Michael
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5 votesMichael
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17 votesMichael
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An error occurred while saving the comment Michael
commented
To get matching to be accepted then you can set the flag 'Permit users to edit the amount in personal card expenses' to enabled. This will allow you to match on amounts which do not exactly agree. However the amount left in the report is the original amount and not the credit card amount. I agree with the previous assessment and in another post I have suggested that the exchange rate should be re-calculated when a credit card expense is matched. After all, re-calculating the exchange rate matches the reality of the situation (the credit card company really did use a different exchange rate from the mid rate gleaned from somewhere by Zoho).
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16 votes
An error occurred while saving the comment Michael
commented
Generally the credit card uses a very 'similar' rate to the general mid-rates (these are variable of course depending on where they came from). In addition the credit card imposes a (typically) 2.5% surcharge on the base amount. I've implemented this as a 'Tax' called 'Card Fee' of 2.5% and set it as a Compound Tax. It is then marked as 'Tax Exclusive' in the expense. It comes out pretty close to reality, generally differing by only 0.05% or so. I could change the Card Fee to 2.55% to compensate but it would be better if Zoho re-calculated the exchange rate when an expense is 'matched'
Michael
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19 votes
An error occurred while saving the comment Michael
commented
There are several request all alluding to the same thing. I agree that exchange rates should be re-calculated. After all I have to repay my credit card the amount on the statement not a calculated amount based on a notional exchange rate. I use the credit card match facility and can match a credit card expense directly to an expense even if the amounts do not exactly agree (this is allowed only if the 'Permit users to edit the amount in personal card expenses' flag is set). However, even though the expense has been matched, the amount kept in the report is the 'calculated' expense amount not the credit card expense amount. This would work perfectly when, if selecting a match, the expense amount was set to the same by automatically re-calculating the exchange rate.
Once a match is complete I agree the actual exchange rate can be calculated and then edited to get an exact match. However, this is unwieldy, particularly as most expenses are likely to have been incurred in a foreign currency so necessitating the recalculation of the exchange rate for a large number of expenses. Better that Zoho re-calculates it at matching time.