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I am working on record expense screen. Which is more usable way to record expense.

Expense Amount: 4944.50 (JPY)

In Base Currency: 50 (USD)

Exchange Rate: 98.89


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Surely you record the actual expense and then convert it for accounting purposes using the exchange rate relevant at whatever time. It's not clear here which currency the expense was incurred in. –  Andrew Leach Jul 26 '13 at 9:03
    
Sorry, unfortunately image size is reduced automatically, please use "View Image" option using right click. –  jelumalai Jul 26 '13 at 9:15
    
@AndrewLeach, sorry I was missed about currency details. I have updated prototype with currency details. Please revisit now. –  jelumalai Jul 26 '13 at 9:33
    
@jelumalai: What's the relationship between the two currencies here? –  vincebowdren Jul 26 '13 at 9:34
    
@vincebowdren, Expense done in "JPY", but organization base currency is "USD". –  jelumalai Jul 26 '13 at 9:38
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1 Answer

There are all sorts of things to consider when converting currencies. Unless the person entering the expense report can refer back to for example a credit card statement, getting it right can be a pain.

So I'd say don't ask the person entering their expenses to convert to the base currency. Let them enter in the actual currency used an provide the business with some automatic way of converting these currencies consistently. Possibly using exchange rates data from an online provider, their bank, or, even their accounting software (I know first hand that for example SAP caters for these kinds of conversions with exchange rate tables that are/can be updated on a daily basis).

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Thanks for the quick response. At present we are not going to provide automatic exchange rate (like xe.com) option. Currently he need to enter exchange rate manually. But we will show exact amount if he enter 'Exchange Rate'. –  jelumalai Jul 26 '13 at 9:50
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@jelumalai How would you know that the correct exchange rate for the specific date was entered? At some point someone would need to approve the expense for it to be reimbursed. Why burden the person entering the expense with figuring out what the exchange rate should be (on this date and for this currency and do I need the buy or sell rate?) when the company will need to check the exchange rates anyway? –  Marjan Venema Jul 26 '13 at 9:55
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