Multi-Currency

Multi-currency allows employees to enter expense entry amounts in the local currency.

Enabling Multi-Currency

To enable multi-currency for expenses, assets or other entry types, you need to do following:

1. Go to Admin>System>System Options and edit. Enable the currencies you want to use in your system from a currency picklist.

2. Go to the main enabled Expense/Asset page, navigate to the tools button, and click into and edit the Expense/Asset type for which you want to enable multi-currency. Next to the Multi-Currency Enabled heading, check “Yes - Allow users to choose currency for entered amounts.”

How Multi-Currency Works

Once enabled, the system automatically fetches and records the exchange rates and amounts between:

-The original expense amount

-The reimbursement amount, and

-The system base currency amount.

In the following example recorded on June 21, 2016, the data for an airfare expense is recorded where the expense entry currency is CAD, the reimbursement currency is GBP, and the system’s base currency is USD.

Currency Type	Description
Expense Local Currency	Expense Type = Airfare Expense Local Currency = USD Expense Amount = CAD547.00
Reimbursement Currency	Expense Type = Airfare Reimbursement Currency = GBP Reimbursement Currency Exchange Rate = 0.531140 Reimbursement Amount = GBP290.53
Base Currency	Expense Type = Airfare Base Currency = USD Base Currency Exchange Rate = 0.782920 CAD/USD Base Currency Amount = USD428.26

Once enabled, there will be several specific multi-currency fields that will be made available that will be used with other related fields in the system. The multi-currency fields are marked below with an asterisk (*).

Expense Item Currency*

The Expense Item Currency field will be enabled with a pick list of your enabled currency values. Users will set the expense item currency value to the local currency where the expense was incurred. This currency value will then be used to convert the expense item amount to the reimbursement currency amount.

Reimburse Amount*

The Reimburse Amount field shows the system-calculated reimbursement amount for this expense entry. You can override this amount by selecting the Override check box. This field should be setup to appear in the details of the expense entry template.

Exchange Rate*

The Exchange Rate field shows the system-calculated exchange rate for this expense entry. You can override this amount by selecting the Override check box. This field should be setup to appear in the details of the expense entry template.

Expense Amount

The Amount field is the amount of the expense entry. This amount must always be paired with a selected expense currency for multi-currency purposes.

Reimbursable

The reimbursable field, which can be used in non-multi-currency mode, is a check box that flags the expense entry as reimbursable, and must be checked by the user to include an expense entry in the reimbursement amount.