TransferWise - StripePayments - Wave

Jesper666

I have thrown out all my bank accounts. And open new accounts with TransferWise!
I am also using Stripe for my online payments. And payments with cards directly.

SO my question is how do I set this up in the best way in Wave?

This is how I had it setup before.
Cash (USD)
Cash (EUR)
Cash (PHP)

HSBC Bank (USD)
HSBC Bank (EUR)
HSBC Bank (PHP) All HSBC account are going out ASAP!
BDO Bank (PHP) This is our corporate bank account and this will stay where it is.
OS Bank (EUR) This is my bank in Sweden that takes care of all payments done with Stripe. This because Stripe do not exist here in the Philippines. This will also stay but it has been changed to (SEK) currency instead.

So now in the future it will look like this instead I hope.
Cash (USD)
Cash (EUR)
Cash (PHP)

BDO Bank (PHP)
OS Bank (SEK)
TransferWise Bank (EUR)
TransferWise Bank (USD)
TransferWise Bank (GBP)
TransferWise Bank (AUD)
TransferWise Bank (NZD)
TransferWise Bank (SGD) These are my new corporate bank accounts. These accounts is not the problem as I see it. Many comes in easy to put back in Wave.

TransferWise Bank (EUR)
TransferWise Bank (USD)
TransferWise Bank (GBP)
TransferWise Bank (AUD)
TransferWise Bank (NZD)
TransferWise Bank (SGD) These are my new private bank accounts. And these I have connected to Stripe Payment. And this is my problem here right now.

When I use Stripe here in the we use (PHP) because our price list are in (PHP). But depending where the card holder comes from, for example if he is from The UK he will be charged in Pounds. And the pounds will be deposited to my (GBP) account of course. The problem is how do I know this, or how will I see this?

How do I make sure that each transaction are put in the right currency when we do the accounting? So are there anybody out there who works with TransferWise and also many different currencies who can help us out one time with this.

Jesper666

I cannot connect a bank account because our business is not in the US or Canada.

We cannot connect Stripe because our business is in the Philippines. And our Stripe Account is in Sweden. Or can this be changed in any way to make this work? We work with (PHP) in Wave right now. And of course that we should always do or not?

So how could this be simplified for us anybody?

Barsin

Hey there @Jesper666

Thanks for the thorough post here!

Have you created all of these transfer wise accounts in Wave in their correct currency?

If not you may want to do this first. Are you collecting Stripe payments directly on your Wave invoice integrated through Stripe? Or are you using Stripe's payment interface? I ask this because in Wave you can only connect one account as a deposit account for all your invoices. This can be changed, however you cannot add different payout accounts for each of your invoices in different currencies.

If you're not using Wave's invoicing integrated Stripe payments, you may be able to simply import your transactions into Wave by downloading a CSV document for each account and uploading them to the appropriate currency.

I hope this gives you a bit more info but don't hesitate to reach out if you need anything else.

Jesper666

No I do not collect Stripe payments directly from our invoices. Sounds interesting, could you please explain more about this one time Barsin. Right we are collecting deposits and payments directly from Stripe. And then we manually input them into Wave.

Barsin

Hey there @Jesper666

If you're able to download the income transactions as a CSV download from Stripe or transferwise, you should be able to upload them into your specific accounts using Wave's CSV uploader. You will be able to select your different payout accounts in different currencies.

I don't have good insight into how Stripe or Transferwise exports its transactions, however I can speak to Wave in that if you can isolate your transactions in their different currencies, you should have success uploading them to Wave.