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CAD is stronger than USD in Wave.

WaveWaveWaveWaveWaveWave Member Posts: 10

Hello, I created USD account because USD is kept on that account. After I entried some transactions the SUM at the bottom shows I have now 600+USD, but only 500+CAD. Look here:

IS there some way to fix this?

edited July 14, 2020 in Wave Discussion

Comments

  • WaveWaveWaveWaveWaveWave Member Posts: 10

    Now I am negative...

  • BarsinBarsin Member, Moderator Posts: 2,041 ✭✭✭

    Hey there @WaveWaveWave

    Looks like your business' native currency was set up as CAD. Wave uses the mid-market rates from xe.com in cases where we need to approximate the currency conversion for you. These are: calculating unrealized gains and losses on foreign exchange, approximating the foreign exchange rate when creating the second side of a foreign currency transfer, and calculating the value of receipts entered in a foreign currency. Currently Wave does not have the ability to manually change the foreign exchange rates in Wave however this is something that will be available soon! Check out this post HERE

  • WaveWaveWaveWaveWaveWave Member Posts: 10

    Hello @BarsinA !
    Is there some kind of journal entry i can do so that the CAD number changes but USD stays the same?

  • ConnorMConnorM Member Posts: 1,229 ✭✭✭

    Hey @WaveWaveWave! Great question. You should be able to use a journal transaction in order to make this change as needed, correct! As far as the best way to account for that within your particular account, you may want to work with an accountant in order to determine what your journal entry would look like.

  • WaveWaveWaveWaveWaveWave Member Posts: 10

    @ConnorM You should say programmers to correct this, instead of us hacking around.

  • BarsinBarsin Member, Moderator Posts: 2,041 ✭✭✭

    We're hoping for an update on this very soon!

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