Purchases in a foreign currency
Deposits or withdrawals in a foreign currency account
Foreign currency withdrawals from your business currency account
Purchases in a foreign currency
When a purchase is made in a foreign currency using a card in your business currency, the transaction in Wave should represent the amount spent in your business currency.
If you automatically import your transactions or upload a bank statement, the foreign currency purchase is recorded in your business currency. If you manually create the transaction, keep the currency the same as your business.
Deposits or withdrawals in a foreign currency account
You may have bank accounts in foreign currencies. To record a deposit or withdrawal:
- From your Transactions page, create the income or expense transaction.
- For the Account, select the foreign currency account. The currency will
automatically update. - For the Amount, enter the total amount of the deposit or withdrawal.
- Fill out any other relevant information, then click Save.
Wave uses the xe.com rate to approximate the value of this transaction in your business currency for reports.
Foreign currency withdrawals from your business currency account
These transactions should be recorded in Wave in your business currency as it appears on your bank statement.
To bookkeep your withdrawal, create a foreign currency cash on hand account in your Chart of Accounts. Categorize the transaction as a transfer from your business currency account to the foreign currency cash on hand account. Learn how to Account for transfers from a foreign currency bank account.
If you manage cash in multiple currencies, learn to bookkeep petty cash.