Currency convertion
When starting a new salary setting the administrator can chose to connect a valuation conversion matrix which will automatically use the given values to convert all imported employment salary values to a standard currency.
Important system settings to consider
User menu > Settings > Salary > International settings
Default currency: Will be used when converting employments without a value in the currency column
Number of yearly payouts: Will be used when displaying data in report and for managers when no value is set in the Number of yearly payouts column
Currency conversion group
A conversion group defines a main currency and the values that the system should use when converting other currencies to the main currency. Administrators can create multiple conversion groups to define conversion rules that should be used when importing data to a salary setting.
Creating a currency conversion group
Currency conversion groups are created in the “Base register” of the system settings.
User menu > Settings > Currency conversion > Create new conversion group
The first step in creating a conversion group is giving the group a descriptive name and choosing a default currency that all other currencies will be converted to.
Once the group is created it can be selected from the list and values can be added in the popup
Values can be added manually by clicking “create currency conversion”
Or the user can add all currencies used in their base data automatically by clicking “Fetch currencies” and then adjusting conversion rates in the generated list.
Adjustment values can be modified or removed using the list of conversion values. The dropdown to the left is the currency to be converted from, the value beside the currency is the conversion rate and the trashcan icon removes the currency conversion for the chosen currency completely.
Once all required currency values have been applied the currency group can be used when importing employment into the pay management module.
Applying a currency conversion group
Once created a currency conversion group can be applied to a newly created pay management cycle in the following way:
Salary set > Overview > Settings > Tab Salary > Currency group field
Once selected all salary values on imported employments will be processed using the given values. (add link to importing employees into a salary setting here).
Important things to note:
· Currency values on existing employments in the salary setting will not be converted/updated retroactively.
· Adjusting the conversion values in the conversion group does not update converted salary values in the salary setting.
Currency conversion for managers
Managers will be presented with extra data when setting salaries in a salary setting that has utilized a currency conversion group.
Additional column that will be added to the salary setting table and manager summary report include:
· Monthly salary in the employee’s local currency (using the same conversion value provided in the conversion group)
· Yearly salary in employee’s local currency
· Number of yearly payouts the employee receives.
Managers are expected to set new salaries using the pay salary setting chosen default currency.