How does Avaza Convert Expenses into Account Currency or Customer Currency?

You can create expenses in any currency in Avaza. Here is how we convert a foreign currency expense into the Account Currency or the Customer Currency.

Conversion of Expense Amount to Account (Base) Currency Logic:

When an expense is created in a currency different to account base currency, mid market exchange rate is fetched for the entered expense date. However the user can override that exchage rate while creating or editing an expense. This exchange rate is then used to convert expense amount into base currency amount.

For example:

Account Base Currency = USD (United States Dollar)
Expense Amount Incurred = $100 AUD
Exchange Rate Fetched: 1 USD = 1.401257 AUD

Expense Amount in Base Currency:  AUD $100 / 1.401257 = USD $ 71.36

Conversion of Expense Amount to Customer Currency Logic:

If the customer linked to the expense is configured with a currency different to the expense transaction currency and the base currency then Avaza fetches the exchange rate between account base currency and customer currency to convert the amount into customer currency.

For example:
(Continuing with our base currency example)

Customer Currency = CAD (Canadian Dollar)

Exchange Rate Fetched: 1 CAD = 0.759878 USD
Expense Amount in Customer Currency: USD $71.36 / 0.759878 = CAD $ 93.93

Read more about how multiple currencies work in Avaza. Do you need further help with this? Feel free to contact our support team via chat, or email.