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Recording expenses in multiple currencies

My company will only pay expense reports in either GBP or USD, but we have employees, very rarely, who will make purchases in other currencies. Usually, they use a debit or credit card and then will enter the transaction amount from their statement on to their expense report. However, we had an employee who used a bank card from that country so all the transactions are in that countries currency. Since the purchases were made over a period of time should the transactions exchange rates change depending on the historical exchange rate or would it be best to use 1 exchange rate for the date the expense report is entered?

Answers

Dulani Samarajeewa
Title: ACA, ACMA, CGMA, MBA, Manager - Revenue ..
Company: Hutchison Telecoms
(ACA, ACMA, CGMA, MBA, Manager - Revenue Assurance, Hutchison Telecoms) |

Are you referring employee reimbursable expenses? This could depend on factors such as the materiality of the expense and the internal company policies.
It would be best to use one exchange rate for the date the expense report is entered.

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