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Adding Foreign Currency Transactions

niconico Member Posts: 2

I own a business in Australia, but i live in Nicaragua and we have some freelancers that we pay in USD. So i need to be able to enter multiple currencies.

I use Wave for my business accounts and it is really easy to do this in the 'Transactions' section:

However, i've recently set up a new account and the transaction section is different:

There doesn't seem to be any option to change the currency on transactions. Can anyone advise a way to fix this?

Tagged:
edited August 29, 2018 in Wave Features

Comments

  • csantercsanter Member Posts: 1

    I also really need multi-currency for my expenses!

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi, @nico and @csanter.

    Wave currently has limited support for businesses operating in multiple currencies. All of your accounts will be set to the same currency as your business by default. When you create a new payment account (so a bank or credit card) you'll have the option to choose a different currency for it. You'll be able to use those accounts to better handle transactions in foreign currencies.

    If you're paying a contractor who charges you a different currency than what your bank account uses, I'd recommend using the amount that came out of your bank account.

    If you give me a bit more details on exactly what, in the real world, you need to represent in Wave, I might be able to help a bit more.

  • niconico Member Posts: 2

    Hi Alexia. Thanks for your reply.

    I have set up the 2nd Wave account to record any tax deductible business expenses that i pay out of my own pocket.

    For example, i work from home so am able to claim a portion of my rent (paid in USD) as a tax deduction against business profits. The same goes for things like electricity, water, cleaning fees etc (all paid in NIO). The majority of these items are paid in cash, or from a joint personal account (at a Nicaraguan bank), so i need to enter them as manual transactions.

    As my business is in Australia and, therefore, my taxes are in AUD, i would like to be able to enter the NIO or USD amounts and have them automatically converted to AUD. This is possible in the version of Wave shown in the top image, but not in the newer version it seems.

    Is there a way to set up a new account in the older style? It perfectly met my needs that way.

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi, @nico.

    I took a look and saw that your business' default currency is NIO. Wave will try and convert everything to your business' default currency unless that transaction is in a payment account set to a different currency.

    To do what you're looking for, you would have to set your business' default currency to AUD. It isn't possible to change a business' currency after its creation, so you would have to re-create your business.

    We're working on expanding our support for multi-currency businesses, and we're aware that some features like this one, or the ability to set custom exchange rates, are missing from the new version of Wave.

    I can recognize how frustrating it can be to expect a feature to still be available and find it gone or changed, but it isn't possible to roll back to the older version or create an account that uses it. For now, my recommendation would be to create your business anew using AUD as your default currency. We generally recommend using the currency of the country you pay taxes in as the default, it should make things significantly easier.

    Let me know if you have questions or need help setting up. I'll be forwarding your feedback to our developers.

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