Entering Expenses Denominated in Foreign Currencies

The T&E Module provides travelers a number of options for entering reimbursement requests denominated in foreign currencies. A convenient and popular option is employing the embedded FOREX tool. This tool, within the travel report page, converts international currencies into U.S. dollars. Simply enter the foreign currency amount and designate the foreign currency used (see below). The module then notes the date of expense and automatically cross-references a rate table downloaded daily from xe.com. For user reference, a lookup table lists all three-letter currency codes, e.g. KES, EUR, etc.

Clicking the DETAIL link of the expense line generates a view of the foreign currency amount, conversion rate, and the amount to be reimbursed in U.S. dollars (see below).

Travelers also have the option of submitting foreign curency receipts along with their credit card statement. This provides a direct, one-to-one basis for U.S. dollar reimbursement as credit card statements issued to U.S. residents are typically dollar-denominated.

The CWRU American Express T&E card makes this process even easier as dollar-denominated international expenses are available for reimbursement three days from the expense date. Using the MY WALLET tool, business expenses can populate an expense report with two simple mouse clicks. American Express reports T&E Card international expenses in U.S. dollars, so there's no need for additional conversion (see below).

Travelers also can use the exchange rate field in the expense line detail to manually enter an exchange rate (supported by proper documentation). This can be used, for example, to support reimbursements for ATM cash withdrawals or cambio transactions.