When you create a business in Wave, a currency will be recommended based on your business location. To change the currency, click Change this during setup. Your selected currency becomes the default for your business and cannot be changed once set.
Only USD and CAD are currency options as Wave is only available to US and Canadian businesses.
Why can’t business currency be changed?
Small businesses generally report income and pay taxes in their domestic currency. If you relocate to another country, you are starting a new business. While your operations and clients may remain the same, the tax obligations and currency used are different.
If you move your business to another country, create a new business in Wave. To ensure proper compliance, consult an accountant in your original country and your new country.
For help setting up your new business, Wave has a team of in-house bookkeepers and accounting coaches. Learn more about Personalized help with Wave Advisors.
What to do if you set up the wrong currency
If you selected the wrong currency at set up, create a new business with the correct currency. Once the new business is created, archive the incorrect business to prevent confusion.