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Update and rename Currency.md to Set-Currency.md #45618

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Jul 23, 2024
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Update and rename Currency.md to Set-Currency.md #45618

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9777b02
Update and rename Currency.md to Set-Currency.md
maddylewis Jul 17, 2024
c9d9cc6
Update redirects.csv
maddylewis Jul 17, 2024
d1f2ca8
Merge branch 'main' into maddylewis-patch-2
maddylewis Jul 18, 2024
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15 changes: 6 additions & 9 deletions .../expensify-classic/workspaces/Currency.md → ...ensify-classic/workspaces/Set-Currency.md
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@@ -1,18 +1,17 @@
---
title: Report Currency
description: Understanding expense and report currency
title: Setting Up Report Currency
description: Define a currency in your workspace's settings
---

# Overview
As a workspace admin, you can choose a default currency for your employees' expense reports, and we’ll automatically convert any expenses into that currency.

Here are a few essential things to remember:

Here are a few things to remember:
- Currency settings for a workspace apply to all expenses under that workspace. If you need different default currencies for certain employees, creating separate workspaces and configuring the currency settings is best.
- As an admin, the currency settings you establish in the workspace will take precedence over any currency settings individual users may have in their accounts.
- Currency is a workspace-level setting, meaning the currency you set will determine the currency for all expenses submitted on that workspace.

# How to select the currency on a workspace
# Select the currency on a workspace

## As an admin on a group workspace

Expand All @@ -28,19 +27,17 @@ Here are a few essential things to remember:

Please note the currency setting on an individual workspace is overridden when you submit a report on a group workspace.

# Deep Dive

## Conversion Rates

Using data from Open Exchange Rates, Expensify takes the average rate on the day the expense occurred to convert an expense from one currency to another. The conversion rate can vary depending on when the expense happened since the rate is determined after the market closes on that specific date.
Using data from Open Exchange Rates, Expensify converts expenses from one currency to another using the average rate on the day the expense occurred. The conversion rate can vary depending on when the expense occurred since it is determined after the market closes on that specific date.

If the markets aren’t open on the day the expense takes place (i.e., on a Saturday), Expensify will use the daily average rate from the last available market day before the purchase took place.

When an expense is logged for a future date, possibly to anticipate a purchase that has yet to occur, we'll use the most recent available data. This means the report's value may change up to the day of that expense.

## Managing expenses for employees in several different countries

Suppose you have employees scattered across the globe who submit expense reports in various currencies. The best way to manage those expenses is to create separate group workspaces for each location or region where your employees are based.
If you have employees scattered across the globe who submit expense reports in various currencies, the best way to manage those expenses is to create separate group workspaces for each location or region where your employees are based.

Then, set the default currency for that workspace to match the currency in which the employees are reimbursed.

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1 change: 1 addition & 0 deletions docs/redirects.csv
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Expand Up @@ -248,5 +248,6 @@ https://help.expensify.com/articles/expensify-classic/workspaces/tax-tracking,ht
https://help.expensify.com/articles/expensify-classic/copilots-and-delegates/Approval-Workflows,https://help.expensify.com/articles/expensify-classic/reports/Assign-report-approvers-to-specific-employees
https://help.expensify.com/articles/expensify-classic/settings/Notification-Troubleshooting,https://help.expensify.com/articles/expensify-classic/settings/account-settings/Set-Notifications
https://help.expensify.com/articles/new-expensify/expenses/Validate-a-Business-Bank-Account,https://help.expensify.com/articles/new-expensify/expenses-&-payments/Validate-a-Business-Bank-Account
https://help.expensify.com/articles/expensify-classic/workspaces/Currency,https://help.expensify.com/articles/expensify-classic/workspaces/Set-Currency
https://help.expensify.com/articles/expensify-classic/workspaces/Expenses,https://help.expensify.com/articles/expensify-classic/workspaces/Expense-Settings
https://help.expensify.com/articles/expensify-classic/workspaces/Reimbursement,https://help.expensify.com/articles/expensify-classic/workspaces/Configure-Reimbursement-Settings
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