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FX rates and currency conversion in Yokoy
FX rates and currency conversion in Yokoy

Use one of Yokoy‘s managed foreign exchange rates for currency conversion or set your own exchange rate feed.

Yokoy Team avatar
Written by Yokoy Team
Updated this week

Yokoy converts expense or invoice amounts to the desired currency (user currency, original currency, or company currency, as appropriate). It does this by using the market rates, applying the daily closing exchange rates for the conversion of the total amount in foreign currency.

The exchange rate source is determined at a company level and is usually associated with the country where the company is located (for example, if the country is Serbia, you should select the rates from the National Bank of Serbia). You can set up different FX rate sources for different companies.

You can choose from a number of managed exchange rate sources such as Open Exchange Rates (default), National Bank of Serbia, and others. Alternatively, you can choose to add your own custom foreign exchange rate feed using Yokoy‘s API.

💡 Tip

You can consult the applicable rate provided by OpenExchangeRates by signing up for a free OpenExchangeRates account.

If you choose to use one of Yokoy‘s managed exchange rate sources, the most common currencies are updated daily. With other less common currencies, the update may be weekly. If the national bank feed doesn’t publish the required currency, the fallback is to use the rate published by OpenExchange.

Yokoy has hourly import jobs to fetch the latest rate available for the main currencies. The currencies are stored with the exchange rate's effective date. Yokoy uses USD as the base rate internally.

How exchange rates are used

Yokoy sends request to its internal foreign exchange service for the effective rate for the date on which the expense occurred (i.e. the date when the receipt was issued, not when it was submitted), or the invoice date:

  • If Yokoy finds the FX conversion rate that matches the date, then it takes the rates for that date.

  • If no FX conversion rate for that currency is found for that date, it takes the rates for the last available date.

  • If no FX conversion rates for that currency exist, then Yokoy takes the conversion rate published by OpenExchangeRates.

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