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Administrator Guide
Last Updated: 2023-06-23
Concept: Currencies on Expense Reports

Concept: Currencies on Expense Reports

The currency that Workday uses on expense reports depends on the:
  • Company currency.
  • Preferred currency of the worker.
  • Entry currency.
  • Billing currency.

Company Currency

Workday uses the company currency that's set up for expense reports to reimburse the worker.

Preferred Currency of Worker

When the company currency differs from the payment election currency for a worker, Workday reimburses the worker using their preferred currency.
You can set the preferred reimbursement currency for a worker, while workers can also change their payment election currency through self-service transactions.
Examples:
  • A US company with an office in Ireland wants to reimburse expenses to Irish employees in EUR, not USD.
  • A European company sends workers to Japan on temporary assignment. For the duration of their assignment, the workers can change their payment election currency to JPY.

Entry Currency

The entry currency is the currency that the expense occurs in and Workday converts it to the default reimbursement currency of the expense report. On multicurrency expense reports, you can override this currency on each expense report line.
When the entry currency differs from the reimbursement currency, Workday converts the amount to the reimbursement currency using the default rate. You can override the rate and reimbursement amount for each expense report line.
Example: Suzanne is a US-based worker and you typically reimburse her in USD. She takes a business trip to Sydney, Australia, and exchanges USD for AUD at Sydney Airport. She then charges her hotel to her personal credit card. For accurate reimbursement in USD, Suzanne can:
  • Enter an AUD expense line amount that Workday converts to USD.
  • Manually enter the USD amount.
Suzanne might want to use the:
  • Currency exchange rate that was in effect at the time of the exchange.
  • The USD amount that displays on her credit card statement.

Billing Currency

The billing currency is the currency that the credit card company uses to bill your company. For credit card transactions that you add to an expense report, Workday converts the billing currency to the reimbursement currency when the currencies differ.
If the billing currency is the same as the reimbursement currency, Workday uses the billing amount as the reimbursement amount and you can’t change it. If the billing currency and the reimbursement currency differ, you can override the reimbursement amount.