Account for transfers from a foreign currency bank account

When you move money between two accounts in different currencies, you’re doing two things: exchanging the currency, and then depositing that currency into the other account.

To account for a currency exchange transfer:

1. On the left-side menu, click Accounting > Transactions.
2. Locate the income transaction, or create a new one.
3. Categorize the transaction as a Transfer from Bank, Credit Card, or Loan and select the account the funds were transferred into. If both the income and expense transactions exist in Wave, select the matching transaction from the dropdown menu instead.
4. If you only have the income transaction, Wave automatically creates the second half of the transaction, which is named Created transfer.

The second half of the transfer is created based on the current mid-market rate pulled from xe.com. If the calculated amount is different from the amount you received, edit the transfer amount to match your deposit.