Wise accounting with file import
Import files from Wise into KudTax and prepare the data they contain for reconciliation and accounting. You start the import by uploading a file.
Wise is used by merchants who take in and pay out in several currencies — marketplace payouts in pounds, supplier invoices in dollars, costs in euros. The account carries each currency as its own holding. In accounting terms those are several cash accounts with their own balances rather than one account in a changing currency, and that distinction decides the balance sheet.
How Wise works with KudTax
01
Export your Wise file
Download the appropriate export from Wise. The supported file and fields depend on the import format.
02
Upload the file to KudTax
Upload the export file to KudTax. The Wise integration processes the data contained in the file.
03
Review the import and matches
Check the imported amounts, dates and references. Add missing documents and review unresolved matches before continuing.
04
Prepare your accounting data
Prepare the imported data for your accounting workflow. Review the posting rules and export file with your accountant.
What KudTax reads from Wise
- Where the export lives
- Wise → Statement → select period and currency → export as CSV or camt.053
- What the portal calls the file
- Statement per currency
- Formats
- CSVcamt.053 (XML)PDF
Line-item types recognised
- Receipts per currency
- Payments and transfers
- Conversions between currencies
- Wise charges
- Balances per currency
What to watch for with Wise
Each currency is its own account
A balance in pounds is a different thing on the balance sheet from one in euros and has to be valued at the closing rate on the reporting date. Carry every holding in one euro figure and the valuation goes, and with it the unrealised exchange gain or loss.
A conversion is a transaction in its own right
Converting pounds into euros is neither income nor expense but an asset swap carrying a charge and an exchange difference. Booked as an incoming payment it inflates turnover with money that was never a sale.
Why connect Wise with KudTax
Fee & gross separation
Separates payment processing fees into expense accounts so P&L and tax bases stay exact.
Automatic open item clearing
Matches bundled payout batches to individual customer invoices automatically.
Multi-currency conversions
Accurately calculates exchange rates and posting amounts for foreign currency payouts.
Clearing entries for review
Uses transit accounts (Geldtransit) so bank statements and payment gateways balance to the cent.
Wise integration – FAQ
Automate your Wise accounting today
Explore the workflow in the product tour and check whether your Wise export matches the supported import format before getting started.
