ApprovalMax supports multi-currency expense claims, allowing employees to record expenses in different currencies within the same request.
Please note: The currencies available for expense claim requests are pulled directly from your Xero account. The range of currencies available depends on how you have set up multicurrency in Xero,
Expense Claim request currency
How currency is applied to an Expense Claim request depends on the expense type:
For out-of-pocket expense claims, the request currency defaults to your Organisation's base currency. This can be changed to any other available currency in the dropdown list.
When you change the currency, Fixer.io provides a suggested exchange rate based on the claim date. This rate will be synced with Xero after final approval, with any differences reconciled at that time. You can override the suggested rate and enter your own value manually if needed.
For corporate card expense claims, the request currency is locked to the selected bank account's currency. If you change the bank account, the request currency updates automatically to match.
You can also manually adjust the suggested exchange rate between the bank account currency and your Organisation's base currency.
Line-level currency
Each expense line has its own currency, which can differ from the request currency. When a line expense’s currency differs from the request currency, an exchange rate is applied.
The exchange rate is fetched automatically based on the expense date, or the current date if the expense date is in the future.
The amount in the request currency is then calculated automatically as the expense amount multiplied by the exchange rate.
The exchange rate can be overridden manually for either expense type if needed; simply enter a value in the exchange rate field of the applicable line.