Negative balance when transferred balance from my USD to PKR account (PayPal to Bank Account)
Swift_Accountant
Member Posts: 4
Hi everyone,
My clients pay me in GBP via PayPal which is converted to USD in PayPal. Wave is working great up to that point. Later on I withdraw my funds in Bank account which is in PKR (Pakistani Rupees), here the issue arises. I am left with account balance Zero in one currency and non-zero in other. I have attached an example. It is supposed to adjust the differences with Gain/Loss on Foreign Exchange. I have tried both transfer balance method and journal entry method.
Can someone help me make these balances equal (zero). TIA
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PS. If I make the dollar amount equal to zero then I am left with PKR amount in ledger.
@Alexia could you or any other admin please help me with this?
Hi, @Swift_Accountant.
I moved your discussion to the Accounting Tips & Advice category, it was posted under News & Announcements. Please be mindful of your category choice in the future, you'll get better visibility that way.
Currently, Wave doesn't have a lot of features to support businesses like yours that operate in multiple currencies. We're working on offering better support through new features, but for now, your reports for accounts in currencies that don't match your business' default currency can show the wrong numbers. They will, however, always be accurate in your business' own currency.
Your reporting will still be accurate in PKR, even if they might look a little strange.
I appreciate your response and I'll be careful in selecting category in future.
Thank you.
Happy to help @Swift_Accountant!
Can I ask if you are a professional accountant? I'm assuming based on your username. If so, we'd be more than happy to provide you with a Wave Pro badge, so that you can be identified as a Wave-proficient accountant in the Community.
We also have an Accounting Discussion category, where Wavers can share their accounting knowledge, or even find an accountant or bookkeeper!
@Alexia I have this same issue for bank transfer. My home currency is LKR and I did a USD to USD transfer. Now USD balance is 0, yet it shows -577.49 LKR. How can I fix it? Journal entries cannot fix it.
PS: Wave is amazing thanks for building it. Other than this I love everything about Wave.
I have the same issue with USD to USD transfers when my home currency is LKR. How can I fix this?
I have the same issue with USD to USD transfers when my home currency is LKR. How can I fix this?