Explains what happens if you make claims in foreign currencies
Claiming a Foreign Currency Expense
To claim a foreign currency expense create an expense claim as normal and add a new item. In the amount field enter the amount with a currency other than your normal currency (enter the currency of the expense).
You must enter currency codes using the 3-letter ISO standard for example GBP for British Pounds, EUR for Euro, CAD for Canadian Dollars, COP for Colombian Peso and so on.
iBE will automatically convert your foreign currency expense back to your reimbursement currency (if different) and to your company's home or default currency, using daily spot rates from xurrency.com. You can view the home/reimbursement currency amount by clicking on the item details (pencil) to view your expense item in detail.
Expense Item Detail
As you can see above, the home currency equivalent value is calculated automatically using whatever exchange rate from xurrency.com was valid on the date you incurred your expense. If you enter expenses way back in the past, the system will automatically use exchange rates from the past.
For example John incurred a hotel bill for 300 CAD on Jan 15th 2016, and it is now March 10th. Today's exchange rate is 1.25 CAD = 1 USD but on Jan 15th it was 1.33 CAD = 1 USD. If the incurred date is Jan 15th the equivalent USD amount will be calculated as $225.15 and not $240.
You can edit the equivalent or reimbursement amount if you wish, for example to match up exactly to your credit card receipt. Bear in mind that you must confirm the above popup and iBE tracks edits of equivalent or reimbursement currency amounts including the degree and frequency to which such amounts are edited.
Reimbursement vs. Company Currency
Employees are normally based out the same country as your company, in other words they are re-imbursed in the same currency as your company uses internally. If an employee is based overseas they may have a different reimbursement currency in which case the equivalent amount in their reimbursement currency is displayed instead of the company currency amount. The equivalent amount in your company currency is still tracked.
The amount for each expense claim item is displayed in the transaction or claimed currency (with reimbursement or company currency equivalent in item details as shown above) while the total value of the entire claim and amount reimbursed or paid is displayed in the reimbursement or company currency (as shown by arrow above).