If you have traveled for work and have expenses that you have paid for in a different currency, you can enter them into Sage Expense Management just as easily as general expenses. The amount will automatically be converted from the foreign currency to the home currency that is set for your organization.
Creating foreign currency expenses
Start a new expense: Click add expense on the web app or tap the + (plus) icon in the mobile app.
Choose currency:
Web app: By default, the expense form displays your organization's home currency. Click the X next to the currency to select a different currency. You can select from the dropdown list or type the currency code.
Mobile app: Tap the currency field and select the foreign currency.
Enter the foreign amount: Enter the amount you paid in the foreign currency.
Automatic conversion: Sage Expense Management automatically converts the foreign amount to your home currency using the current exchange rate. The converted amount is displayed on the expense form.
Complete and save: Fill in any remaining mandatory fields and save the expense.
Viewing foreign currency expenses
In your expense list, foreign currency expenses display both the foreign and home currency amounts, along with the applied exchange rate.
Following the mentioned steps, you should be able to create expenses in a foreign currency. Once the expenses are saved you can add them to a report to submit for approval.
How exchange rates are applied
Sage Expense Management applies a real-time exchange rate when a receipt is uploaded or an expense is created. Your card provider or bank may use a different exchange rate when processing the transaction, which can sometimes result in a small difference between the amount shown in Sage Expense Management and the final card transaction amount.
We recommend reviewing foreign currency expenses to ensure the converted amount is accurate.
To account for minor differences caused by exchange rate fluctuations, rounding, or processing delays, Sage Expense Management allows a small buffer when matching expenses to card transactions. This helps ensure that receipts can still automatically match with the correct card transaction even when there is a slight difference in the converted amount.