Overview
Ramp is excited to be working on a series of international capabilities to support businesses that operate outside the US. Our goal is to provide the same great Ramp experience that customers already love in the US. With these changes, admins will be able to manage spending in an entity's local currency.
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Accounting and accounting providers
Admin views
Balance view
Admins will now see spend balances broken down by issuing currency [Enterprise] for the business on the expenses tab. The combined business-level balance is shown in USD.
Transaction view
Each transaction has statement amount
and amount paid.
-
Statement amount
will always show in the currency of the GL account for the entity.- Example: for CAD-denominated cards, it would show as CAD as that is the denomination of the entity.
-
Amount paid
will show based on the spending limit of the card- Admins should create spend limits in the currency of the entity for these users using multi-currency limits and programs
- The globe icon will appear when the transaction is in a different currency
Entity balance and statements
The balance and statement for each entity will be shown in the entity's issuing currency. The business-wide aggregation is estimated in USD.
Accounting and accounting providers
Transactions sync to your accounting provider with:
- The GL currency for the entity as configured in the accounting provider
- The currency in which the original transaction took place
For example, a CAD-denominated card swiped in France for 10 EUR will sync to the accounting provider as 14.63 CAD (or whatever the appropriate conversion amount is at the time of transaction settlement) along with the original 10 EUR transaction amount.
Local card denomination
Ramp is currently in beta with CAD-denominated card issuing and statement payments. Please reach out to your account manager or sales@ramp.com if you operate in Canada and are interested in participating.
Check out our articles on CAD cards here.
Spend Programs
Spend Programs can be set up with controls such that only certain entities are able to access the program. Since Spend Programs are currently only set up with one currency, this could help you manage expenses in different currencies across your entities/users.
For example, you can create:
- Wellness Benefit - CAD spend program with 600 CAD to issue to your employees in your CAD entities
- Wellness Benefit - USD spend program with 500 USD to issue to your employees in your USD entities
Submission policies
Ramp does not currently support different currencies for submission policies, these are all in USD. For example, if you have a submission policy that transactions over $75 USD must have a receipt, this submission policy will be checked against $75 USD for all transactions. Ramp will do conversions in the backend to determine if a transaction that is non-USD is within a submission policy.
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