This feature proves beneficial for employees with overseas expenses in various currencies, as the system automatically converts the amounts to the office currency using the Currency Exchange Rates set in the Settings > Currencies page.
New Updates: Foreign Exchange Rate API
This feature automatically updates and follows the foreign exchange rate of Bank Negara Malaysia (BNM) or Open Exchange Rates (OER) once enabled.
Bank Negara Malaysia (BNM) provides exchange rates only against the Malaysian Ringgit (MYR), making it primarily useful for Malaysian companies.
Open Exchange Rates (OER) supports a wide range of exchange rates, covering a diverse array of currencies. This makes it an invaluable resource for companies operating in any country.
To enjoy this feature:
1. Please contact our support team via Live Chat or email (support@briohr.com) to have this feature (OER/BNM) added to your account. Kindly note that only one API could be enabled.
2. Enable Auto update Foreign Exchange at Settings > Currencies.
Bank Negara Malaysia (BNM)
Open Exchange Rates (OER)
3. Add currency pairs, and the rates will be updated automatically, eliminating the need for manual input. However, if the Auto Update Foreign Exchange feature is disabled, manual entry of the rates is required. Additionally, the Bulk Import Currency function does not support bulk importing for existing currency pairs in API.
Bank Negara Malaysia (BNM)
Open Exchange Rates (OER)
How to set the Currencies Exchange Rate?
1. Go to Settings > Currencies.
2. Click on Add currency button.
3. Select the Currencies that you would like to pair (eg. USD to MYR).
4. Enter the conversion rate, 1.00 USD equal to how many MYR (eg. 4).
5. Click on Save once done.
The above method is to add the currency exchange rate individually. Kindly refer to the video below for the steps if you wish to add currency exchange rates in bulk.
Employee view when submitting the claim request for USD currency but the office's currency is MYR.
- In Total amount column, select the currency USD, input the USD amount.
- System will auto convert to MYR amount in the Total amount (office currency) column.
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