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How often does foreign currency adjust on balance sheet?

dontworryaboutitdontworryaboutit Member Posts: 20

How often does waveapps convert foreign currency value to my home currency on the balance sheet?

Example.

My home currency is USD. I recieve $1000 CAD to my CAD bank in Jan 2020 and the balance sheet shows $750 USD (CAD/USD exchange that day was 0.75).

Now its Dec 2020. The $1000 CAD is still in my CAD bank. CAD/USD exchange is now 0.95. Will the balance sheet still show $750 USD, or $950 USD? Will waveapps treat this $1000 CAD is $750 USD perpetually regardless of exchange rate?

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

    Hey there @dontworryaboutit

    I've got a couple of good resources you can check out below:

    How foreign currency transactions look in Wave

    FAQ on foreign currency transactions

    When creating an invoice in a currency other than your business currency, a user is automatically shown the current exchange (an avg. for the day the invoice is created, sent by XE.com). Exchange rates are calculated as a daily average sent over from XE.com. For reports and transactions, users largely do not have the power to override these rates.

    You will likely see a foreign gain or loss showing up here which can be categorized to that account using a journal transaction.

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