Currency at the Element Level

There are many kinds of monetary elements in Global Payroll. You can use currency with base compensation and with other elements.

Using Currency with Base Compensation

When a payee's base earnings are entered on the Job Data pages, you attach a currency code to the amount. If this currency is not the same as the processing currency, the system converts the amount entered into the processing currency before processing a payee's payment. If you do not enter a currency code, the system assumes that the amount is expressed in the processing currency and does no conversion.

Note:

The currency code on Job Data appears by default from the base currency on the Installation Table, not from the Pay Entity Table. The base currency does not have to be the same as the pay entity currency—base currency has no impact on Global Payroll. However, check the code carefully to ensure that the default is correct. If it is not correct, change it.

Using Currency with Other Elements

Earnings and deductions are examples of elements. When you define an earning or deduction element, you enter other supporting elements, such as variables, in one of the component fields for the earning or deduction element. A component field, such as a base or a rate, can have a monetary format. The system requires that a currency code be provided for any field with a monetary format. At the point of entry into the batch system, the currency of a monetary value will be converted to the processing currency. If a monetary value is defined on a variable, then in the variable program, the amount will be converted to the processing currency. From that point on, the converted value will be used during the calculations. If the variable is used within an earning calculation, the converted value will be used.