Transfers From a Foreign Currency Bank Account
System
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Transfers From a Foreign Currency Bank Account
When you move money between two accounts in different currencies, you’re really doing two things: exchanging the currency, and then depositing that currency into the other account. This transaction...
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I love the way this feature works BUT I need to be able to see the amount when I match the feature. For example, I have alot of similarly priced transactions that go from my Paypal Canada to my paypal USD account. When I categorize it, I pick transfer to, the I see a list of potention transactions (such as Paypal Canada, Nov. 18) but I can't tell which one it is that matches to the correct amount. I hope this makes sense. The only work around I have found is to guess and then I can see the match. If it's wrong, then I undo it (it is also very challenging to delete a transfer - I have to trick it to do this as well) . Then I redo again and again until I get the right transaction.
This article does not explain how the mysterious "gain/loss" is calculated. While the XE rate might be interesting, clearly the rate used by MY bank is the one that matters, which also isn't shown anywhere.
Hey @Mindplay, in order to help you out here, it might be best if we had a little more context around your current situation. What's happening? Are you seeing discrepancies between transactions in Wave and transactions from your bank account? Would love to help!
How can I override the exchange rate supplied by the wave system, when transferring fund between different currency (i.e. US$ <-> EURO) accounts when my real exchange differs from the system rate. For example: I purchased 100K Euros at $1.1523 but the system chooses $1,1645 per Euro?
Hey @MLPSTA , how are you recording this in Wave and what did this transaction look like in real life? There may be a better way to account for it.
Hello Alex,
sorry for the delay in my response.
I will give you an example We have an EURO account with the bank and it is also set up in Wave as an EURO account. From this account we wired EURO funds to a vendor in Europe to his EURO bank account.
In the transactions overview it shows correctly the EURO transaction ... BUT ... when going to
reports/ dig deeper and reviewing the account balances and transactions it automatically generates USD with an exchange that we did not put in. So in this case we have a difference of about $1100 between actual rate and the wave generated rate ...
In reconciliation though it shows the correct current EUR balance
Markus
We are having the same issue as @MLPSTA and it is creating the same ghost USD balance in our 13 other currency bank accounts... @AlexL has Wave figured out how to address this issue?
Hey @RLG !
I see that you have submitted a ticket request to our support team which is great. I have since escalated your case so please keep an eye on your email inbox. One of our agents will be reaching out soon.