Currencies and conversion groups

For reporting purposes, pay groups are associated with a currency and a currency conversion group. Conversion rates are stored so that all rates can be formulated into a standard currency. Using the exchange rates stored in the system, you can report cost across multiple countries in a standard currency.

By default, the system stores the currencies established by the ISO 4217 standard. You can also create your own currencies in the Currency maintenance form. By default, pay groups are assigned to a default currency named DEF.

A currency conversion group contains a set of exchange rates that is followed by the pay group. You maintain currency conversion groups in the Currency Conversion Group maintenance form. By default, pay groups are assigned to a default currency conversion group named DEFAULT. The DEFAULT currency conversion group has a defined exchange rate with a source DEF currency to target DEF currency from 01/01/1900 to 01/01/3000.

You can maintain as many currency conversion groups as needed. For example, a set of exchange rates can be assigned to different companies within an organization. Different companies should be kept in separate pay groups if they are to observe different exchange rates.

You can also associate a reporting currency to a locale. By default, each locale is assigned to the DEF currency.

See "Locale-based configuration for key system settings in WFM" the Infor Workforce Management Internationalization Guide.