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Does Wave Convert USD to CAD automatically?

pudapuda Member Posts: 2

Hello,

Super new to Wave so excuse my question if you have already answered it somewhere :)

I am in Canada but most of my clients are in the US and pay me in USD (on my USD bank account). Is there a way for Wave to automatically convert USD to CAD? I usually do it myself with daily currency chart but it's a bit of a hassle!

I have also added all of my clients and when they are in the US, it says "Currency: USD". Wondering if I should add payment in USD then when I add payment or if I should convert everything to CAD to make it easier.

Thanks :)

in Accounting Technical Support

Comments

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hey @puda . Welcome to Wave, we're super glad to have you!

    There's a few things to cover in this post as Foreign Currencies and Accounting don't always mesh very well.

    First, if you're located in Canada and your business currency is set up under CAD, you cannot process payments through Wave that are USD. You can have your customers pay you outside of Wave through whatever means works best for you, but you won't be able to process these payments through Wave directly.

    Next, all of your reports will appear in your business' base currency (assuming this is CAD). This means that even when you take a USD payment, Wave will automatically convert it to CAD. We use the going daily rates on XE.com (this will save some work for you).

    When it comes to taking payments outside of Wave, this is really up to you. I'd advise that you take payment in USD (send your invoices out in this currency), and then your reports will automatically show up in CAD.

    Hope this helps!

  • pudapuda Member Posts: 2

    Thanks so much! That's what I was looking for!

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