Exchange rates
You can set and manage company-wide exchange rates for expenses, payroll processing, and payroll billing.
In each case, the applicable exchange rate will be the rate with the latest effective date in comparison to:
- Expenses—the expense date.
- Payroll processing—the pay cycle start date.
- Payroll billing—the pay cycle start date.
If there is no exchange rate between two currencies, you must add it to create the first exchange rate entry.
To add a new exchange rate:
- Go to Admin Settings > Exchange Rate.
- Select Add New.The New Exchange Rate screen appears.
- Select the Currencies.
- Enter the Exchange Rate and Effective Date.
- Enter the Reference Rate and Reference Rate Source.
- Select Save Changes.
You can add new entries to existing exchange rates. The new exchange rate will apply based on the effective date onwards.
To add an exchange rate entry:
- Go to Admin Settings > Exchange Rate.
- Under an exchange rate, select the Expand icon to view the exchange rate entries.
- Select Add New Entry.The Add New Entry screen.
- Enter the Exchange Rate and Effective Date.
- Enter the Reference Rate and Reference Rate Source.
- Select Save Changes.A new entry has been added to the exchange rate.
You can edit an exchange rate entry to modify the details.
To edit a leave item entry:
- Go to Admin Settings > Exchange Rate.
- Under an exchange rate, select the Expand icon to view the exchange rate entries.
- Under the relevant exchange rate entry, select Edit.The Edit Entry screen appears.
- Update the relevant fields.
- Select Save Changes.
If you delete an exchange rate entry, the action cannot be reversed. If there is only one entry in the exchange rate, the exchange rate will also be automatically removed when the entry is deleted.
To delete an exchange rate entry:
- Go to Admin Settings > Exchange Rate.
- Under an exchange rate, select the Expand icon to view the exchange rate entries.
- Under the relevant exchange rate entry, select the Delete icon.