Currency Used For Journal Transactions

BillyZB

Hi there, I have a question about what currency is used for the amounts entered in journal transaction entries.

Here's my current configuration in Wave:

• My business currency is set to CAD
• I have a Chequing USD asset account that's set to USD currency.
• I have a USD Investments asset account that's also set to USD currency.

For a particular journal transaction, I entered the following to indicate that my business contributed $1000 USD from Chequing USD to USD Investments:
Credit Chequing USD - $1000
Debit USD Investments - $1000

I thought the $1000 in the journal transaction would be in USD but it looks like it's treating it as CAD. I thought since both accounts are in USD currency, the amounts would be in USD but doesn't seem like that's the case when I reviewed the Account Transactions screen from the Reports section - indicates I credited $814.79 USD from the Chequing USD account.

When I enter in a simple Income transaction entry into my Chequing USD account, Wave treats the amount in USD which makes sense. So, I'm just trying to understand for journal entries, does Wave always default to the business currency (CAD in my case)?

If so, what would be the best way for me to fix the amounts. Would it be for me to pre-convert the $1000 USD to CAD first with a rate that equates to $1000 USD being credited (ex. credit/debit 1227.31 CAD in the journal entry instead)?

Thanks!

ikzelf

I have the same problem. My business is in USD. When I record journal entries in my EUR bank account they are in USD! (not by choice; forced by the app).

I cannot think of a single use case where I would want to create journal entries in USD between two EUR accounts (1 bank account, 1 short term liability account, both in EUR).

Can we at least have the option to select the currency when entering journal entries? (typically only two currencies are relevant: the business currency and the account currency).

Thanks!