How to Apply FX Rates Based on Claim Transaction/Start Date

For expenses incurred in the past, the currency exchange rate may differ from the current rate. To ensure accuracy, consider using the "FX Date Type" feature to apply the exchange rate from the transaction or claim start date, rather than the current rate.

To select the "Claim Transaction/Start Date" option under the "FX Date Type" feature:

1.    Go to HR Lounge

2.    Navigate to Expense Claims. You’ll be directed to the Expense Claims landing page

3.    Go to Settings

4.    Under FX Date Type, select Claim Transaction/Start Date

5.    Save the settings

Once this option is selected and saved, the currency exchange rate will be determined based on the transaction or start date of the claim when employees create claims that require currency conversion from foreign to office currency. This applies to all claims submitted through both the web browser and the mobile app. Please note that the mobile app must be version 1.6.18 or higher.

Kindly refer to the video below for guidance on selecting the "Claim Transaction/Start Date" option under the "FX Date Type" feature. The video also provides an example of how the currency exchange rate adjusts based on the transaction or start date.

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