Credit Card account expense cannot be matched with Wave bill if it's a different currency

Maxim

Hello,
I have a bill from a vendor. I am copying the bill details into a Wave bill (amounts, taxes, etc). However, the bill is in USD, and when I pay it with my credit card in CAD, my credit card charges a specific conversion rate. I am entering this exact conversion rate into the bill, and the bill automatically calculates the CAD amount based on that rate, and that amount matches exactly the expense on my credit card.

However, when I go to my credit card account, to that specific expense, I try to categorize as an expense for a bill in Wave, but it cannot find anything that matches this amount, even though Wave showed me that the bill's amount after conversion matches exactly this expense amount.

However, If i change the wave bill to be in CAD currency, and use the amount after conversion, then I am able to categorize the credit card expense as a payment to this bill.

Can you please help.

JulianP

Hey @Maxim !

Unfortunately this is a limitation of Wave. For you to record a bill and categorize your CAD transaction accordingly, the bill itself will have to be recorded in the credit card accounts base currency (CAD). It sounds like the CAD workflow you are using is correct though. If you want to match the bill with your credit card transaction it will need to be recorded in the accounts base currency with the appropriate conversion rate recorded (as you may know the rate can be adjusted when recording the bill). If you'd like to learn more, feel free to check out this Help Center article.

If you are still having issues with your foreign currency bills, I suggest reaching out to a professional CPA to ensure your books are accurate.