If you have traveled for work and have expenses that you have paid for in a different currency, you can enter them into Fyle 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.

Create foreign currency expenses

Note: Throughout the course of this article, the foreign currency used is AED and the home currency is set to USD. This may vary for your organization.

In order to create expenses in a foreign currency, you can follow the steps mentioned below:

  • Click on the Add Expense button from your spender dashboard in order to open a new expense form.

  • The currency that is filled in by default is the home currency that is set by your organization

  • In order to change the currency, click on the cross icon beside the currency. From the drop-down menu, select the required currency or type it in the dialog box.

  • Once you select the currency, additional fields will appear. Enter the amount that you have paid in foreign currency.

Once you have entered the amount, the exchange rate will apply and convert the amount into your home currency. The converted amount is visible under Total.

  • Enter any other required fields on the expense form and click on Save to save the expense.

View your expenses

Once you have saved your expense, it will be visible under the Unreported tab under the Expenses section.

Under the Amount column, the first line shows the amount entered in foreign currency. The second line shows the amount converted into your home currency and the exchange rate that was applied to it. The third line shows if the expense is reimbursable or non-reimbursable.

The exchange rate that applies to your expense is derived from the rate that applies when the expense was last edited.

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.

To learn more about creating general expenses, click here.

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