When submitting ministry expenses that use a foreign currency, missionaries should always convert the amount in foreign currency into the equivalent amount in U.S. dollars. Missionaries should use the standard conversion rate for that day, found online or in a conversion app, rather than just estimating or multiplying by a general number. After conversion, a missionary should enter both the converted amount on his EOM and also write the converted amount in U.S. dollars on the receipt before scanning or taking a picture of the receipt. The amount written on the receipt should match the amount entered on the EOM.
Friday Financial Tip #7: Currency Conversions
FBMI2024-04-05T14:51:26-05:00April 5th, 2024|Categories: FBMI Updates, Friday Financial Tip|Tags: Currency Conversions|