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Cannot reconcile foreign currency bank account with base currency expenses

weipsycheweipsyche Member Posts: 1

Hi,

I having problem in reconciliation foreign currency bank account.
i.e. USD Bank account & SGD Bank Charges Expense account.

Reconciliation will show Statement Balance & Wave Balance aren't tally. Therefore I cannot reconcile my USD bank account. Kindly help on my issue. Thank you

edited January 25, 2018 in Accounting Technical Support

Comments

  • SantaSanta Member Posts: 1

    Having same issue so hope someone can help us out!

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

    Hi @weipsyche and @Santa.

    I'd love to help, but I'll need a bit more information. Could it be an issue with unrealized currency exchange gains or losses? This can happen if an invoice is generated in one year, but paid in another.

    We had another user who had a similar issue, and you can find the solution we suggested here.

  • DancingSamuraiDancingSamurai Member Posts: 4

    I'm having the same issue. To give more details, Wave asks for the balance on the statement at month end for reconciliation. The bank statement lists this in the currency of the account in question. (e.g. in my case, my usual currency is CAD, however I have a USD account I am trying to reconcile).

    If I enter the amount on my statement (which is in USD) it doesn't match the 'Wave Balance' of the account (which Wave thinks of and lists in CAD).

    As a workaround, I have to enter the USD value, see what wave states is my balance in CAD equivalents, and then fudge my statement balance using the conversion. This feels like cheating.

    IMO Wave should accept the balance in the currency of the account in question. Especially since wave HAS that figure (if one clicks 'reconcile', it'll list all transactions and balances both in the original USD and the wave-converted CAD values).

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

    Hi, @DancingSamurai.

    Wave only offer limited support for businesses operating in multiple currencies. We are looking to improve this in the future with more multi-currency features, but those aren't quite ready just yet. The bank reconciliation feature simply won't be of much use for your foreign currency accounts for the time being.

    I don't have a timeline to offer for when new multi-currency features will be launched, but I assure you that we're aware of how useful they'd be to our users. Feedback from Wavers has a significant impact on how we decide what to build next for Wave, so thank you for taking the time to share yours!

  • Irving0Irving0 Member Posts: 2

    Also looking forward to being able to reconcile a foreign currency bank account!

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

    Thank you for adding to this discussion, @Irving0!

  • lonex00lonex00 Member Posts: 1

    Me too. I read that feedback helps push these items up the queue. I would really like the ability to reconcile my USD account. I am having to force a currency conversion entry to balance the account each month. Not sure what CRA would think of the fudging....but really who cares about CRA? ;)

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