I use my monzo card when travelling a broad for business.
So i can reconcile this with our expenses system I use the export function for the expenses category (obviously I also have my receipts)
What would be great is if you could add the exchange rate you got for each transaction to the export function rather than just the amount in foreign currency and the amount in GBP.
Assuming you open the exported file in a spreadsheet app, couldnāt you just add another column with a simple =E1/D1 formula (or whatever the relevant columns are)?
@jzw95 youāre right I could, but i donāt have to, it is already held in the app under each transaction, I just want this information easily accessible for reconciliation rather than having to go into each individual transaction, it will also make it much easier when working with multiple different exchange rates and currencies which I often have to.
I concur with jzw95, much easier to add a column which you can autofill in the spreadsheet.
I worked in Foreign Exchange, golden rule was Currency 1, Currency 2 & exchange rate are the three components. You only ever pass two of the three downstream through systems OR you get errors.
Reason being currency rates are usually to 4 decimal places, calculations will end up with the calculated currency being a potentially large number of decimal places which is rounded to two to get a meaningful answer.
i.e. if you get Currency 1, Currency 2 and exchange rate you will end up with numbers that donāt work because of the rounding. much better to have Currency 1, Currency 2 and derive the rate, that is what you will have actually have done the ārealā exchange at. Make sense?
This could be done in a spreadsheet but a soreadsheet is not accepted by my employer. It needs to be a ābank statementā that shows either the exchange rate or both the local currency change and sterling amount.
This makes sense but we currently only get 1 of those 3 in a statement. Sterling rate only.
The csv export produces currency 1 currency 2 but this info is not provided in the statement
This is quite a dull thing to admit to but Iāve made an excel template. Took a bit of fannying on but now I can simply copy and paste the data from the csv file into my template on 1 sheet and Iāve got the data just the way i need it on the next sheet. Exchange rate and all
I think Monzo could be amazing for expenses.