This feature is particularly beneficial for employees with overseas expenses in various currencies, as the system automatically converts amounts to the office currency using the Currency Exchange Rates set in the Settings > Currencies page.
New Updates: Foreign Exchange Rate API
This feature automatically updates and follows the foreign exchange rates from either Bank Negara Malaysia (BNM) or Open Exchange Rates (OER) once enabled.
Bank Negara Malaysia (BNM) provides exchange rates exclusively against the Malaysian Ringgit (MYR), making it especially useful for Malaysian companies.
Open Exchange Rates (OER) supports a wide range of exchange rates, covering a diverse array of currencies. This makes it an invaluable resource for companies operating in any country.
To enable this feature:
- Contact our support team via Live Chat or email (support@briohr.com) to have this feature (OER/BNM) added to your account. Please note that only one API can be enabled at a time.
- Enable Auto Update Foreign Exchange in Settings > Currencies.
Open Exchange Rates (OER)
- Add currency pairs, and the rates will be updated automatically, eliminating the need for manual input. If the Auto Update Foreign Exchange feature is disabled, you will need to manually enter the rates. Additionally, the Bulk Import Currency function does not support bulk importing for existing currency pairs in the API.
Bank Negara Malaysia (BNM)
Open Exchange Rates (OER)
How to Set the Currency Exchange Rate:
- Go to Settings > Currencies.
- Click on the Add Currency button.
- Select the currencies that you would like to pair (e.g., USD to MYR).
- Enter the conversion rate, e.g., 1.00 USD equals how many MYR (e.g., 4).
- Click on Save once done.
This method allows you to add the currency exchange rate individually. If you wish to add currency exchange rates in bulk, please refer to the video below for detailed steps.
Employee View When Submitting a Claim Request for a Different Currency:
- When submitting a claim request in USD while the office currency is MYR, select USD in the Total Amount column and input the USD amount.
- The system will automatically convert this to MYR in the Total Amount (office currency) column.
Website
Mobile App
Need Assistance?
If you have any questions or require assistance, please reach out to our support team via live chat or email us at support@briohr.com.