Multiple Invoices - One Payment - in USD (Foreign Currency)
Victor_Hyperion
Member Posts: 2
Does anyone know how to pay multiple invoices with one lump payment when using a foreign currency? I try to split the payment (wire transfer - 1 lump sum in USD), and match/merge to the processed invoices (also in USD) that have the exact amount, but there is no option to merge the two.
0
Comments
Hey @Victor_Hyperion and Welcome to Wave's Community Forum!
In full transparency, multi-currency payments can be especially difficult in Wave for invoice payments. Typically, you could split the income transaction into parts and categorize them to an invoice that you have created. In saying this, because the deposit is in a foreign currency, then applying it to the invoice in this manner will not be possible,
Instead, what you will have to do is apply the payment through the invoice itself. This means that you would need to mark each invoice as paid individually (you can also assign the appropriate exchange rate this way). What it means is that on your "Transactions" page, you will see 3 Invoice Payment transactions that account for the lump sum payment, and the bank imported transactions will need to be deleted.
Hi Jordan, thank you for the insight - I was thinking of doing that, but I wanted to see if there was an alternative (to deleting the imported bank transaction).
@Victor_Hyperion I'm afraid at this time, there isn't an alternative to this for multi currency invoice payments. You will want to follow (as Jordan suggested) recording the invoices as paid manually, and then deleting the bank imported transaction.
I have a comment. It seems straight forward. My client is in the UK, I am in the USA. I want to send him an invoice in his currency with a pay now button. So, he agrees to 150 UK, which is 183 US. Why is this not available? Send a client an invoice in their own currency. Seems odd not to have that option. I understand my current option is to send 183 US and he'll pay in his currency, what I don't know why you cannot provide an option for me to send in my clients currency. I do websites with this option everyday. I would think Wave would be able to do that also. Need some help with that Let me know!
Hi @ChaseIT! Thanks for reaching out here! If you want to send your invoice with online payments enabled you would have to send the invoice in your business currency (in this case USD). Because the exchange rates differ daily, it is hard to account for! As Wave has not been built out for multi-currency accounting, there are limitations as to what you can do. We do not have any immediate plans to build out multi-currency features but we are always interested in gathering feedback so we can see what is important and the areas we can improve on!