How do I handle exchange rates in Expensify if I want to manually adjust them?

Fredrik Expensify Customer Posts: 2 Expensify Newcomer
edited August 2018 in Day to Day

Hi = I have a lot of foreign currency expenses and uses your function to add to the actual cost to reflect the final charges from my Credit Card or actual Cash Costs. However . . . there are times where this is NOT working smooth and I would like to manually over-ride (establish a different and expense-line-specific currency rate). Can this be done? I see myself doing that just prior to completing/filing the report (after I have received the Credit Card bill) and sending it to my financial department. Please comment if possible to do. Fredrik

Best Answers

  • Rachael Hopkins
    Rachael Hopkins Expensify Success Coach - Admin, Expensify Team, Expensify Student Ambassador Posts: 904 Expensify Team
    edited August 2018 Answer ✓

    Hi @Fredrik there are two main approaches with reporting expenses in a foreign currency:

    1. You incur the expenses in cash (or on a credit card which is not linked to Expensify), this uses the day's trading average for the exchange rate, and you can use the Currency Conversion Surcharge to offset the foreign exchange fees. You can also manually change the Amount on the expense if needed, but this will be flagged for review.
    2. You incur the expenses on a credit card which is connected to Expensify, and you SmartScan the receipts so that the cash receipt will merge with the credit card transaction and reflect the actual amount charged. You will report the exchange fees as an additional expense.

    Can you elaborate on what scenarios are not working for you at present?