiting the difference to a foreign currency gains or losses account.

    Thanks but this is not the answer to my question unfortunately. The problem is that the GBP balance is correct but the USD balance is not (for the same bank account). This is because of the currency revaluation which changes the GBP/USD ratio and therefore the USD balance (but NOT the GBP balance for the same account).

    If I "create a journal transaction debiting the difference to a foreign currency gains or losses account" then the USD balance will be correct (this is good because this will meet the requirements from HMRC) but the GBP balance won't be correct anymore, because the manual journal entry will also modify the GBP balance (and not only the USD balance). Result: the GBP balance for the same account will not reconciliate anymore.

    The solution should be to add a manual journal entry in USD (or in GBP) with a 0.000 currency exchange rate, to modify the USD balance (and debiting the difference in GBP to a gain/loss account) while keeping the GBP bank account balance correct.

    I understand that I can't do this with wave. So, is there any other solution?
    Your suppor told me thayt you're going to release a "currency revaluation feature". Is this going to be released anytime soon?

    Thank you!

    BTW: made exception for a couple of things to fix, wave is great software, really!!

  • JocelynOJocelynO Member Posts: 1

    Really frustrated with Wave. I'm a freelance business and do work all across the globe. I NEED to be able to accept foreign currency payments by credit card to be deposited into my bank account. This is an absolute necessity for my business. If you guys can't provide this, I'm going elsewhere. The functionality of this program is severely lacking!

  • ConnorMConnorM Member, Administrator Posts: 1,229 admin

    Hey @Cara, yes, that is the case at present.

    @lolle Thanks for your detailed post here. I can see that you have an open ticket with my support team that could use some answering. I'll make sure to include your post's link as context for my colleague, who will reach out to you as soon as possible.

    @JocelynO I'm very sorry to hear about the issues you've been seeing. Can you let me know where you're located, and what currency you're invoicing in?

  • EbelTechEbelTech Member Posts: 1

    I'm in the same situation as C4V - I run on CAD but regularly purchase items (using a CAD credit account) in USD. How do I enter receipts with the charged conversion rate? I was starting to use Bills but there's no option to upload the bill/receipt that I can see.

  • JordanDJordanD Administrator, Moderator Posts: 515 admin

    @EbelTech Firstly, at the moment there isn't a way to upload a bill to attach to a transaction on Wave. In saying that, the transactions page is something that the Accounting Product Team is interested in improving, and this type of feature is in potential discussion.

    For the time being, since their isn't a way to customize the exchange rate, an adjusting journal entry will likely need to be created in order to show the difference in the rate. I acknowledge that on a usability level this is not ideal, however, the accounting in your books will still be correct.

  • dmiller176_dmiller176_ Member Posts: 1

    Show me a Proforma Invoice form I can use to ship to foreign countries

  • BarsinBarsin Administrator Posts: 2,038 admin

    Hey @dmiller176_

    Could you kindly elaborate on what you mean by this and how it would benefit your business? Thanks so much.

  • phildphild Member Posts: 3

    How do you record the fx gain or loss? if you delete the bank import and replace with another amount your bank rec will fail, thereby loosing control. The obvouis answer should be that when you get to :
    https://us.v-cdn.net/6030557/uploads/editor/7i/29d0t6uurd33.jpg
    you should abe to make a split posting. Post the payment against the invoice leaving a difference for the FX change. Then provide an option to post the difference to the Gain/Loss on exchange. Its not complicated but Wave has made it very complicated.

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