How to merge transactions in different currencies?

joelg

I have two accounts: one in USD and another in CAD.

I received a payment in my USD account (e.g $10 USD).
I then transferred the amount to my CAD account (e.g., $13 CAD).

In Wave, I now have the following:

Income - $10 - USD Account
Expense - $10 - USD Account
Uncategorized Income - $13 - CAD Account

So, as you can see, the income gets counted twice.

What is the proper way to account for this?

Thanks

Samd

Hey @joelg,

In this instance, because the Expense is hitting the USD Account, what should be happening is that the USD experiences a net of zero for this transaction. Which is to say initially it was credited $10, and then debited for the same amount. As such, the $13 CAD (post transfer) should show as technically the only net income in your reports, and your accounts balanced.

I also this helps to clarify! You could also accomplish this with a journal transaction, you'd just want to note the USD income as income (as normal), and then transfer this amount via journal to your CAD account.

I've also attached an article for accounting for multiple currencies in Wave if you're interested!