Account for transfers from a foreign currency bank account

When you transfer money between two accounts in different currencies, you’re completing two actions: 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 only the income transaction exists, select the account the funds were transferred into. Wave automatically creates the second half of the transaction, which is named Created transfer.

Wave creates the second half of the transfer 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.