Foreign currencies
Updated
by
Chris Storms
The days of searching for and converting exchange rates are behind you : HR Selfservice Expenses now also supports foreign currencies.
How does it work?
When your employee enters their expenses, they can also choose the correct currency. By default, the euro is always selected.
When expenses are submitted in another currency, HR Selfservice will immediately convert them into euros based on the midpoint rate of the day on which the expenses were incurred.
Example: Your employee was at a conference in London on 5 September and took a taxi during their time there. They submit their expenses a week later. HR Selfservice will then use the midpoint rate for the British pound on 5 September.
Naturally, the expenses will be reimbursed in euros. However, in addition to the amount in euros, we also keep a record of the original amount in British pounds.
If expenses are never submitted in foreign currencies, you can disable this exchange rate feature under "Settings expenses" in the "Organisation" tab. There you will be able to choose the types of expenses for which you wish to disable the feature.