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How to convert currency for expenses

PURPOSE Currency conversion helps report expenses paid in a currency different from the reporting currency. WHAT TO INCLUDE Record the original currency, original amount, converted amount, date, and exchange rate source if required. USE CONSISTENT SOURCES Use card statement amounts, official exchange rates, or the approved conversion method. CHECK RECEIPTS Keep original receipts showing local currency. BEST PRACTICE Do not manually estimate if an official converted card amount is available.

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