Here’s how to create an expense in a currency other than your base currency.
You might have travelled abroad and incurred some expenses while you were there, or you might have bought something in a different currency without travelling, for instance a purchase you made online.
1 Add a new expense
Start by creating an out-of-pocket expense as normal.
2 Enter the currency and amount
Choose the currency that you used to pay for the expense. If this is a currency other than your base currency (which is the currency you prepare your accounts in), you'll see two new options appear.
These are the total value in your base currency, and the option to choose whether you want to keep the value that FreeAgent has automatically calculated for this, or put in a different value. For example, you may know from looking at your personal credit card statement that the value you spent in your base currency is slightly different from FreeAgent's value.
If you want to override the value that FreeAgent has calculated, deselect Automatic Currency Conversion and add a new Total Value amount.
Recurring expenses will always be converted using the exchange rate on the day they recur. For example, a $100.00 recurring expense will probably fluctuate slightly to reflect the current exchange rates.
Create your new expense
When you're ready, continue as normal to finish creating your new expense.
Money Paid to User
The money that your business can repay to you will always be worked out in your base currency. When you've finished creating the expense, the balance the business owes to you will include the amount in your base currency.
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