Is there a way to manually set the currency exchange rate?

jasmin29
jasmin29 Expensify Customer Posts: 2

Is there a way to manually set the currency exchange rate?

Answers

  • Sonia Liapounova
    Sonia Liapounova Expensify Success Coach - Admin, Expensify Team Posts: 211 Expensify Team

    Hi @jasmin29 there is no way to manually set the exchange rate at this time.

  • jasmin29
    jasmin29 Expensify Customer Posts: 2

    hi again,

    We have an issue with employees from India whose credit card and Expensify conversion rates do not match and there is a gap in their expense reimbursements, how can this be resolved?

  • Amanda DeWitt
    Amanda DeWitt Expensify Success Coach - Admin Posts: 84 Expensify Team

    Hey @jasmin29 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 can report the exchange fees as an additional expense.

  • wimjam
    wimjam Expensify Customer Posts: 1

    Still flabbergasted that expensify has not come up with a more meaningful useful solution. You know that CC companies charge more and still you are not giving options for adjusted rates. consolidating all this information for folks that spend significant time on the road is defeating the purpose and is done better elsewhere (in other tools).


    it really shouldnt be that hard to come up with an elegant solution.

    Wim

  • fourspoons
    fourspoons Expensify Customer Posts: 1
    edited April 2023

    I can't believe this still hasn't been given any serious consideration by Expensify, and in fact they've made it worse by removing a workaround feature. There are 4 separate threads about this one topic in just the first 2 pages of the day to day forum. Far more than any other single topic. That should tell you something.


    Here's the solution:

    1) Allow user to change the value of the fx rate.

    2) Use the new rate to calculate the total.

    3) Highlight to the approver the rate has been changed.

    That's it. Really. That's all we want. Like all the other expense management systems I've used allow you to do.


    Using the market rate works for NO ONE. No one actually gets that rate, you guys know that right? We are not banks moving money. We are employees buying things in the real world.

    If I have to go back to manually entering every single foreign expense or uploading a CSV of my whole credit card statement (which would delay my submitting expenses by up to a month), then what am I even paying for Expensify for? I may as well just get all my staff to use an Excel sheet.

  • VisionRx
    VisionRx Expensify Customer Posts: 41 Expensify Admirer