Do Accounting Job

And final article to conclude the subject of recording a transfer from Foreign Currency Bank Account https://support.waveapps.com/hc/en-us/articles/115002033786 How to record a Transfer from a Foreign Currency Bank Account If your business frequently makes sales or purchases in a different currency than your main Business Currency, there's a good chance you have one or more Foreign Currency Bank Accounts. Recording transfers between accounts in different currencies is a little tricky, as you need to ensure ensure the exchange rates used line up correctly with the rate your bank actually gave you on the transfer, and also account for Currency Gains and Losses. But don't worry — by following the steps in this  ‘How to’  guide, you'll quickly be able to get on top of Foreign Currency Bank Transfers. “It's a transfer, Jim, but not as we know it!” Transferring funds from a foreign currency account is essentially the same as transferring funds between two accou...

Just to continue with foreign Currency bookkeeping an article from the same source https://support.waveapps.com/hc/en-us/articles/115002003143 Foreign Exchange Gains and Losses in Foreign Currency Bank Accounts If your business holds funds in foreign currency bank accounts, you'll be familiar that sometimes foreign exchange rates move in your favor; sometimes they go against you. Wave allows you to create bank accounts in foreign currencies, and records deposits and withdrawals from these accounts  adjusted to your business' ‘Home’ currency . From time to time you will need to adjust the balances in these accounts to take account of currency exchange movements. This article shows you how. Scenario To aid understanding, this article will walk through some examples. We'll base the examples on the following scenario: You start a part-time business on January 1st in Canada, with Canadian Dollars as your business currency. On January 2nd, you receive your first...

One of the simplest article on Foreign Exchange Gain and Losses on Transactions was found here https://support.waveapps.com/hc/en-us/articles/208624186#bookkeeping Foreign Exchange Gains and Losses on Transactions Before we get into the detail, you may be wondering  “Why is this even a thing?”  Let's deal with that first! Wave uses the  accrual method  of accounting, which means that income and expenditures are recognized at the time they are incurred; not when money changes hands. Using the accrual method gives you the most accurate picture of how your business is performing, but it does open up a question:  What if the cash I receive against an invoice is different than the income I originally recognized?  This could happen because you suffer a bad debt or — as we are considering now — because you invoiced in a foreign currency, and the value of that currency amount in your home currency changed between when you created your invoice and when you ...