diff --git a/tests/py/test_dashboard.py b/tests/py/test_dashboard.py
index d9a6912a53..5b279e7f6d 100644
--- a/tests/py/test_dashboard.py
+++ b/tests/py/test_dashboard.py
@@ -19,6 +19,7 @@ def post_masspays(self, n):
                               , 'fee': '0'
                               , 'note': 'Exchange!'
                               , 'status': 'succeeded'
+                              , 'ref': 'transactionidref'
                               , 'route_id': unicode(self.homer_route.id)
                                }
                             , auth_as='admin'
diff --git a/tests/py/test_record_an_exchange.py b/tests/py/test_record_an_exchange.py
index bb9a8b516a..90b56dd196 100644
--- a/tests/py/test_record_an_exchange.py
+++ b/tests/py/test_record_an_exchange.py
@@ -32,6 +32,9 @@ def record_an_exchange(self, data, make_participants=True):
         if data['route_id'] is None:
             del(data['route_id'])
 
+        if 'ref' not in data:
+            data['ref'] = 'N/A'
+
         return self.client.PxST('/~bob/history/record-an-exchange', data, auth_as='alice')
 
 
@@ -93,21 +96,32 @@ def test_route_should_belong_to_user_else_400(self):
         assert response.code == 400
         assert response.body == "Route doesn't exist"
 
+    def test_no_ref_is_400(self):
+        response = self.record_an_exchange({'amount': '10', 'fee': '0', 'ref': ''})
+        assert response.code == 400
+        assert response.body == "Invalid Reference"
+
+    def test_whitespace_ref_is_400(self):
+        response = self.record_an_exchange({'amount': '10', 'fee': '0', 'ref': '   '})
+        assert response.code == 400
+        assert response.body == "Invalid Reference"
+
     def test_dropping_balance_below_zero_is_allowed_in_this_context(self):
         self.record_an_exchange({'amount': '-10', 'fee': '0'})
         actual = self.db.one("SELECT balance FROM participants WHERE username='bob'")
         assert actual == D('-10.00')
 
     def test_success_records_exchange(self):
-        self.record_an_exchange({'amount': '10', 'fee': '0.50'})
+        self.record_an_exchange({'amount': '10', 'fee': '0.50', 'ref':"605BSOC6G855L15OO"})
         expected = { "amount": D('10.00')
                    , "fee": D('0.50')
                    , "participant": "bob"
                    , "recorder": "alice"
                    , "note": "noted"
+                   , "ref" : "605BSOC6G855L15OO"
                    , "route": ExchangeRoute.from_network(self.bob, 'paypal').id
                     }
-        SQL = "SELECT amount, fee, participant, recorder, note, route " \
+        SQL = "SELECT amount, fee, participant, recorder, note, route, ref " \
               "FROM exchanges"
         actual = self.db.one(SQL, back_as=dict)
         assert actual == expected
diff --git a/www/~/%username/history/record-an-exchange.spt b/www/~/%username/history/record-an-exchange.spt
index cb25ee56bf..dba6c53b13 100644
--- a/www/~/%username/history/record-an-exchange.spt
+++ b/www/~/%username/history/record-an-exchange.spt
@@ -46,9 +46,9 @@ if request.method == 'POST':
     if not route or route.participant.id != participant.id:
         raise Response(400, "Route doesn't exist")
     
-    ref = request.body['ref']
+    ref = request.body['ref'].strip()
     if not ref:
-        ref = ""
+        raise Response(400, "Invalid Reference")
 
     with website.db.get_cursor() as cursor:
         cursor.run("""