Xero Expenses - Ability to edit exchange rate
"As an employee submitting my expenses I don't want to be left out of pocket because Xero Expenses doesn't allow me to set the exchange rate I was charged by my bank."
Xero Expenses uses XE.com exchange rates for foreign currency exchange rates and it's not possible to override/change this.
It should be possible for the employee, or approver, to manually set the foreign and domestic currency amounts, or set the exchange rate itself.
Robin Oldham
shared this idea
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Rob Arnold
commented
Come on Xero. Something so simple but clearly important needs action quickly! Get off your hands!
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Elizabeth Poff
commented
This is becoming more important as there is a lot more travel. If Xero does not provide this, then we will need to look at a third party expense management system.
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Rob Arnold
commented
To make the app useful for foreign exchanges, this is an absolute must to make the process fair and easy. As an employer, we switched to Xero expenses to make things quicker. However, with a manual work around it does not do this, and I do not want to make hard work for employees or most importantly, leave them out of pocket.
This would be a simple thing to include, so please include this Xero!
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Roy Moorefield
commented
Agreed. And even with transactions in the same day, the fx rate the bank uses fluctuates. Thus, when the amount in the reporting/base currency is known, there should be some way to ensure the expense matches what the bank, etc. is using.
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Michael finance@biggamesmachine.com
commented
As an “Approver” this facility would save me considerable time and effort.
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Dominic Parker
commented
Currently, if a credit card company converts a FOREX transaction for you, you are invoiced in the foreign currency but are unable to match the expense to the correct base currency value because XERO prevents you from editing the exchange rate.
i.e.
An employee spends $15 USD on their credit card and expenses it as such.
Credit card company statement reads £12 GBP which you must repay.Xero converts the $15USD to GBP at their rate saying the transaction is £13GBP, yet there is no way currently to edit the exchange rate to match the payment to the £12GBP which was actually spent.