Understand how foreign currency transactions are recorded

Purchases in a foreign currency using a business currency account

Record a deposit or withdrawal in a foreign currency account

Foreign currency cash withdrawals from your business currency account

Purchases in a foreign currency using a business currency account

When you make a purchase 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 bank statements, Wave automatically records the foreign currency purchase in your business currency.

Record a deposit or withdrawal in a foreign currency account

You may have bank accounts in foreign currencies. To record a deposit or withdrawal:

1. On the left-side menu, click Accounting > Transactions.
2. Create the deposit or withdrawal transaction.
3. For the Account, select the foreign currency account. The currency in the amount field updates automatically.
4. For the Amount, enter the total amount of the transaction in the foreign currency.
5. 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 cash withdrawals from your business currency account

Record these transactions in Wave in your business currency exactly as they appear on your bank statement.

To bookkeep your withdrawal, create a foreign currency cash on hand account in your Chart of Accounts. Next, categorize the transaction as a transfer from your business currency account to the foreign currency cash on hand account.