Loss on Foreign Exchange?!
veronicajean
Member Posts: 1
On my dashboard it shows that 34% of my expenses are going to "Loss on Foreign Exchange" but that is not something I've ever assigned any expenses to. We are operating in Costa Rica so the default currency is Colones but we often do business with cash and credit in USD. I'm assuming this is some kind of automatic account based on the connection with xe.com that Wave automatically has, but I would really like to know if we are actually running that much of an expense with loss on foreign exchange. When I tried to troubleshoot this myself the only thing I could think of was going to transactions and filtering it by the account "Loss on Foreign Exchange" which just produced two transactions that were not visibly attributed to that account.
I just started with Wave a few weeks ago and finally have everything updated. I would like to get into using the analyses of the software and this is an unfortunate first obstacle to encounter. It would be great if anyone could reach out with suggestions or insights.
Thank you!
Comments
Hi @veronicajean. First of all, allow me to welcome you to Wave! I hope you'll find it suits your needs and the needs of your business.
We're actually working on better tools for businesses like yours that operate in multiple currencies, so this should be easier in the future.
You are right to think these would be losses accounted for based on the mid-market exchange rates from xe.com on the day of the transaction.
What you will have to do is go to the Reports page and click on Account Transactions (the very last one). On that page, you can filter to only see the account "Loss on foreign transactions". You should find all the details you need there. This should give you the information you're looking for.
Let me know if you need anything else!