Can I enter a purchase made in other currencies?
ExpensePlus has live currency feeds for over 20 different currencies including US Dollars and Euros. When entering a purchase, simply select the currency from the currency dropdown in the 'Purchase Details' section.
If this drop-down field is not displaying, your system administrator will need to turn it on in system settings.
Note: if your base currency isn't GBP, then you won't be able to enter purchases in other currencies - you will instead need to convert the purchase amount into your local currency when entering purchases.
What happens when I enter an amount in a foreign currency?
ExpensePlus converts the amount based on the currency exchange rate (+5%) to calculate the payment amount. This is to account for the difference between the exchange rate, and the rate at which you can actually convert currency being around 5% more.
IMPORTANT: if you wish to determine your own converted GBP amount (not recommended) OR you wish to make payments not in GBP then you need to enter the purchase/invoice in GBP.
What about business card purchases?
As with other purchases, business card purchases are automatically converted into local currency amounts.
When you bank match these purchases, it is likely there may be a small discrepancy between the purchase amount and the amount on your bank statement.
ExpensePlus is typically able to auto-correct for this as part of the bank matching process. Simply select the card purchase in the left-hand table, select the corresponding payment on the right-hand table. Even though the amounts don't match exactly, click the 'confirm' button to the right of the payments.
A popup will appear warning you that the amounts do not match. If you select 'confirm' to match the transactions the expenditure amount will be automatically updated to match the bank statement amount.
Note: if the business card purchase is a split purchase, you will instead need to click on it and manually update the amounts so that the overall amount matches the bank transaction amount.
What do I do if the foreign currency used isn't on the list of currency options?
When submitting the purchase, if the currency you require is not on the list of options available, you will need to manually convert the amount into your local currency and enter this amount into ExpensePlus.
If you regularly make purchases in a currency that isn't on the list of currency options, send us a message so that our development team can add this to the list of supported currencies.