Foreign exchange ... again :(

tambeag

Dear Wave, first of all, many thanks for this great software, it really makes the life simpler.
I have a big problem here, and would be very appreciated for your help.

I have EUR and GBP account in my bank. EUR is my accounting currency.
I lend (zero interest) some GBP to my partner, and he is paying it back afterward. At the end I've got all my GBPs back, and have nothing to complain. But since exchange rate have been changed I got discrepancy when I call reports in sections "Account balances" and "trial balance".

I do understand that this is because realised/unrealised FX exchange, but how to handle it properly ? If everything is paid back, account schould be zero in any currency, isn't it?

Check the attachment.

All my best Regards!

tambeag

Am I the only who have same problem ? Please help....

ConnorM

Hey @tambeag! Thanks for reaching out here. I'm thinking that one of the best pieces of troubleshooting I can offer here would be this particular Help Center article. Have you taken a look through that? Looking forward to speaking further.

tambeag

Dear Connor,
Thanks for reply, much appreciated. Unfortunately the link is broken:

Oops
You're not authorized to access this page

This is what I see...

tambeag

Hi everyone!
I did some research together with couple professional bookkeepers and we realise that foreign exchange profit/loss write-off feature simply does not (hopefully yet) exist in Wave.
With bank account it works somehow, since we are able to ament exchange rates, but if you, for example, lend a loan in foreign currency and get in back in full afterwards, you will still have discrepancy in balance sheet, which is in your home currency. We found no option to correct it, which is quite strange, I see a lot of people here with same problem.

I am from Switzerland and we have here two big bookkeeping soft providers. Both of them have a button "bring fx exchange to zero"

I hope you will include this in future.

My Best Regards!

ConnorM

Hey @tambeag!

Thanks for keeping us in the loop here! It's always nice to hear followups to trickier challenges like this one - your continued communication has been greatly appreciated. While I can't promise that we'll implement a similar 'bring fx exchange to zero' button soon, I'll be sure to keep it in mind as we move forward with future iterations of the Wave software.