Yuvo can also handle expense claims in foreign currency for you.
If the exchange rate isn't set up properly, employees will be unable to make their claims.
A warning will appear asking the employee to contact their admin to first set up the exchange rate.
Consequently, if an expense type has Allow employees to modify Exchange Rate while applying expense checked in its settings, employees will be able to enter in their own exchange rate for that expense type claims.
Setting up the exchange rate
To access the settings,
Expense > Expense Settings > Exchange Rate
Exchange Month Year
Which year the exchange rate is based on, by default it follows the calendar year.
Expense Currency
Choose the foreign currency of choice.
Base Currency
By default, this follows the currency set under the company profile > company
Once the expense currency is chosen, the admin can choose to set the monthly or daily exchange rate.
click the Daily Exchange Rates button, to toggle between monthly and daily rates.
Key in the exchange rate.
Your exchange rate is now set up for expense and pre-approvals.