How do I activate Currency Conversion?

They Currency Conversion is used if employees are getting paid in a different currency than the payroll company currency, and needs to reflect the converted values on the payroll. 

NOTE: Advanced Access Control must be set to Full for Company Miscellaneous to allow input on this screen. The Payslip Currencies only need to be set up in one Company, because it is a directory-wide file that is seen in all the Companies

Setup Currency Conversion

Step 1

From the Main Menu of your company, select Company, then Payslip Currencies.

Step 2

Select the Employee Currency from a pre-defined list and then enter the Exchange Rate.

Step 3

Click on the Update Rates button to add this option to the table. You can enter as many Employee Currencies as you like and they will all reflect in the grid on this Screen.

EXAMPLE: Employees are paid in GBP and want the Rand figure to show on the payslip at a conversion rate of R15 per 1 GBP. Client on Update Rate to add the conversion rate

Linking your currency to the payslip

The payslip currencies link up with the New Payslip setup and this needs to be set up.

On the New/History Payslip Setup, activate the currency conversion.

Step 1

From the Main Menu Click on Reports Click on Payslip Setup

Step 2

Click on New/History Payslip Setup Selected the General Tab There are two new groupings on this tab

• Currency Conversion
  • When you tick the Activate Currency Conversion option, a Payslip Print Currency block will become available on the Employee Information Screen – Payment Details Tab for all Employees.
  • Once this option has been selected, you will also be able to select the Use Real-time Conversion option
• Employee Currency
  • Currency Conversion must be active to use this option.
  • This allows you to override the defined Currency Rate on the pre-defined tables, with an overriding rate per Employee.
  • When printing Payslips, all financial values will be converted to the Currency as linked on the Employee Payment Details Tab.
  • The Conversion Rate used will depend on the Payslip Set-up
• Use Real-time Conversion
  • This option links to a website and picks up real-time conversion rates.
  • The payslip payslip values will convert to the currency selected on the employees Payments Tab.
  • The Real-time Rate uses yahoo.com to look up the Currency Rates.
  • The Rate last used for the Printed Payslip will be saved on the Payslip History File.
  • All converted amounts on the Printed Payslip will be rounded to 2 decimals.
  • Because the Currency Rate changes continually, the amount on the Payslip will also change accordingly.
  • Therefore, if a Payslip is printed from the Payslip Screen and then printed later again, the Net Pay amount might differ from the one printed earlier.

Linking the employee to the Currency Conversion Rate

Once you have set up the Currencies, a ‘Payslip Print Currency’ block will be available at the top of the Employee Payment Details Tab.

Link the Employee to the Payment Currency that must be used to convert the Payslip values for the Printed Payslips.

• From the Main Menu, select  Employee , Employee and then select the Payments Tab
• In the Payment Print Currency, select the currency for the employee payslip
• The Currency Rate Override will allow you to enter a rate to override the selected currency