Why can't I change my business currency?
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Why can't I change my business currency?
When you first create a business in Wave, you're asked to choose your business's primary currency. This becomes your default business currency, and it cannot be changed after it is set.
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When I go to create a new business in Wave and have to select my business currency, there is a message which reads "This is your reporting currency and cannot be changed. You can still send invoices, track expenses and enter transactions in any currency and an exchange rate is applied for you. Learn more." but when I click "Learn more" I get to this page and I don't learn more!!! There is nothing on this page about exchange rates being applied for me in Wave.
Hey @Sue2381 - this article should be going over why you won't be able to change your default business currency once you set it. If you are processing multiple currencies however, and money if moving moved from (for example) a USD to CAD account, Wave will automatically calculate the exchange based on a daily average report from XE. I think the article you're looking for would be this one here. Let us know though!
My business is in Costa Rica, but all payments are in USD. How do I create a report that shows transactions in USD. For some reason Wave converts everything in CRC on the reports which is not so helpful.
Hey @Bel
When you set your account's native currency, it will report in that currency. Are your accounts USD accounts? Or just the payments? Typically when a payment is received in a currency, then converted into your native currency, then it would be appropriate to report in CRC. However if all of your accounts are in USD, and the funds are not being converted then it may make sense to open a new business in USD as well.
Wave only reports in the currency to which you select it and that cannot be changed unfortunately.
I put US$ for currency because the company I am with is in USA and that's what people will pay for products but i live in Canada. So will it still work or do I have to set up a new business and put Canadian$?
Ria
Hey @Ria! In order to receive payouts through Wave, your bank account currency, account currency, and account location must all match up. Since you're in Canada, with (I'm assuming), a Canadian bank account, you would need to have a Canadian business, billing in CAD.
My account is reporting in dong even though I archived the original business that may have been automatically or accidentally registered in Vietnam? How can I see my reports in CAD?
Hey there @dlfkgdf
I see you have two businesses i your account, one in VND - Dong and the other in CAD.
Can you ensure that you're looking under the correct business?
To check your currency select Settings (bottom left) > Dates and currency. This will let you know the currency of the business you're logged into. To change your business you can select on the business name at the top left and toggle between the two!
I am a Canadian Business but have a client in the US that wants to be invoiced and pay in USD. I am sure I am not the only business that has this happen. What happens in these cases?
Hi @Pat_Lorusso , this ultimately depends on how you're receiving the payment. If it's through Wave Payments, I'm afraid that you can only invoice in your native currency otherwise your customer won't be able to pay you.
If you typically receive payment outside of Wave, your customer can send you the payment and you can mark the invoice as paid and Wave will handle the foreign exchange for you based on xe.com rates.
I have created the business in the wrong currency. A lot of data has already been entered. I have now created a new business in the right currency, how do I transfer this data across?
Hey @EEEL , there's no easy transfer button, but check out our Help Center article on how to transfer data to get a better idea of how to move this data across.
I'm in Trinidad and Tobago, and I can't get the mobile app downloaded on my phone.... What am I doing wrong?
I'm having difficulties removing one of the 2 business accounts i created, is it possible that it gets removed? And why isn't there an option for South African under country when a business account is created under a existing business account?
May I know why I can not choose other country?
Hey @Spiree78 and @jztan89 !
I'm afraid that this related to Wave's new market approach that started in 2021. Feel free to check out our Community discussion on this for more information here.
Hey @Luyolo !
Unfortunately what you are experiencing is a known issue that prevents businesses from being archived. This is an issue we are aware of and are working to remedy but there is no ETA for a fix.
If you have a long list of businesses, what I can suggest is to rename the business through the Business Toggle in the top left corner > Manage Your Profile > Businesses > then click the Pencil Icon to edit and rename the Business you wish to archive. (Tip: most users will rename it to "Z" or something to that effect to get it out of the way. This brings it to the bottom of the list).
On the Businesses Page you will also want to click the Star button beside another business to make that your Primary Business in Wave.
I'm afraid that new businesses outside of Canada and the US are no longer supported by Wave in 2021. For more information on this, please check out the link I attached above.
I created an account today, and only had two options to select from as my country (Canada or the US). My business is located in South Africa, but my draft invoices now all say Canada - please advise?
I am adding a new business to my profile which is based in south africa but i only have the option of canada and the uk and their currencies. how do i change this
Hey @Sonia_Malczyk and @HousOfJdash !
I'm afraid that we no longer support new Wave accounts for non Canadian and US businesses. For more information regarding our decision, feel free to checkout Wave's Community discussion here.
How about other country?
I didn't see any answer about this issue before.
Hey @Erry , we no longer support new businesses outside of Canada and the US which is why we don't support changing your currency.