Automatic Exchange Rates for Expenses in Expense

 How Do Automatic Exchange Rates Work?

When the feature is enabled:

• 💱 Expense automatically suggests an exchange rate
• 📊 The rate is based on the transaction date
• ✅ No manual currency calculation is required

👉 Ideal for international expenses and foreign currency transactions.

Activate Automatic Exchange Rates

Step-by-Step

1. Navigate to Administration
2. Select Settings > Other
3. Enable Suggest Exchange Rates
4. Click Save

✅ The feature is now activated in the system.

Add Currencies to the System

Before users can benefit from automatic exchange rates, the relevant currencies must be available in Expense.

Step-by-Step

1. Navigate to Administration > Currencies
2. Add the required currencies, for example:
   • 💷 GBP (British Pound)
   • 🇭🇰 HKD (Hong Kong Dollar)
   • 🇹🇷 TRY (Turkish Lira)
   • 🇹🇼 TWD (Taiwan Dollar)

✅ The currencies are now available for use in Expense.

Enable Exchange Rate Suggestions in the App

Users must also activate the feature in the Expense app.

📱 iPhone (iOS)

1. Tap the Profile Icon
2. Select Settings
3. Enable Suggest Exchange Rate

✅ Exchange rate suggestions are now active.

📱 Android

1. Tap the Three Dots menu
2. Go to Settings
3. Enable Suggest Exchange Rate

✅ Exchange rate suggestions are now active.

What Happens When the Feature Is Used?

When a user registers an expense in a foreign currency:

• 💱 An exchange rate is suggested automatically
• 📊 The amount is converted to SEK
• ✅ The expense report is calculated correctly from the start

👉 This saves time and reduces the risk of manual errors.

Where Do the Exchange Rates Come From?

Expense retrieves exchange rates from external market-based data sources, including:

• 🌍 Open Exchange Rates
• 📊 ExchangeRates API

👉 The rates are updated regularly and reflect current market data.

When Should You Use This Feature?

Automatic Exchange Rates are particularly useful when:

🌍 Managing International Expenses

• Employees make purchases in foreign currencies
• International transactions occur regularly

💳 Business Travel

• Employees travel abroad
• Foreign currency receipts need to be reimbursed

📊 Multi-Currency Organizations

• Several currencies are used across the business
• Consistent exchange rates are required

👉 The feature helps standardize currency handling across the organization.

💡 Best Practice Tips

Add Relevant Currencies in Advance

• ✅ Configure commonly used currencies before employees need them.
• ✅ Review currency availability regularly.

Encourage Users to Enable the Feature

• 📱 Ensure all users activate exchange rate suggestions in the app.
• ✅ Minimize manual exchange rate entry.

Verify Suggested Rates When Necessary

• 📊 Review exchange rates for unusual or high-value transactions.
• ✅ Ensure compliance with company policies.

👉 These practices help create a smooth and accurate currency management process.

Frequently Asked Questions (FAQ)

Do I need to enter exchange rates manually?

No. Expense automatically suggests an exchange rate when the feature is enabled.

Can I change the suggested exchange rate?

Yes. Users can manually adjust the exchange rate if necessary.

Does this work for all currencies?

Only currencies that have been added to the system can use this functionality.

Summary

• 💱 Automatic exchange rates are suggested during expense registration
• 📊 Saves time and reduces manual errors
• 📱 Requires activation in both the system and the mobile app
• 🌍 Supports international expenses and foreign currency transactions
• ✅ Uses market-based exchange rate providers
• 🚀 Simplifies and improves foreign currency expense management in Expense