How do I enter a journal entry in foreign currency now?
Chila
Member Posts: 1
With the new interface, I cannot find how to set the currency type when I enter a journal entry. How to do this?
1
Comments
Hi Chila! Based on what you've said, it sounds like you are using our upgraded Accounting platform - something that is gradually being rolled out to all of our users.
The new experience has several benefits, like improved speed and performance, better reporting insights, and you would be first in line to get new features that are being built specifically for the new version of Accounting by Wave.
We are still working to make this experience the best that it can be. Multicurrency support for journal entries is not yet available. If you'd like to learn more about the new features you can expect, why we made these changes, and when you can expect updates, you can read more here.
Your migration adjusting entries adjusted my bank account in foreign currencies. Now it cannot be reconciled without the capability of booking a journal entry in foreign currency. You screwed up!
Hey there @waveuser168
I apologize if our upgraded platform is has create some issues with your accounting. You should be able to reverse this adjustment entry by creating a new one and simply reversing the debits and credits.
Just curious what your native currency in Wave originally was, and what is the currency of the adjustment entry we have created? You can see your currency under Settings > Dates and currency. Typically we should only have created a transaction in the currency that your account was/is in. Please let us know, and if you could provide screenshots of the currency discrepancy that would help greatly.
Now that I have finally determined to make sense of my migrated data, I see that I have the same problem. My previously (manually) reconciled account balances have been thrown off by Migration Adjustment Entries in my USD account (my main currency is CAD).
For example, there's a Sept 30, 2017 journal entry in my US Account's transaction list with a USD value of 1291.27. If I open up the entry, the values are all in CAD, for a total of 2411.44 CAD. I can't see how 2411 CAD becomes 1291 USD (that's a rate of 1.87!).
I tried to create an offsetting journal entry, but the form doesn't let me specify USD, and when I tried CAD 2411.44, it gets converted to USD 1934, so that didn't help with offsetting.
I ended up using some math to arrive at CAD 1609.82, which converted to the right USD number, but there has to be a better way.
Yes, I agree with @PaulH - this feature is needed - not sure why it was removed, but I am sure your programmers can figure out how to include it again?
I'm in the same boat - primary currency is CAD but I receive USD income and have USD investments and therefore need to make USD JE. Any update on when/if this will become available?
Hello everyone! Since accounts are based in a specific currency, you'll need to create a new account with your desired currency. To do this, head over to Accounting > Chart of Accounts > Add a New Account. Once the new account(s) are created with the correct currency, you can select them on the journal transaction.
hi, i have two accounts in USD and when i make a journal entry to move money between then it automatically changes the amount i entered to CAD - how do i keep in USD?
Hey @QSC , Wave hasn't been fully built out for multi-currency accounting so there are some limitations. You can only do a Journal Transaction in the currency you have set for your business.
If you'd like to let us know exactly what you're looking to accomplish, we may be able to advise another route for you.
Is this true? I have the same scenario as the user @MarkTT above where I have a Company Currency as CAD but have USD income and USD investments. I need to create a Journal Entry in USD to track properly. I am using USD accounts I created in the Chart of accounts.
I see @AlexL pointing that it is a limitation here in 2021. I would like some advise on an alternative route for completing this task.
Hey @PatrickTunni , foreign currency journals is a limitation currently and a workaround would depend on exactly what you're trying to achieve. Can you give me a breakdown of your workflow with these currencies? Full transparency, depending on the complexity of it we may recommend reaching out to an accountant or CPA, but let us know and we can try to advise for you.
I'm trying to add a journal entry that would accurately record an exchange from my USD account into my CAD account. When I try to add it as a journal entry I have a difference due to the exchange rate, and therefore cannot save the journal entry. The USD account on Wave is marked as USD (so I could pick its currency when I created it) while another one is a CAD, regular bank account. Please let me know what workaround would you suggest for such a simple scenario. Let's say I transfer US$1,000 from my USD account to my CAD account which is translated into CA$1,290. So I have a CA$290 difference that I would like to balance. Where do I register it to save this journal entry and make it balance?