Here’s how to set up currency and exchange rates on Rindegastos’ web platform.
Topics you’ll find in this article:
What is and how does the automatic exchange rate tool work?
The automatic exchange rate tool allows your company to forget about choosing which exchange rate to assign to international expenses. This tool is activated at the expense policy level.
When activated for a policy that uses a specific currency, every time a Submitter creates an expense under that policy with a different original currency, Rindegastos will automatically assign the exchange rate and convert it to the policy's working currency.
✏️ Note: Submitters cannot assign or modify the exchange rate set by Rindegastos. Only an Approver with permission to edit expenses in review can modify the exchange rate during the review process.
Exchange rate sources
For the following countries, the official exchange rate for the US dollar is obtained from:
Chile (USD to CLP): Central Bank of Chile
Peru (PEN to USD): SUNAT
Mexico (MXN to USD): Central Bank of Mexico
For other countries, the exchange rate is sourced from OpenExchangeRates.org.
What happens if i decide not to activate the automatic exchange rate?
If automatic exchange rates are not activated, the Approver will be responsible for setting the exchange rate during Expense Report review.
You can also allow Submitters to set the exchange rate when creating expenses in other currencies. To do this, activate the “Submitter Permission” option in the same “Currency” section.
How to activate the automatic exchange rate tool?
Activating the automatic exchange rate tool is simple. Just follow these steps:
From the “Administrator” menu, select “Policies.”
You’ll see a list of all the active policies in your company.
Use the filter to find the policy where you want to activate the automatic exchange rate.
Click on the policy name to open it.
In “Settings,” go to “Currency.”
To activate the automatic exchange rate, slide the button to the right until it turns green.
Choose the working currency to be used under this policy.
Finally, click “Save Changes.”
That’s it! Rindegastos will now automatically calculate the exchange rate for you.
If you still have questions about this process, write to soporte@rindegastos.com for
details. We're here for you!