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Foreign exchange can be a tricky topic, but we try to make it easy to understand in Wave. We've answered some common questions here to help you navigate this topic with confidence.
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?
You can enter custom exchange rates when entering payments made for Bills and Invoices.
Where can I learn more about using Foreign Exchange in Wave?
You can learn about using Foreign Exchange in Wave by reading about these topics in our Help Center:
Where can I get help with understanding how to do my foreign currency bookkeeping?
While Wave’s Help Center is a great resource for using Wave Accounting, we’d recommend reaching out to your professional accountant or bookkeeper if you have specific questions about your jurisdictions specific requirements.