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How to view balance in foreign currency

salmansalman Member Posts: 3

I have a few cash and bank balances set up in foreign currency.

If I want to view balance in foreign currency, how can I do that? Currently it only shows me the translated figures in reporting currency.

Kindly help.

in Accounting Technical Support

Comments

  • Dante_BulluckDante_Bulluck Member Posts: 52 ✭✭

    Hi Salman. If you're referring to reports, reports can only be viewed in the primary currency of your account.

  • salmansalman Member Posts: 3

    Thanks Dante. This is a serious limitation.


    Is there any other way where I can know that how much is my balance in foreign currency?

    Is this feature planned to implemented anytime soon?

  • CharlotteCharlotte Member Posts: 671 admin

    Hi Salman, thanks for your post. So that I can understand your question a little bit better - you have created accounts in multiple currencies, correct? Specifically what information do you require? Are you looking only for the account balance as of a specified date, or for other reporting?

  • salmansalman Member Posts: 3

    Hi Charlotte,

    Yes. Correct. I have created account in multiple currencies and I am looking to see balance at a specified date in that currency (not in the local currency / reporting currency).

  • KamalKamal Member Posts: 2

    I have also the same problem and if I transfer some amount from my primary currency to my foreign account there should be an exchange rate option so i can specify the rate but the wave would do it itself so it will cause variation in my balance and also if i deposit some amount to my foreign accounts in reporting it will show them all in my primary currency and i don't know how wave calculate the exchange rate and their will be gain or loss in foreign exchange which is not matching with my actual balance.

    somebody please advice if there is any solution...

    thanks

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi @salman. Right now, you can't. Reports are only in your business' default currency. We're working on tools for better multi-currency support, but at this moment, there's no way to see the balance for a specific period in a foreign currency. You would have to make those calculations from your Transactions page.

    @Kamal, it isn't possible to choose the exchange rate used by Wave. Wave will always use the mid-market exchange rate from xe.com for the day of the transaction. We are working on better tools to manage businesses like yours who deal in multiple currencies, but those are not quite ready yet.

    There was another post here where we touched on how to manage unrealized gains and losses at year's end. It might help you out.

  • WavearoundWavearound Member Posts: 2

    As mentioned by Alexia the Transactions page has the amounts in the original currency. Unfortunately there is no way of exporting the data on that page. And when I copy and past them I loose the date information.

    The workaround I found is to filter for the same data as in the transactions report and then order them by date ascending. I then copy and past the data into a spreadsheet from both pages. And use the dates from the transaction Report page and the amounts from the Transactions page.

    It's a bit of work. But it's the best way I found so far.

    Waiting for Wave to solve these annoying issues and limitations.

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Thanks for your suggestion, @Wavearound!

  • astjohnastjohn Member Posts: 1

    @Alexia - I was just told by Alex, a wave customer support agent, that the ability to view a foreign currency account's transactions, in the foreign currency is "not on the roadmap for the near future". This is such a basic requirement when dealing with multi-currency accounts. Can you please confirm Wave has no intention of introducing such a feature in the near future?

    Thanks!

  • JamieDJamieD Administrator Posts: 1,156 admin

    Hey @astjohn. We still don't have a concrete timeline as to when this will be available, or on a roadmap for the future -- I know it's likely not the answer that you're looking for, but being fully transparent, we are currently focusing the development/advancement of our software in other locations (recurring billing, reconciliation, as well as handling personal transactions with business accounts). I will still mention your request to our development team to see if there are plans for implementing this for the future (or when we can do this) but I don't want to set an expectation that we can't meet.

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