As a workspace admin, you can choose a default currency for your employees’ expense reports, and Expensify will automatically convert any expenses into that currency.

Key Considerations:

• The currency setting applies to all expenses within a workspace.
• If different employees need different default currencies, create separate workspaces for them.
• Admin-set workspace currency overrides individual user settings.

Select or Update the Currency for a Workspace

As an Admin on a Company Workspace

You must be a Workspace Admin to update the currency settings for a company workspace.

1. Sign into your Expensify web account.
2. Go to Settings > Workspaces > Group > [Workspace Name] > Reports.
3. Adjust the Report Output Currency.

On an Individual Workspace

1. Sign into your Expensify web account.
2. Go to Settings > Workspaces > Individual > [Workspace Name] > Reports.
3. Adjust the Report Output Currency.

Note: The currency setting on an individual workspace is overridden when a report is submitted on a company workspace.

Currency Conversion Rates

• Expensify uses Open Exchange Rates to convert expenses.
• Expenses are converted using the daily average rate on the date of purchase.
• If the markets are closed (e.g., weekends), the most recent available rate is used.
• Future-dated expenses will reflect the latest available exchange rate until the transaction occurs.

Managing Multiple Currencies Across Locations

If your employees submit reports in various currencies, the best approach is to:

• Create separate workspaces for different regions or currencies.
• Set each workspace’s default currency to match the reimbursement currency.

Example: If you have employees in the US, France, Japan, and India:

• Create four separate workspaces.
• Assign employees to their respective workspaces.
• Set the workspace currency to USD, EUR, JPY, and INR, respectively.

FAQ

I have expenses in multiple currencies. How will they appear on a report?

Each expense is recorded in its original currency. Expensify automatically converts it to the workspace’s default currency in the final report.

How does currency affect the conversion rate?

Foreign currency expenses are converted using the daily average trading rate from Open Exchange Rates. If needed, you can manually enter expenses in your default currency to bypass automatic conversion.