Reimburse in multiple currencies?

psx

We are based in Canada but do consulting in the US. When we travel we use a US$ credit card to avoid having to constantly take exchange rate hits (customers reimburse us in US$).

Is there a way to specify that expenses entered in US$ are paid in US$ and CDN$ expenses are reimbursed in CDN$?

We require that all expenses be exported to QBO in which we have different accounts for our different currencies and different vendors (in different currencies) for each employee.

Thanks in advance.

Stevie LaFortune

Welcome to the Community @psx ! Yes, you will want to create two company policy and set the default currency in the policy to represent those expenses that should be reported on each policy. There isn't a way to set different report currency outputs without different policies.

psx

Thanks Stevie.

I set up two profiles, one for USD and one for CAD. While it would be nice if the expenses were directed to the correct policy based on the currency rather than the user having to remember before they start, it does appear to allow me to enter expenses in the two different currencies and everything routes accordingly.

The problem now is that when I try to export expenses to QBO for a USD reimbursement I get the following error message "Transactions can have only one foreign currency at a time.". I'm not 100% certain but I suspect that this is happening because it is trying to export the expense for user / supplier "psx" which is associated with a CAD account rather than "psx - US" which is a USD account.

Any recommendations on how best to resolve this?

Thanks again,

Perry.

Kirk Barrett

Hi Perry,

It sounds like this may be easier to handle working with you one on one so that I can look at the details of specific reports and policies. Could you please write in through the in-app chat, or email concierge@expensify.com, for deeper troubleshooting on this? I'd be happy to follow up!

psx

Kirk,

Thanks for the quick reply. I was planning on doing this on Tuesday but thought I'd post it here just in case someone knows off-hand and was checking over the long weekend.

Kirk Barrett

You're welcome! Happy to follow up whenever you're ready!

psx

I worked with the concierge and we were able to get this to work but it did require us to create two users for each employee - thus doubling our monthly expense. Is there a better way of getting this work, otherwise can an enhancement request be made to facilitate this without the cost and administrative overhead of having two accounts for every user?

Thanks again.

John Schuster

Thanks for following up on this, @psx! Hmm, setting up two user accounts per person doesn't sound like the best approach. When working with multiple currencies, your users should be able to incur a transaction in one currency (CAD, for example) and have the transaction converted to whatever currency is set in the policy settings. If the currency in the policy settings matches the incurred currency, no conversion will be made.

psx

Thanks John, I wholeheartedly agree. I am unable, however, to get it to work any other way - happy to have someone from Expensify walk me through it if it does work though. USD expenses entered into the USD policy work fine but since the supplier that is reimbursed in QBO is linked to the Expensify user it fails because the user's currency is set to CAD. Only by creating a second user can it then map to a USD supplier and the transaction gets created. This may well be specific to QBO that doesn't support multiple currencies with a single vendor but could easily be handled within Expensify by mapping different supplier ID's to different currencies for a single Expensify user.

The good thing about COVID (if there can be such a thing) is that we're doing all of our work remotely for now so we can certainly defer this requirement in the short term. Longer term, however, it would be nice if Expensify could be updated to handle this natively - if not how I've described, in whatever way you feel is most suitable.

Thanks again.