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qwertyxyz
Level 1
posted
‎May 28, 2021 09:06 PM
last updated ‎May 28, 2021 9:06 PM

Expense claim for international contractor/ employee in foreign currencies

We have a US company with the currency set as $USD by default.

As a remote team we have contractors/ employees in different countries with expense claims in their own currencies - 
1. Can they claim the expenses (including receipt via app) in their own currencies?

2. Will the foreign currencies then be automatically translated to USD - but kept the original currency as reference?
3. If 1 & 2 do not apply - what are the suggested procedures for such scenario?

 

Thanks!

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Best answer May 28, 2021
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MariaSoledadG
QuickBooks Team
QuickBooks Team
‎May 28, 2021 10:18 PM

Expense claim for international contractor/ employee in foreign currencies

The multicurrency feature and foreign currencies are available in QuickBooks Online Essential, Plus, and Advanced, qwertyxyz.

 

You can use the feature to manage foreign currencies for your expense claim. But first, you'll have to turn it on by logging into your account in a web browser. To do this, you can follow the detailed steps below:

  1. Click the Gear icon.
  2. Select Account and Settings.
  3. Select Advanced.
  4. Select Edit ✎ in the Currency section and choose your Home Currency.
  5. Select the Multicurrency checkbox and confirm that you understand that you can't undo this option.
  6. Click Save and close.

For more information on how to add and delete currencies, read this article: Turn On And Use Multicurrency, In addition, QuickBooks downloads and uses exchange rates from IHS Market. For your reference on how QuickBooks uses exchange rates, you can visit this article for you to be guided: Learn about exchange rates in QuickBooks Online.

 

Please let me know if you have any other concerns about foreign currencies, Remember, I've got your back if you need help.

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4 Comments 4
MariaSoledadG
QuickBooks Team
QuickBooks Team
‎May 28, 2021 10:18 PM

Expense claim for international contractor/ employee in foreign currencies

The multicurrency feature and foreign currencies are available in QuickBooks Online Essential, Plus, and Advanced, qwertyxyz.

 

You can use the feature to manage foreign currencies for your expense claim. But first, you'll have to turn it on by logging into your account in a web browser. To do this, you can follow the detailed steps below:

  1. Click the Gear icon.
  2. Select Account and Settings.
  3. Select Advanced.
  4. Select Edit ✎ in the Currency section and choose your Home Currency.
  5. Select the Multicurrency checkbox and confirm that you understand that you can't undo this option.
  6. Click Save and close.

For more information on how to add and delete currencies, read this article: Turn On And Use Multicurrency, In addition, QuickBooks downloads and uses exchange rates from IHS Market. For your reference on how QuickBooks uses exchange rates, you can visit this article for you to be guided: Learn about exchange rates in QuickBooks Online.

 

Please let me know if you have any other concerns about foreign currencies, Remember, I've got your back if you need help.

Reply
qwertyxyz
Level 1
‎May 28, 2021 10:38 PM

Expense claim for international contractor/ employee in foreign currencies

Thanks for the quick reply, that leads me to some follow-up questions -
1. Should the company reimburse the foreign employee/ contractor in their local currency, or in $USD (company's home currency) as preferable practice?
2. What's the best procedure in foreign reimbursement via Quickbooks?

Reply
MariaSoledadG
QuickBooks Team
QuickBooks Team
‎May 28, 2021 11:39 PM

Expense claim for international contractor/ employee in foreign currencies

Allow me to provide you a few information about reimbursement to employee or contractor, qwertyxyz.

 

It's really up to you on how you'll want to process reimbursements in QuickBooks Online, whether you want to use their currency or USD. You may want to reach out to your accountant to check for the most acceptable way on how to do it. 

 

In addition, you can preferably use the employees' or contractors' currency if you're processing refunds. Please read this article for more information: Reimburse an employee.

 

In QuickBooks Onlne, there are several reports that you can run to get the information you need. Make sure to filter them to show the specific information. Check out this article: Customize reports in QuickBooks Online.

 

Fill me in if you need anything else about reimbursements. As always, I'm always right here if you need assistance. Stay safe!

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Fiat Lux - ASIA
Level 15
‎May 29, 2021 12:57 AM

Expense claim for international contractor/ employee in foreign currencies

@qwertyxyz 

Consider having an additional app to do so and integrate it wit your QBO.

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