Issues with using two different currencies

Nelty

Hello,
I discovered this accounting software today and started using it for my company. All our transactions will be in USD except for our debit card account which is in EURO. So, for all expenses paid with that card, I enter them in EURO. However, to top-up the debit card account, I wired some money on it and added that on Wave under Equity (Owner investment).

I reconciled all the transactions on the debit card account so that my original 1000 EURO top-up results in 0 EURO balance. Wave tells me the balance is 0€ which is correct. However, it says that the balance in USD is -$9.71
It took me a while to understand but the difference seems to originate from the conversion rate that varies from a day to another. The initial 1,000€ deposit was made on December 1, but all the other transactions were made in December, January and February. So even though we did in fact use all the 1,000€, it was worth (apparently) $1,130 on Dec 1 and we used $1,140 (roughly), which results in that $9.71 deficit.

How to fix this issue? We want to reconcile both our debit card balance which is in euro and the rest of our accounts in usd.

Thank you!

-- This is a screenshot from our dashboard that illustrates the issue. Numbers are different from my post but you can see that the balance in USD does not match the one in EURO.

Nelty

Hello,
Anybody able to help?

JamieD

Hey @Nelty! Thanks again for your patience here regarding your specific case. What you will need to do is create a Journal Transaction that debits your bank account and credits the unrealized gain account in Wave. This will make sure that your balances are accurate and you will be able to continue with the reconciliation process once that transaction is created and the balance is moved.