You can add exchange rates to support conversion from your default currency to another currency. For example, if in PeopleXD, you process payroll in both the UK (£) and Ireland (€). The currency used in the cycle is set in the Pay Planner solution within the Cycle.
When converting values to a single currency, Pay Planner uses a process called constant currency. This means that only one exchange rate (per currency) is used for a calculation, even if it spans multiple periods. The exchange rates used are based on the last day of the selected period in the Time picker.
Add currency rates
To add currency rates, watch the video or follow the steps below.
On the People Management Dashboard, navigate to the Data Centre widget.
Open People Analytics Configuration and select the Currency tab.
Click Add Exchange Rate.
Select the Currency, enter the Currency Rate, and select the Date Effective (i.e. the date the currency rate should apply).
Click OK to apply your changes.
To ensure PeopleXD accurately identifies the correct currency and applies appropriate conversion rates within Pay Planner, the following validation steps should be completed for employees not paid via PeopleXD Payroll.
Ensure that a company per currency has been created in PeopleXD - Payroll Dashboard>Settings>Organisations.
Ensure that each company has the correct currency set - Currency Code.
Link this company to the relevant pay group - Payroll Dashboard>Settings>Pay Groups.
Ensure each employee is linked to the relevant pay group.