International Travel

[puneet]

Hi Experts..

As per our client requirements, employees are issued foreign currency and the bill amount is maintained in INR under employee advance account and the settlement of the bills by the employee is done in document currency (INR) and Hard currency (USD).

Would reuest how to tackle this situation, as there would be deviation in foreign exchange BUY IN and Selling rates.. in respect to Finance entry and similarly at the Travel Mgt end.

Example-- Employee is travelling to UK. Employee entitlment is 300 $ per day. He will get Pounds equalient to 300$ from thomas Cook. And Finance team register the amount in advance in inr currency.

And once employee has to settle his amount he will post bills in pounds...

So how will the entry come in finance... there are three currencies which are coming in picture...

Thanks

Puneet

[former_member184702 · Accepted solution]

Hi Puneet,

For the above requirement you have to maintain the currency in OB08 and please find the below screenshot for your reference.

Now you have to test in FB01 whether the amount is calculating or not.

Regards

Siva

[puneet · Accepted solution]

Hi Siva,

Thanks, as per my understanding OB08 is updated monthly, there would be always discrepancy b/w the conversion rate and OB08 and the market. How we can handle this situation.

Secondly, Do we have option of changing the currency exchange rate in the trip settlement and how the variance b/w the currency rate can be handled in accounting?

Thanks

Puneet

[former_member184702 · Accepted solution]

Hi Puneet ,

Let's take one example here , Offshore employee raise a trip in parent company not a client system  and currency should be in INR right.

Second thing , based on our maintenance the currency rates in table , system takes defalut INR ,

say example , employee earn per diem 300 dollars per day, if he raise the 10 days perdiems system calculates the current rate of dollar.

any how please check with Finance team , they will update the currency rates.

Regards

Siva