Managing expenses in international projects can be tricky, especially when dealing with different currencies. That’s why we’re excited to introduce our new Multi-Currency Expense Reporting feature. It makes tracking costs across borders simple, accurate, and stress-free—perfect for project teams and partners working globally.
Simplify Expense Tracking Across Currencies
Working on international projects often means handling costs in multiple currencies—like travel, vendor invoices, or project-related expenses. Manually converting these can be time-consuming and prone to errors.
With this new feature, you can now report expenses directly in the original currency. EMDESK does the rest by converting them into your workspace’s base currency. This saves time, minimizes errors, and ensures that all stakeholders, whether team members or partners, can report their expenses with confidence.
- Accurate Reporting: Automatically convert expenses with real-time, average, or custom exchange rates pulled from the ECB to ensure precision.
- Save Time: There is no longer a need for manual calculations of the correct exchange rate, letting you focus on your project goals rather than administrative tasks.
- Seamless Collaboration: Team members and partners from different currency-based countries can report expenses in their currency without extra effort, ensuring smooth and stress-free cross-border collaboration.
Keep Financial Data Clear and Compliant
This feature is about making your financial reporting both simpler and more reliable. For project managers and financial teams, it means:
- Less Manual Work: No more juggling spreadsheets or external tools to convert currencies.
- Clear Oversight: See all expenses, converted into your base currency, for a complete financial picture.
- Compliance: Apply exchange rate methods required by programmes or national regulations with ease.
With flexible options for currency conversion, you can choose how expenses are calculated based on your needs:
- Daily Rate: Use the exchange rate for a specific date.
- Average Rate: Apply a rate calculated over a certain time period.
- Custom Rate: Manually set a rate that fits your project’s needs.
Get Started in 3 Simple Steps
It’s easy to start using Multi-Currency Expense Reporting:
1. Log in to EMDESK and go to the Expenses section.
2. When adding or editing an expense, select the currency you want from the drop-down menu.
3. Choose your preferred exchange rate method—Daily, Average, or Custom—and confirm.
EMDESK handles the conversion, even updating the records when exchange rates are revised or new rates are published for average cost rate calculations, keeping everything accurate for you.
Whether you’re leading an EU-funded project, working with international partners, or managing global teams, Multi-Currency Expense Reporting ensures that your finances stay clear, accurate, and compliant.
Log in to your workspace and see how this feature can simplify your expense management. It’s one more way EMDESK helps you focus on delivering great results, while we handle the details. For more help, visit our help article.
We’d love to hear your thoughts, so give it a try and let us know what you think!
