Expense Items In Any Currency
Expensify logs expenses in almost every currency in the world: just indicate which currency you’re using and we’ll store it as that. When adding up expenses in multiple currencies (such as to calculate the total of a report), we need to convert all expenses to a single currency. The currency used is the “output currency” of that report’s expense policy, (or your personal output currency if no policy is being used.)
The Conversion Rate
When converting an expense from one currency to another, we look up the average bid and ask rate on the date the expense occurred. 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.
To specify a cash conversion surcharge, go to Settings > Preferences and look for the “Cash Conversion Surcharge” section to set a rate.
Change the Account’s Default Currency
The default currency for all expenses added to your account is set by the primary expense policy. To change the default currency, go to Admin > Policies, and click on the policy whose setting you want to change. If you are not sh ared on a policy, you can change your default currency under Settings > Preferences.
Set the default currency for the account on the Basics tab of the policy. Any expenses entered in a foreign currency will automatically be converted to this default currency using the day’s trading average provided by the touchstone Oanda currency converter.
If you wish to bypass the exchange rate, simply add the expense manually and enter the total amount in your default currency. Any manually entered expenses will not be converted until they are added to a report in which the default currency is different.