ApprovalMax handles currency settings based on how your Organisation is configured:
If you're using Xero or QuickBooks Online, ApprovalMax pulls your Organisation’s default currency directly from your connected accounting platform.
If you're using stand-alone workflows, you can select a default currency manually in your Organisation settings.
General FAQ
How are documents in a non-default currency checked against a threshold?
How are documents in a non-default currency checked against a threshold?
ApprovalMax converts the document amount into the Organisation’s base currency using the exchange rate. The converted amount is then checked against the configured approval threshold.
Does Budget Checking work with requests in a non-default currency?
Does Budget Checking work with requests in a non-default currency?
Yes, it does. Request amounts in a non-default currency are converted to the base currency and taken into account during Budget Checking.
Can I change the default currency?
Can I change the default currency?
For Xero requests: No.
You can select your base (default) currency while adding an Organisation in Xero. Once your Organisation has been added, it is not possible to change your base currency. You'll find more information on this here. The Xero default currency is automatically pulled to ApprovalMax
For QuickBooks Online requests: Yes.
ApprovalMax pulls the information about the default currency from QuickBooks Online when you initiate the first connection. If you change the default currency in QuickBooks Online at a later stage, it can be changed in ApprovalMax but ApprovalMax won't update it automatically. To reflect the change, disconnect and reconnect your QuickBooks Online Organisation. You’ll be prompted to log in and approve data sharing again. Once connected, the updated currency will be pulled into ApprovalMax.
For stand-alone requests: Yes.
You can manually select a different default currency in the Organisation settings in the Workflows and Settings section:
What if I need to resubmit a request in non-default currency with a document date in the future?
What if I need to resubmit a request in non-default currency with a document date in the future?
For requests whose document date lies in the future, the automatic exchange rate of the current date will be applied (unless a manual rate has been set) and recalculated every day until the document date is reached. If you change a request and resubmit it for approval, the current day's exchange rate will be applied.
Can I match a PO to a Bill if they are in different currencies?
Can I match a PO to a Bill if they are in different currencies?
No, Purchase Orders can only be matched to Bills when both the supplier and the currency are the same. Matching across different currencies (e.g. a PO in GBP with a Bill in EUR or USD) isn’t supported.