Currency conversion

I work with local currency and need to report quarterly in foreign currency. So, I convert my budget in bulk at the beginning of the quarter and report (reimburse) the expense at the end of the quarter, using imprest fund method in petty cash. After that I will repeat the same process, convert the reimbursement into local currency, which cause me to count average next quarter exchange rate, and so on.

How to handle this situation?


  • Ted PeetersTed Peeters Posts: 261 Expensify Success Coach

    Hi @PohLie - this certainly sounds like a unique situation! I can see Concierge is working through this with you now.

    For the record, it seems like we're landing on simply manually creating a report quarterly with all your local currency expenses converted into the Policy Currency Default (which you'll set to the foreign expense you're converting to).

    Whilst you can't set a specific exchange rate yourself in Expensify, we do take the day's trading average from Open Exchange Rates per expense.

    If you'd like to keep us all posted on how you get on, I'm sure the rest of the community would really appreciate it!

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