If your primary currency is MYR, all supported foreign currencies will follow the MYR limit, while non-supported currencies will have their own limits
If your primary currency is non-MYR, all currencies will have their own limits
If you wish to utilise this feature, we strongly recommend admins to revise their expense policy configuration to enable automatic foreign currency conversion for the relevant policies.
Once admin configuration has been completed, all users can submit claims using the web and mobile apps as per the current flow, and the final/actual amount will be displayed in the Expense Transaction Summary.
Requestors, Approvers, and Admins will be able to view:
The receipt amount for the claim
The exchange rate according to the receipt date
The final, converted amount for the claim
Scenarios to Note:
Past Receipt Date – The conversion is instantaneous
Same-day Claim – Any claims submitted prior to 5 PM (UTC +8) will not have the latest rate available. The rate and final amount will be automatically updated after 6 PM (UTC +8)
Same-day Claim Limit – If the same-day rate is not available, altHR will temporarily utilise the previous day’s exchange rate as the threshold. Once the latest rate is available, altHR will take the maximum claim amount (based on policy setting) if the limit is reached
The Expense Reports were also enhanced to cater for this increment, particularly for these columns:
Currency: Final currency
Total Amount: Converted amount in MYR
Receipt Currency: Currency stated on the receipt
Receipt Amount: Amount stated on the receipt
Exchange Rate: Exchange rate obtained from BNM, listed in 4 decimal places
Exchange Date: Exchange rate for the date, middle rate, 1700 session
Submitting claims involving foreign currencies has never been easier with altHR. We hope that this increment will bring further increase in productivity and reduce human errors.
Let us know what you think! Email us at firstname.lastname@example.org if you spotted a bug in the app or have improvements to suggest.