Hi Guys,
nice program, but I have few questions. As an organisation we do a lot of inter- currency inter- bank fund transfers, I've tried to do this on Wave, but had no success. For example, I have to record transfer of 1000 GBP and receive 1200 EUR, but I was unable to do this - I got whether 1000gbp or 1200 eur record, - I have EUR transaction in GBP account and vice verse. Also, there is no option to add currency rate - we use on that is recommended by HMRC (https://www.gov.uk/government/publications/hmrc-exchange-rates-for-2020-monthly), but no option to have currency ranges. So it is like exist, but not exist.
Guys, any plans for an upgrade some time soon? We are small charity and looking for an option to move to a cloud based program and we could consider you if there will be an improvement in this department some time soon (let's say 4-5 months).
Currently Waves foreign currency features in Wave are in need of updating, which is why we're planning on releasing some updates to this feature soon!
Check out THIS ARTICLE on our future plans for forex transaction.
Have you created your accounts in your Chart of Accounts in those currencies?
Wave pulls in live updates for foreign exchange rates using the website XE.COM. But as previously mentioned we're hoping to have a manual override for you to customize your transactions on the date of which they may have occurred, rather than the present exchange rate from xe.com.
Is there any update to change exchange rates manually ? It is really bad but easy to update your system..Why nobody care about this ? Most of users experience same situation.
Hi there @OnurK , thanks for your message! Our team is working on this as we speak, in fact! You can check out this Community post to learn more about the features which our team is working on to improve your experience with Wave's Transactions feature. So, this doesn't exist yet, but it's coming - thanks for your patience.
HI @Somethinglittle4u , can you expand on this a little bit? How would you like to see your customers pay you through the Transactions page? What would this look like?
@AlexL I am based in Canada but I have American customers and I don’t see anyway they can have their invoice in their own currency and pay through the sent invoice. The only people that can pay through that is if they’re also in canadian dollars. For my business, it’s better to quote them in their personal currency.
I have a UK wave account and I'm based in the UK.
I would like to invoice my wholesale clients in the US in dollars - but I can't see a way of changing the currency on my invoice to dollars from pounds. Please help.
I have set a Stripe account through WAVE so that I can invoice my US customers from my business based in the UK.
In WAVE I made my invoice in USD but I cannot use the stripe because the invoice currency (USD) is different to my WAVE currency (pounds)
I get this error message below:
Credit card payments are turned off because the currency of this invoice (USD) does not match your business currency (GBP).
Credit card payments can be enabled only for invoices created in GBP.
Please can you let me know how I can therefore use Stripe to invoice my US customers - now that I have set an account in both WAVE and Stripe to do exactly that?
Thanks for reaching out to our community. As you may have already learned, if you'd like to accept payments in Wave, your Wave account, Stripe account and invoice all have to be in the same currency.
If your business is in EUR, your US clients would not be able to see the "pay now" option if you invoice them in USD. However, if you bill them in EUR, they will be able to pay that invoice with a USD credit card. Our system will automatically apply the conversion.
Though they won't see the currency conversion on their invoice which I understand may be crucial to your business, this is still the preferred method in order to collect credit card funds.
Hello, I charge in EUR and my invoice currency is set to EUR per default. Though, as soon as I enter my clients´address (USA), the currency changes to USD. I need it to show EUR, though. How can I fix this? Thx
Hey @Leonie82 , is this on the invoice? If so, you should be able to go into your Customer's profile under Sales > Customers and change the currency that you have them under. This is what's most likely changing the default to USD.
I'm issuing Invoices to my clients in our local currency, however some clients pay in their currency (cash payments) but there are no option in selecting the currency paid in when adding payments. This creates an unbalance account when making deposits to the bank account. What solution is there without creating so many currency accounts for one item/services account.
Hey @Jerry ! If your customer pays an invoice via cash in a foreign currency, when you deposit the funds, whatever the base currency conversion is, you will need to edit the invoice amount to that converted base currency amount. Once this is done, you can mark the invoice as paid by clicking Record Payment.
once I've deposited a foreign currency cheque, and sent a receipt for that payment to the client, the bank will adjust my deposit for currency conversion. how can I edit the exchange rate once I see the banks adjustment?
Hey @Supersandor , we have a really handy Help Center article that breaks down exactly how you can handle this with your foreign currency invoice. Check it out!
Any credit card can be used to make an invoice payment in Wave. If you have Canadian customers, they can use their Canadian credit card without any issues.
I have a somewhat related question. I use Bank of America for my business account. All in $US, and have clients in Europe. In the past I invoiced them in $US. But paying in $US from Europe is expensive, typically $40+ in fees, plus a lousy exchange rate. I have discussed a new setup with my biggest customer so they pay in Euros to avoid fees and I get better exchange rates. I will use Transferwise for the setup. I will invoice the Customer in Euros, using Wave, he pays in euros to my Transferwise account, no fees, I convert the Euros to $US in Transferwise, small fee, and transfer to Bank of America, no fees. So invoice in euros, payment in $US how do I handle that in wave?
From what I understand, you'll want to record your invoice with EUR selected as the currency. Then, when you record a manual payment on the invoice in Wave, you will want to enter the exchange rate used by Transferwise. You can edit it when recording the manual payment. When it's all said and done, the difference recorded after the exchange rate is applied will automatically be recorded as a loss on foreign exchange expense by Wave. I hope this helps!
This is feature regression. It worked as expected a month ago. I could pay USD invoices from my USD account and CAD invoices from my CAD account. Now I have to create all kinds of fake entries and adjust with journal entries just to pay contractors in other countries. This is #seriouslydumb. Please stop "upgrading" software that works.
I have a GBP contractor billing me and paid via wire transfer from my USD account because the transaction cost is lower than my primary currency of CAD. So now I have 2 journal entries and multiple "fake" bank entries thanks to this wonderful feature regression.
Can you please explain how you fixed this? I am experiencing the same problem.
We are a Canadian business that sells our products in CDN. My supplier invoices us in USD and we have always just paid from our US bank account. Now when I try to pay the bill this way, I am getting an extremely large number for Unrealized loss on Foreign Exchange which I dont believe is correct.
@MiyadhM said:
Can you please explain how you fixed this? I am experiencing the same problem.
I'm not sure it's fixed just yet but it seems like @WaveHQ may be rolling back some "changes" that were made. It seems it might be possible to record a payment manually on the bills list page but not in the transactions page or the bill detail page. It's been a frustrating few weeks since this change but they're generally responsive eventually. Be persistent with your support requests.
My business usually operates in CAD however I have one client who is in the US. I invoiced him in USD and he paid me by USD cheque. I deposited that cheque into a USD Chequing account at my Canadian bank. Note that I didn't convert the USD into CAD. It is still sitting in USD in my Canadian Bank's USD account. Wave has imported bank transactions for that account. I'm now trying to associate the deposit in the USD account with the invoice that it pays and the usual way doesn't work. For CAD invoice payments, I am able to go to the transactions list, find the transaction and categorize/match the transaction in my CAD checking account as payment for a specific invoice in Wave. I'm not able to do this for the USD transaction. When I go to categorize the transaction, the option to m ark it as payment for an invoice in Wave does not appear.
How do I associate the USD account deposit transaction to the appropriate USD invoice in Wave so that my Consulting Income account only has one entry for that income? Currently, Wave shows Consulting Income entries for both the invoice and the deposit (which has been categorized as Consulting Income).
It's not currently possible to categorise the payment transaction as an invoice payment on a foreign currency invoice from the Transactions page I'm afraid. This has to be done from the invoice itself, by selecting Record a payment.
In this case, you can mark the invoice as paid as above, and then delete the bank imported transaction, or merge it with the manually created payment transaction
It's not currently possible to categorise the payment transaction as an invoice payment on a foreign currency invoice from the Transactions page I'm afraid. This has to be done from the invoice itself, by selecting Record a payment.
In this case, you can mark the invoice as paid as above, and then delete the bank imported transaction, or merge it with the manually created payment transaction
Thanks for the info, @KiahD. I did as suggested and recorded the payment on the invoice and then merged the created transaction with the imported bank transaction. It worked well and my books still reconcile!
I wish the page above would suggest the merging option. It only suggests that we delete the bank imported transaction but I hate to permanently delete any transactions imported from the bank. I feel like it isn't wise to be deleting transactions that actually happened in real life.
With the old receipts functionality, I could list a different (non-USD) foreign currency for when I'm uploading a non-USD receipt. In the current update, it does not give the option to list anything else. USD is the only option (maybe if my default currency was CAD it would be an option too?). How are we supposed to upload a foreign currency receipt with the new receipts process? It seems to me like a bug, as I've tried it different ways and I have not been able to change the USD part of the transactions form since the old receipts upload process was disabled (which btw worked well, the new process is much worse).
Comments
Hi Guys,
nice program, but I have few questions. As an organisation we do a lot of inter- currency inter- bank fund transfers, I've tried to do this on Wave, but had no success. For example, I have to record transfer of 1000 GBP and receive 1200 EUR, but I was unable to do this - I got whether 1000gbp or 1200 eur record, - I have EUR transaction in GBP account and vice verse. Also, there is no option to add currency rate - we use on that is recommended by HMRC (https://www.gov.uk/government/publications/hmrc-exchange-rates-for-2020-monthly), but no option to have currency ranges. So it is like exist, but not exist.
Guys, any plans for an upgrade some time soon? We are small charity and looking for an option to move to a cloud based program and we could consider you if there will be an improvement in this department some time soon (let's say 4-5 months).
Thank you.
Solncev
Hey there @Solnce
Currently Waves foreign currency features in Wave are in need of updating, which is why we're planning on releasing some updates to this feature soon!
Check out THIS ARTICLE on our future plans for forex transaction.
Have you created your accounts in your Chart of Accounts in those currencies?
Wave pulls in live updates for foreign exchange rates using the website XE.COM. But as previously mentioned we're hoping to have a manual override for you to customize your transactions on the date of which they may have occurred, rather than the present exchange rate from xe.com.
Helo All,
Is there any update to change exchange rates manually ? It is really bad but easy to update your system..Why nobody care about this ? Most of users experience same situation.
Thanks,
Hi there @OnurK , thanks for your message! Our team is working on this as we speak, in fact! You can check out this Community post to learn more about the features which our team is working on to improve your experience with Wave's Transactions feature. So, this doesn't exist yet, but it's coming - thanks for your patience.
will there ever be a way for American customers to pay me directly through the transactions page? It would be so convenient!
HI @Somethinglittle4u , can you expand on this a little bit? How would you like to see your customers pay you through the Transactions page? What would this look like?
I am based in Canada but I have American customers and I don’t see anyway they can have their invoice in their own currency and pay through the sent invoice. The only people that can pay through that is if they’re also in canadian dollars. For my business, it’s better to quote them in their personal currency.
I have a UK wave account and I'm based in the UK.
I would like to invoice my wholesale clients in the US in dollars - but I can't see a way of changing the currency on my invoice to dollars from pounds. Please help.
I have set a Stripe account through WAVE so that I can invoice my US customers from my business based in the UK.
In WAVE I made my invoice in USD but I cannot use the stripe because the invoice currency (USD) is different to my WAVE currency (pounds)
I get this error message below:
Credit card payments are turned off because the currency of this invoice (USD) does not match your business currency (GBP).
Credit card payments can be enabled only for invoices created in GBP.
Please can you let me know how I can therefore use Stripe to invoice my US customers - now that I have set an account in both WAVE and Stripe to do exactly that?
Hey there @BeeSayHello
Thanks for reaching out to our community. As you may have already learned, if you'd like to accept payments in Wave, your Wave account, Stripe account and invoice all have to be in the same currency.
If your business is in EUR, your US clients would not be able to see the "pay now" option if you invoice them in USD. However, if you bill them in EUR, they will be able to pay that invoice with a USD credit card. Our system will automatically apply the conversion.
Though they won't see the currency conversion on their invoice which I understand may be crucial to your business, this is still the preferred method in order to collect credit card funds.
Hope this helps!
Hello, I charge in EUR and my invoice currency is set to EUR per default. Though, as soon as I enter my clients´address (USA), the currency changes to USD. I need it to show EUR, though. How can I fix this? Thx
Hey @Leonie82 , is this on the invoice? If so, you should be able to go into your Customer's profile under Sales > Customers and change the currency that you have them under. This is what's most likely changing the default to USD.
Let us know if it works!
I'm issuing Invoices to my clients in our local currency, however some clients pay in their currency (cash payments) but there are no option in selecting the currency paid in when adding payments. This creates an unbalance account when making deposits to the bank account. What solution is there without creating so many currency accounts for one item/services account.
Hey @Jerry ! If your customer pays an invoice via cash in a foreign currency, when you deposit the funds, whatever the base currency conversion is, you will need to edit the invoice amount to that converted base currency amount. Once this is done, you can mark the invoice as paid by clicking Record Payment.
How do I reconcile my bank account if I'm supposed to delete the transaction and mark the USD invoice paid manually???
Hey there @sheilahash ! Just a heads up, I replied to your previous comment about this. Check it out here.
once I've deposited a foreign currency cheque, and sent a receipt for that payment to the client, the bank will adjust my deposit for currency conversion. how can I edit the exchange rate once I see the banks adjustment?
Hey @Supersandor , we have a really handy Help Center article that breaks down exactly how you can handle this with your foreign currency invoice. Check it out!
Can they pay with a Canadian credit card on a CAD amount on the invoice...I am based in the US
Hey @Jenny8S_s !
Any credit card can be used to make an invoice payment in Wave. If you have Canadian customers, they can use their Canadian credit card without any issues.
I have a somewhat related question. I use Bank of America for my business account. All in $US, and have clients in Europe. In the past I invoiced them in $US. But paying in $US from Europe is expensive, typically $40+ in fees, plus a lousy exchange rate. I have discussed a new setup with my biggest customer so they pay in Euros to avoid fees and I get better exchange rates. I will use Transferwise for the setup. I will invoice the Customer in Euros, using Wave, he pays in euros to my Transferwise account, no fees, I convert the Euros to $US in Transferwise, small fee, and transfer to Bank of America, no fees. So invoice in euros, payment in $US how do I handle that in wave?
Hey @Henrik !
From what I understand, you'll want to record your invoice with EUR selected as the currency. Then, when you record a manual payment on the invoice in Wave, you will want to enter the exchange rate used by Transferwise. You can edit it when recording the manual payment. When it's all said and done, the difference recorded after the exchange rate is applied will automatically be recorded as a loss on foreign exchange expense by Wave. I hope this helps!
This is feature regression. It worked as expected a month ago. I could pay USD invoices from my USD account and CAD invoices from my CAD account. Now I have to create all kinds of fake entries and adjust with journal entries just to pay contractors in other countries. This is #seriouslydumb. Please stop "upgrading" software that works.
I have a GBP contractor billing me and paid via wire transfer from my USD account because the transaction cost is lower than my primary currency of CAD. So now I have 2 journal entries and multiple "fake" bank entries thanks to this wonderful feature regression.
@DashingCollective
Can you please explain how you fixed this? I am experiencing the same problem.
We are a Canadian business that sells our products in CDN. My supplier invoices us in USD and we have always just paid from our US bank account. Now when I try to pay the bill this way, I am getting an extremely large number for Unrealized loss on Foreign Exchange which I dont believe is correct.
I'm not sure it's fixed just yet but it seems like @WaveHQ may be rolling back some "changes" that were made. It seems it might be possible to record a payment manually on the bills list page but not in the transactions page or the bill detail page. It's been a frustrating few weeks since this change but they're generally responsive eventually. Be persistent with your support requests.
My business usually operates in CAD however I have one client who is in the US. I invoiced him in USD and he paid me by USD cheque. I deposited that cheque into a USD Chequing account at my Canadian bank. Note that I didn't convert the USD into CAD. It is still sitting in USD in my Canadian Bank's USD account. Wave has imported bank transactions for that account. I'm now trying to associate the deposit in the USD account with the invoice that it pays and the usual way doesn't work. For CAD invoice payments, I am able to go to the transactions list, find the transaction and categorize/match the transaction in my CAD checking account as payment for a specific invoice in Wave. I'm not able to do this for the USD transaction. When I go to categorize the transaction, the option to m ark it as payment for an invoice in Wave does not appear.
How do I associate the USD account deposit transaction to the appropriate USD invoice in Wave so that my Consulting Income account only has one entry for that income? Currently, Wave shows Consulting Income entries for both the invoice and the deposit (which has been categorized as Consulting Income).
Hey @AslamN,
It's not currently possible to categorise the payment transaction as an invoice payment on a foreign currency invoice from the Transactions page I'm afraid. This has to be done from the invoice itself, by selecting Record a payment.
In this case, you can mark the invoice as paid as above, and then delete the bank imported transaction, or merge it with the manually created payment transaction
Thanks for the info, @KiahD. I did as suggested and recorded the payment on the invoice and then merged the created transaction with the imported bank transaction. It worked well and my books still reconcile!
I wish the page above would suggest the merging option. It only suggests that we delete the bank imported transaction but I hate to permanently delete any transactions imported from the bank. I feel like it isn't wise to be deleting transactions that actually happened in real life.
With the old receipts functionality, I could list a different (non-USD) foreign currency for when I'm uploading a non-USD receipt. In the current update, it does not give the option to list anything else. USD is the only option (maybe if my default currency was CAD it would be an option too?). How are we supposed to upload a foreign currency receipt with the new receipts process? It seems to me like a bug, as I've tried it different ways and I have not been able to change the USD part of the transactions form since the old receipts upload process was disabled (which btw worked well, the new process is much worse).