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Using Wafeq

  • Getting started with Wafeq
    • Getting started with Wafeq
    • Setting up opening balances for your accounts
    • Setting up customers and vendors opening balances
    • Moving from Xero to Wafeq
    • Moving from QuickBooks to Wafeq
  • Importing your data
    • Importing your data 1/4: Contacts
    • Importing your data 2/4: Invoices and Bills
    • Importing your data 3/4: Expenses
    • Importing your data 4/4: Inventory
    • Setting up customers and vendors opening balances
    • Setting up opening balances for your accounts
    • Moving from Xero to Wafeq
    • Moving from QuickBooks to Wafeq
  • Account settings and user permissions
    • Inviting users and managing users permissions
    • How can I share feature requests?
  • Contacts
    • Importing your data 1/4: Contacts
  • Invoicing and receipts
    • Creating and sending an invoice
    • Creating a recurring or scheduled invoice
    • Recording sales from a Point of Sale with Simplified Invoices
    • Recording a customer invoice payment
    • Recording bank fees and invoice payments
    • Recording a customer advance or downpayment
    • Sending a payment receipt to your customer
    • Writing off an invoice
    • Choosing an account for an invoice or bill line item
    • Offering discounts in fixed amounts
    • Adding a Stamp or Signature
    • Why can't I see all my accounts in the Paid through drop-downs?
    • Hide or rename line item columns
    • Importing your data 2/4: Invoices and Bills
  • Quotes
    • Creating a quote for your customers
    • Converting a quote to an invoice
    • Offering discounts in fixed amounts
    • Adding a Stamp or Signature
    • Why can't I see all my accounts in the Paid through drop-downs?
  • Credit notes
    • What are credit notes for?
    • Credit notes: issue, apply to invoice or refund
  • Bills
    • Importing your data 2/4: Invoices and Bills
    • Creating a bill
    • Recording a bill payment
    • Recording a supplier advance or downpayment
    • Choosing an account for an invoice or bill line item
    • Why can't I see all my accounts in the Paid through drop-downs?
  • Chart of accounts
    • Setting up your chart of accounts
    • Organizing your Chart of Accounts with sub-accounts
    • What are Accounts Receivable?
    • Why can't I delete an account?
    • Why can't I see all my accounts in the Paid through drop-downs?
  • Banking and reconciliation
    • Importing your bank account and reconciling transactions
    • Setting up an opening balance for your bank account
    • Entering initial capital contributions
    • Entering transactions in a bank or petty cash account
    • Recording bank fees and invoice payments
    • Recording bank or petty cash transactions
    • Exchange gain or loss for invoices in foreign currencies
  • Manual journals
    • Manually recording transactions
    • Setting up opening balances for your accounts
  • Exchange rates
    • Exchange gain or loss for invoices in foreign currencies
  • Items and inventory
    • Importing your data 4/4: Inventory
    • Setting up an initial quantity on hand for an inventory item
    • Tracking inventory
    • Adjusting your inventory
    • Invoicing for inventory items
    • Billing for inventory items
  • Expenses
    • Importing your data 3/4: Expenses
    • Using the Expenses sheet to enter expenses
    • Handling expenses paid by the owner
    • Submitting expense claims as an employee
    • Managing expense claims
    • Exchange gain or loss for invoices in foreign currencies
    • Why can't I see all my accounts in the Paid through drop-downs?
  • Fixed Assets
    • Record and depreciate fixed assets
  • Payroll
    • Running Payroll
    • Submitting expense claims as an employee
    • Managing expense claims
    • How do I email payslips PDFs to my employees?
    • Why can't I see all my accounts in the Paid through drop-downs?
  • Projects
    • Tracking project profitability
  • Reports
    • Viewing customers' statement of account
    • Creating a bill
  • Integrations
    • Connecting your Stripe account to Wafeq
    • Configuring Foodics integration with Wafeq
  • Using sheets view
    • Using Wafeq Sheets
    • Managing expense claims
    • Using the Expenses sheet to enter expenses

Exchange gain or loss for invoices in foreign currencies

What happens when I create an invoice in a foreign currency?

When you create an invoice in a foreign currency, Wafeq will automatically convert that invoice to your base currency using the exchange rate prevailing on the date of the invoice.

What happens when I record the invoice payment?

Once you record a payment against the invoice, Wafeq will automatically recognize an exchange gain or loss by fetching the exchange rate at the date of the payment. The gain or loss resulting from the difference between the exchange rate on the date of the invoice and the payment will be recorded against the Exchange Gain or Loss expense account on the date of the payment.

To view the exchange gain or loss amount, go to your invoices Sheet view and click on the + button in the payment column, then on the journal icon in the right column.

You will be redirected to the recorded payment transaction where you will see all of the accounts involved in this transaction, one of them being the Exchange Gain or Loss expense account that will either be debited or credited.

Note that AED to USD transactions are converted at the UAE Central Bank fixed rate 3.6725.

  • Importing your bank account and reconciling transactions
  • Setting up an opening balance for your bank account
  • Entering initial capital contributions
  • Entering transactions in a bank or petty cash account
  • Recording bank fees and invoice payments
  • Recording bank or petty cash transactions
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