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How can we set up the FX Rate

ShantanuShantanu Expensify Customer Posts: 11 Expensify Newcomer

Can anyone advise me what are the Steps i need to follow to set up FX rate conversion for Foreign currency expense Report?

Answers

  • Zany RenneyZany Renney Expensify Customer, Expensify Team Posts: 125 Expensify Team

    Hi there @Shantanu.

    When converting an expense from one currency to another, we look up the average bid and ask rate on the date the expense occurred using Open Exchange Rates. This rate is reported to us after the market closes on that given day. This means the actual conversion rate used will differ depending on the day the expense occurred, based on how those two currencies were trading against each other on that day. 

    In the event that the markets weren’t open on the day the expense was incurred (such as on a weekend), we’ll use the daily average rate on the last day the market was open prior to the purchase. If the expense is logged as being in the future, (perhaps to anticipate a purchase that hasn’t yet been made,) then we’ll use the most recent data available. This means the value of the report will fluctuate up to the day of that expense, which might produce unexpected results. You will not be able to submit reports until the markets have closed for the dates of all the expenses on the report.

    For more information on Currency in Expensify, check out this Deep Dive.

    Thanks!

  • ShantanuShantanu Expensify Customer Posts: 11 Expensify Newcomer

    Thanks @Zany Renney and i have gone through Deep Dive link but my query is that if my Default currency is USD and i submit expense report in EURO, how this will get converted automatically to USD rate as based on the Deep Dive link it says you need to change the Report Output currency.


    I cannot define the Report output currency for each currency as user can enter whatever currency they want and it should get automatically converted to Default Policy currency.

  • Zany RenneyZany Renney Expensify Customer, Expensify Team Posts: 125 Expensify Team

    Hi @Shantanu - Can you write into us at [email protected] or use the blue chat bubble icon in Expensify so we can talk through this with you live and use a specific report to look into.

    Thanks!

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