As described in When are card transactions converted to a different currency?, Perk converts expense amounts (i.e., receipts) to your company currency. It does this using fair market rates by applying the daily closing exchange rates sourced from openexchangerates.org (default) for the conversion of the total amount in foreign currency. These exchange rates are tracked and blended algorithmically from multiple reliable sources, ensuring fair and unbiased consistency.

However, due to the exchange rate differences and transaction fees, there may be minor differences when comparing the final amount converted and calculated by Perk (see amount 2 (€111,85) in picture) to the amount paid in a foreign currency and converted by the card provider (see amount 1 (€114,92) in picture). The resulting delta (€3,07) cannot be changed and is visible in the export. It can therefore be booked in line with your company policy for transaction fees and exchange rate differences.

Perk exports the transaction amount in card currency to ensure that the actually paid amount equals to the total amount booked on the expense accounts. As the card providers data does not include sufficient details in the applicable VAT rate and amount, Perk sources this data directly from the original receipt in foreign currency via the AI-based OCR. To arrive at the VAT amount reclaimable, Perk then converts the transaction amount from the original receipt by using the exchange rates from openexchangerates.org as described above.