Currency Policy

The base currency is used to calculate the exchange between currencies, and is typically the currency in which a multinational organization reports all of their profits and losses. Before any other currencies can be used, a base currency must be defined.

For exchange rate purposes, the base currency always has a value of 1.00. For example, if the US dollar has been defined as the base currency (giving it a value of 1.00), and the exchange rate for the Canadian dollar and Mexican peso are required, the rates are as follows:

• US dollar = $1.00 / Canadian dollar = $1.03
• US dollar = $1.00 / Mexican peso = $6.05

Employees can be assigned a defined currency by navigating to the Timekeeping > Timekeeper section of the People Editor. A value of “Default” indicates that the employee inherits the tenant default currency.

Assigning a currency to an employee ensures that the system will:

• Correctly display the format of the currency when a user enters a money type pay code.

• Correctly convert monetary values in reports to the logged-in user's preferred currency in dataviews, reports and other parts of the application.

Managers can be assigned a Currency Display Preference from the list of defined currencies through the People Editor. A value of “Default” indicates that the manager inherits the tenant default currency.

Assigning a currency preference to managers enables managers to work across all operations that have different currencies. It also enables managers to view monetary values in dataviews and reports in their preferred currency. For example, there is a district manager who oversees US and Mexican operations, but has a budget done in US dollars.

• Only users who are assigned the “Manager” role will have the ability to be assigned a currency display preference.
• The administrator chooses from all available currencies defined by the customer in the Currency Policy.

Locations in the Business Structure can be assigned a defined currency. For example, if a corporation has stores in Buffalo, New York, and Toronto, Canada, currencies can be assigned according to store location.

• All locations have an assigned currency – implicit or explicit. Locations without an explicitly assigned currency value will obtain their currency through inheritance from their parent.
• If the parent location does not have an explicitly assigned currency value, the rules of inheritance will force the child to look to its parent’s parent and continue this pattern until it has found an explicit currency value to adopt. If no locations are assigned a currency, all locations have the base currency or the tenant default currency if no base currency has been defined.
• A location’s assigned currency can only be changed for a future effective date.

Currencies can be assigned to any Business Structure location except for those that have a Location Type with the assigned Location Category of Department. The lowest location that can have a currency assigned is one with a Location Type that has an assigned Location Category of Site.

• Assigning a currency to any Location Category (above the site level) in the Business Structure enables you to create physical locations that have their own currency assignment. For example, a district manager handles the New England stores of the U.S., but is also responsible for two stores on the Canadian border. By assigning currencies to the stores, the manager sees the totals in the assigned currency of the store. At the district level, the US currency is assigned. When the manager views the totals, the Canadian stores have had the exchange rate applied before being added to the district level.
• Currency may only be explicitly assigned to locations with a Location Category of Site or None. A location with a Location Category of None can have a currency assigned only if it is not a child of Site location.
• Currency cannot be assigned to a location with a Location Category of Department. A location with a Location Category of Department will always inherit its assigned currency from a Site. You cannot create a 'department' without a 'site.' You cannot create a 'department' location under a 'none' location if there is no 'site' location above the 'none' location.
• Locations below a Site level location always inherit their currency assignment from the parent ‘Site’ location. Locations with a Location Category of Department or None that are children of a 'site' location will have their currency assignment field disabled, as it can only be inherited and cannot be defined explicitly.

The global.business_structure.restrictions system setting is used to control the application of specific rules in the configuration of the Business Structure. This includes the requirement to assign a Location Category of 'site,' 'department,' or 'none' (null) to their defined Location Types, which is relevant to the assignment of currency to a location.

• global.business_structure.restrictions = ‘false’: No validation of the defined Business Structure or validation of their defined Business Structure or modifications to that Business Structure. Currencies can be assigned to any location above the Job level.
• global.business_structure.restrictions = ‘true’: Validation of the defined Business Structure or modifications to that Business Structure based on a location category's Location Type. Subject to specific that control when currency may be explicitly assigned. This is the default configuration for all new tenants.

• Monetary data
  • Data will be displayed in the employee’s assigned currency at the employee level.
  • Data will be displayed in the location’s assigned currency at the business structure level.
  • Summarized data for employees with different assigned currencies will display the summary value in the user’s preferred currency (ex. Metrics add-on, Indicators add-on).
  • Summarized data for locations with different assigned currencies will display the summary value in the user’s preferred currency (ex. Metrics add-on, Indicators add-on).
• Dataviews

  • Employee Dataviews providing monetary data will display the monetary value for each employee in either the employee’s assigned currency or the user’s preferred currency, based on the configuration of the dataviews. The default setting will be the user’s preferred currency.

    Business Structure Dataviews providing monetary data will display the monetary value for each employee in either the location’s assigned currency or the user’s preferred currency, based on the configuration of the dataview. The default setting will be the user’s preferred currency.

• Reports

  • Employee Reports providing monetary data will display the monetary value for each employee in either the employee’s assigned currency or the user’s preferred currency. The customer configures the currency (assigned or preferred) when publishing the report. The default setting will be the user’s preferred currency.

    Business Structure Reports providing monetary data will display the monetary value for each employee in either the location’s assigned currency or the user’s preferred currency, based on the configuration of the Report Data Object (RDO). The customer configures the currency (assigned or preferred) when publishing the report. The default setting will be the user’s preferred currency.

• Currency Conversion

  • Monetary data is converted based on the effective exchange rate of the currency as of the end date of the defined time period.
  • Conversion is applied to any monetary data column.

• Standard Reports
  • All standard reports are configured to provide monetary data in the user’s preferred currency.
• Report Creation
  • Create reports that provide monetary data in the user’s preferred currency to allow the report to provide accurate and relevant data to all users.
  • Reports created to provide data in the employee-assigned or location-assigned currency must group monetary data by currency if the report summarizes the data.
• Data Entry
  • The entry of monetary data related to an employee is entered in the employee’s assigned currency, regardless of the preferred currency of the user making the entry.
  • The entry of monetary data related to a location is entered in the location’s assigned currency, regardless of the preferred or currency of the user making the entry.

The following currencies are currently supported.