Wave helps simplify the complex topic of foreign exchange. These answers to common questions will help you navigate this topic.
What Exchange Rate does Wave use?
Wave uses the mid-market rates from xe.com in cases where we need to approximate the currency conversion for you. These are: calculating unrealized gains and losses on foreign exchange, approximating the foreign exchange rate when creating the second side of a foreign currency transfer, and calculating the value of receipts entered in a foreign currency.
Can I enter my own, custom exchange rates in Wave?
Yes, you can enter custom exchange rates when entering payments made for foreign currency bills and invoices.
Where can I learn more about Foreign Exchange in Wave?
Read these articles about the following topics in our Help Center to learn more about Foreign Exchange in Wave:
How can I get help with foreign currency bookkeeping?
Wave's Help Center has several articles about foreign currency bookkeeping. You can also ask Mave, our automated chatbot, more questions about accounting. If you have specific questions about your jurisdiction's specific requirements, we recommend reaching out to your professional accountant or bookkeeper.