This help guide will show you how to manage currency conversion rates.
Contents
Introduction
If your organisation uses multiple currencies when recording the pay for employees, the Currency table can be used to aid conversions and to determine the number of decimal places to calculate to.
The Conversion Rate for a currency should be maintained on a regular basis and the Job and Pay record for the employee updated to reflect the new conversion rate.
Currency Conversion Rates
- Go to the following area:
Latest (left-hand) menu: Data Management > Code Tables
Pre 2025 menu: System > System Administration > Code Tables
- From the Group choose Job and Pay and then select the Currencies table
- The screen will display all the existing codes
- Click on the currency you wish to work with
- Click on the tab labelled Conversion Rates to view the history of changes to the rate of exchange for the currency in question
Click Add new record and complete the currency that it is being converted with the date, the mathematical action (i.e. divide or multiply), and the Rate
Click Save Changes
| Note: It is essential to also put a corresponding entry against the currency record that you are converting into. For example, if you’ve entered an exchange rate from the Euro to Sterling, you must enter a value against the Sterling record converting into Euros with the same effective date – you will get a warning if this is not present. |
To update Pay
Having recorded the new currency rate, click Update Pay
You will be prompted to confirm that pay is to be updated with the new currency
Click Yes
Once the action is complete, a confirmation will be presented
The new conversion amount will be visible in Job and Pay for the relevant employee records
| Note: The Conversion Rates should be maintained and kept up to date in order to ensure that pay-related reports are accurate. |
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