Creating a currency conversion group

You create currency conversion groups in the Currency Conversion Group maintenance form. Each currency conversion group contains a set of exchange rates.

  1. Select Maintenance > Payroll Settings > Advanced Payroll Settings > Currency Conversion Group.
  2. Click Create New Entry.
  3. Specify this information:
    Name
    Specify the name of the currency conversion group.
    Description
    Optionally, specific a description for the currency conversion group.
  4. Click Save to save the currency conversion group.
    The currency conversion group is created with an exchange rate already defined. The exchange rate has a source DEF currency to target DEF currency from 01/01/1900 to 01/01/3000.
  5. In the Currency Conversion section, click the new row icon to specify a new exchange rate.
  6. Specify this information:
    Start Date of Exchange Rate
    Specify the start date of the exchange rate in the format MM/DD/YYYY or select the date from the calendar.
    Note: To prevent overlapping entries, an end date of 01/01/3000 is used. The end date cannot be edited.
    Source
    Select the source currency from the lookup.
    Target
    Select the target currency from the lookup.
    Rate
    Specify the exchange range. The exchange rate can have up to 15 decimal places.
  7. Repeat the previous two steps to specify more exchange rates in the currency conversion group.
  8. Click Save to save the exchange rates you added.

The system ensures there is always continuous date ranges from 01/01/1900 to 01/01/3000 for each pair of source and target currencies by adding entries if necessary. For example, if you add an exchange rate for DEF to USD starting from 01/12/2022, an exchange rate for DEF to USD from 01/01/1900 to 01/11/2022 is added automatically.

The system also ensures that there are no overlapping dates for each pair of source and target currencies by adjusting the end dates of entries. For example, if you then add an exchange rate for DEF to USD starting from 01/19/2022, the end date of the previous entry you added is updated to 01/18/2022.

This table shows the resulting exchange rates, assuming a rate of 1:

Start Date End Date Source Target Rate
01/12/2022 01/18/2022 DEF USD 1
01/01/1900 01/11/2022 DEF USD 1
01/19/2022 01/01/3000 DEF USD 1