All Collections
Wave Support
Can taxomate convert a foreign marketplace currency to my home currency in Wave?
Can taxomate convert a foreign marketplace currency to my home currency in Wave?

Multicurrency and foreign currency conversions in Wave

Updated over a week ago

NOTE: Wave will now only work if your home currency is USD or CAD.

All settlements are imported into taxomate and sent to Wave in the currency of the country marketplace (unless the marketplace customer currency is different).

The settlements are then converted to the home currency when sent to Wave. taxomate can import up to 18 months of conversion rates used by Amazon and uses Wave's conversion rates if the settlement is older than 18 months.

STEP 1: Set Business (Home) Currency

When you first create a business in Wave, you're asked to choose your business's primary currency. This becomes your default business currency, and it cannot be changed after it is set.

STEP 2: Send Invoice(s) from taxomate to Wave

STEP 3: Record Payment for Invoice

Unlike QuickBooks and Xero, Wave does not allow you to match invoices with foreign currencies directly to payments received in your bank account.

Instead, you are going to have to record payment by going to Sales > Invoices and then selecting Record payment.

Select the Payment method and Payment account where you receive your Amazon payments and click Submit.

STEP 4: Delete Bank Account Payment

Since you have already recorded payment for the invoice, you are going to need to remove the payment displayed in Wave from your connected bank account. If you don't do this, you will have duplicate payments in Wave, and your books will be thrown out.

You can delete your payment by going to Accounting > Transactions, selecting the particular payment, and clicking Delete.

That's it! Your converted invoices will now show up in your Wave reports.

Did this answer your question?