Set Date of Currency Exchange Rate - A summary of the activity

Through this activity, you can set a date based on which the exchange rate prevailing on that date will be taken into account for conversion of base salary to the payset currency.

Conversion of currency is necessary when the currency of the base salary of an employee is different from the currency of the payset to which he is mapped. During payroll processing, the value of the base salary is converted to the value of the payset currency. To make this conversion possible, you need to

• Specify the type of exchange such as Buying, Selling or Market Rate. Based on the rate applicable for this exchange type, the base salary currency is converted to the payset currency. The activity of specifying the exchange type is carried out in the “Set Currency Exchange Type” activity.

• Specify the day in the process period on which the rate will apply, example First Day of Process Period. This means that the rate prevailing on this date will be used to convert the base salary to the payset currency. The “Set Date of Currency Exchange” activity is used to specify this date.

Later, the system converts the base salary to the payset currency based on the rate that prevails for the chosen exchange type on the date you specify.

Specifying the Date of Exchange Rate: The “Set Date of Currency Exchange” activity allows you to specify a date based on which the exchange rate of the day is taken for conversion. You can specify the exchange rates in three different ways:

• First date of process period: First date of process period indicates that the system will take the exchange rate of the first day of the process period.

• Last date of process period: This indicates that the system will take the exchange rate of the last day of the process period.

• Specific date of process period: If you specify any date of the process period, the system will take the exchange rate of the specified date.

Applicable for a Payset, Payroll or Process Period: You can specify the date of the exchange rate to be applicable for one of the following:

•  A payroll: If the date of exchange rate is specified for a payroll, you indicate that, the exchange rate on the specified date will be applicable for payroll processing of the payroll.

• Selected payset(s): When this option is selected, you indicate that the exchange rate on the specified date will be applicable for payroll processing of the selected payset only.

• A process period: If you specify process period, you indicate that the exchange rate of the specified date will applicable for the selected process period only.

Modifying Details: Apart from entering details, you can also modify all the details previously entered, such as

• The date of exchange rate of currency for a payset or a payroll. in the “Set Date of Exchange Rate” page.

• The date of exchange rate for a process period, in the “Specify Exchange Rate for Process Period” page.

Getting familiar with the pages inside

Prerequisites

You must have specified the currency exchange type in the “Set Currency Exchange Type” activity.

What you can do in this activity

To specify/modify date of Exchange Rate for a payroll

To specify/modify the Date of Exchange Rate for a payset

To specify/modify the Date of Exchange Rate for a process period

To specify/modify date of Exchange Rate for a payroll

You can specify the currency exchange rate for a payroll. You can modify the same.

• Use the “Set Date Of Currency Exchange Rate” page specify/ modify the exchange rate for a payroll.

• Set  the “Exchange Rate Specified”  field to “Payroll” to indicate that the exchange rate is specified for a payroll.

• Save the details entered.

To specify/modify the Date of Exchange Rate for a payset

You can specify the currency exchange rate for each payset. You can modify the same

• Use the “Set Date Of Currency Exchange Rate” page specify/ modify the exchange rate for a payset.

• Set  the “Exchange Rate Specified” field to “Payset” to indicate that the exchange rate is specified for a payset.

• Save the details entered.

To specify/modify the Date of Exchange Rate for a process period

You can specify the currency exchange rate for a process period. You can specify for an entire payroll or for an individual payset. You can modify the same.

• Use the “Set Date Of Currency Exchange Rate” page specify/ modify the exchange rate for a payroll/payset.

• Set  the “Exchange Rate Specified” field to “Process Period” to indicate that the exchange rate is specified for a process period.