To set a default currency in People Analytics and add exchange rates for converting from your default currency to another, you need to select a default currency in portal.
Doing so will enable you to choose a default currency for displaying your payroll information. This is particularly useful if your PeopleXD solution processes payroll in both the UK (£) and Ireland (€).
Note: By default, the solution’s currency is set to GBP
Default solution currency
To set a default currency, follow the steps below in portal.
From the dashboard menu, select People Management.
Click Data Centre.
Beside People Analytics Configuration, click Open.
Click the Currency tab.
From the Select Default Currency drop-down menu, select a default currency.
Click Save.
Add Currency rates
The solution employs a process called constant currency when converting values to a single currency. It uses only one exchange rate per currency for calculations, regardless of how many periods are involved. The exchange rates are based on the last day of the selected period in the Time picker.
The constant currency method effectively analyses cost changes over time. If varying exchange rates were applied, differences in values could arise from the fluctuations, which would not be visible in the analysis as they occur before display. By using constant currency, trends in costs and trend line slopes are represented through a consistent exchange factor, offering a clearer and more reliable view of cost changes between periods.
To add currency rates, follow the steps below in portal.
From the dashboard menu, select People Management.
Click Data Centre.
Beside People Analytics Configuration, click Open.
Click the Currency tab then click Add Exchange Rate.
From the Currency drop-down menu, select a currency.
From the Currency Rate drop-down menu, select a currency rate.
From the Date Effective drop-down menu, select a date( i.e the date the currency rate should apply)
To apply all changes, click OK.
Note: For premier users, to ensure that People Analytics uses the exchange rate set in the PeopleXD configuration area, select Use admin default as your display currency in the Preferences tab of People Analytics.