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The exchange rates functionality in Spend Dynamics allows an administrator to set the foreign exchange rates that are applied for all cash claims/requisitions by the employees in the organization. For example, if an organization based in Australia had employees working in New Zealand on a project, they may require a mechanism by which the employees could claim cash expenses they had incurred in New Zealand dollars and be reimbursed in Australian dollars.
Note: Exchange rates are able to be used for requisitions and cash expense claims so that users can apply appropriate exchange rates on foreign purchases. If you only allow claims/requisitions to be made in one currency, then you can remove all other currencies and therefore rate table maintenance is not required.
By clicking the Exchange Rates button on the Administration Overview diagram (Organization view), you will display the Cash Foreign Exchange Rates screen. This screen shows you a table with all rates that are currently set in the system and it is from this screen that you can add or alter a rate.
These rates are only applicable to cash expense claims made by the employees in your organization and do not impact purchasing card transactions.
When an exchange rate is altered it will automatically have an impact on the cash claims made by the employees within the organization. As a result, for audit purposes and for internal administration purposes, an audit history of the changes made in the exchange rates is captured in Spend Dynamics.
Note: There is an option available to allow employees to enter the exchange rate if this is preferable way to define the exchange rate for the individual cash claim by the organization. If the Cash Foreign Exchange Rates tables are also available and populated for the currency combination specified, the foreign exchange field will be pre-populated with this value, and the employee can then change the rate if desired. You can contact the Spend Dynamics helpdesk: ebsclientservices@bmo.com to have this option enabled, or to find out more details.
Exchange rate audit history
The audit history at the bottom of the Cash Foreign Exchange Rates screen tells you:
