Issues with transfer between multi-currency accounts with "Undeposited Funds Account"
MontiCo
Member Posts: 12
Hello, I am enjoying Wave and its help resources very much.
In current scenario, I am following the instructions to reconcile a transfer from foreign currency into home currency bank accounts per this article (very clear, and exactly matching my case): https://support.waveapps.com/hc/en-us/articles/115002033786.
Evertyhing works fine when I create the additional income and expense transactions into / from the Undeposited Funds Account (UFA), I set the exchange rate in the income transaction, and the UFA has a zero balance.
However, when I complete the final step, to create a transfer to link the transactions from UFA into the Home Currency bank account (USD), and from Home Currency Bank account into UFA, the UFA account shows the incoming transfer in Home Currency NOT at the value I set with the exchange rate, but ate the nominal exchange - and hence, it is not zero but has a balance (equaling the difference between the exchange-rate converted amount and the actual amount I received). When I reverse and unlink the transfers to troubleshoot, the exchange rate I set is gone and replaced with the nominal exchange rate - and this I think is causing the problem.
I am quite sure I am following the instructions right - Can anyone please let me know what could be wrong?
Many thanks and I look forward to any help to get this fixed!
Leonardo
Comments
I've been dealing with the same issue for a couple months. I raised a support ticket back in December, and I have been having a slow-moving conversation with Chris on the support team, but so far, no resolution, workaround or bug ticket.
In the meantime, I've fallen back to leaving the transfer as two separate, un-linked transasactions. I guess I should also be manually posting foreign exchange gain/loss transactions, but I've been holding off on that tedious step, hoping for a bug fix.
BTW, I'm loving the product otherwise!
Hi Paul, do you have any expectations on how they will do something? Do you have experience with other issue tickets in the past?
Many thanks,
No, I have only this particular issue to go on. At this point, I haven't heard a determination if this is truly a bug and, if so, what the recommended workaround should be.
I would love to see a public issue list, so that we users can see what issues are already known, with perhaps an ETA.
Hi there!
I wrote the Help Center article that's being referenced here, so if there's something wrong I'd love to fix it!
I've just created a new test Business in my Wave account, and followed the steps in the Help Center article super-carefully, step-by-step. I can't get Wave to create the error you are describing.
Can I ask one of you a big favour? Could you please record the process of doing a transfer, so I can see exactly the steps you are taking, and understand if it is a problem with the instructions, or something unique to your Wave account(s).
If you're on a Mac, you should have Quicktime which is good for this kind of small recording. Not sure about PCs, but there are also lots of online screensharing tools that include recording (e.g. zoom.us - free).
Please send the recording to me via a support request and we'll figure this out together!
Hello Paul,
I have followed your instructions and recorded all the steps I take, and showing the undeposited funds account balance / unbalance.
Forgive my ignorance, but how do I raise a support request? I found a "Message" button under your user profile, but it looks like it will post publicly and am not sure that's what you want me to do.
Many thanks and I look forward to hearing from you.
Best regards, Leonardo
I followed the steps outlined in the above help article, but when I try and transfer between the undeposited funds account and the normal account I still get the message:
"Transaction amounts (xx.xx and xx.xx) do not match"
The amounts are exactly the same though. This seems to be because the accounts are different currencies?
Hi, I'm running into the same issue.
Everything looks good and I link the corresponding transactions. USD debit to Undeposited Funds income, and then Undeposited Funds expense to CAD credit
I go to the balance sheet, and immediately see that the Debit amount from my USD account does not match the CAD value that I had set the exchange for. It appears to be set at today's xe.com exchange rate
Has there been any inroads on this issue?
Hi @jasingjo.
At the moment, reports are only generated in the default currency of your business, so running a business that operates in multiple currencies will always mean a bit of a discrepancy in your balance sheet. Your transactions page, however, should be accurate. There's currently no way around it, but you aren't in the wrong, you're just experiencing an issue related to our limited support of multi-currency businesses.
That being said, we are working on improving our support of multiple currencies, and that includes multi-currency reports. These features aren't quite ready to see the light of day just yet, but our engineers are actively working on them.
Thanks Alexia, at least we now have visibility of the status.
I look forward to updates on progress on this functionality.
Many thanks and keep up the good work
Bump to this post. Is there any update? I've also been in touch with support on this and haven't heard back in some time. To confirm, is the issue one of reporting (balance sheet discrepancy is not truly there and is just due to multi-currency engine) or is the transfer ACTUALLY updating the exchange rate back to the one from xe.com rather than the manually entered one on the UFA account income transaction, resulting in an accumulated balance in the UFA account that needs to be addressed in some way to close periods completely?