Accounts in other currencies
Import a GBP, EUR, INR or other account: your books stay in U.S. dollars and the original amounts are kept.
Your company's books and U.S. tax returns are in U.S. dollars, but many founders also hold pounds, euros or rupees. When you import an account in another currency, choose its currency in the import form (OFX files that state their currency use it automatically).
How amounts are converted
- Each transaction is converted at the European Central Bank reference rate for its date. On weekends and holidays the last published rate is used.
- The original amount and the rate are kept with every transaction, so you and your accountant can see both.
- For currencies the European Central Bank doesn't publish (for example NGN or AED), you enter the rate when you import, and your accountant can adjust it.
The IRS has no official exchange rate and asks you to use the rate prevailing when you receive or pay money. Your accountant can review and adjust the rates before your return is filed.
One currency per account
Each account holds one currency. Give a foreign-currency account a clear name, such as Wise GBP. Its opening balance and its monthly reconciliation use the account's own currency, so they match the bank statement.
What the balance sheet shows
Each foreign-currency transaction is recorded in U.S. dollars at the rate on its own date. On the balance sheet, cash held in another currency is shown at the month-end rate, and the difference appears as its own line.