Payroll: Currency and Exchange Rate
Contents
Defining Currency
All the currencies are defined under the Adonis Personnel Manager (APM) > Setup > General Codes.
Code - a unique identifier of the currency in the system: EUR, USD, etc.
Status - records status: Active/ Passive.
Sort - the sort the number of the currency in the list. Affects the order in which the currencies are listed.
Name - the name of the currency.
Alternative - an alternative name of the currency. e.g. in a different language.
Exchange rate - the current exchange rate used in the system.
Defining Currency Exchange Rate
The exchange rates are also added under Adonis Personnel Manager (APM) > Setup > General Codes, separately for each currency.
The rates are manually added by the payroll administrators on a monthly/ bi-monthly bases.
In the system, there can be only one main currency with the exchange rate set to 1. All the other currencies should be added based on how much it would cost you in the main currency for 1 unit in this currency.
Example:
If the main currency is USD, it will have the exchange rate 1.
The rest of the currencies would follow this logic:
1 THB = 0,02816187 USD1 (USD 1 / THB 35,509)
1 PHP = 0.01818199 USD1 (USD 1 / PHP 54,9994802)
1 KSE = 0.00857511 USD (USD 1 / KSE 116,61657984), etc.
! Not vice versa when 1 USD = 35.509 THB.
Calculation Currency of a Company
The currency for each organization is selected under the APM > Organization Properties > Payroll > General > Currency Codes.
This currency will be used as a default calculation currency for payments for all the employees/ crew members employed under this organization as set in the Personal Details >Employment tab.
The currency can be overwritten for each payment separately on the entries screen if necessary.
You can set different calculation currencies for different organizations, but remember that there should always be only one main currency with the exchange rate 1 in General Codes. See Defining Currency Exchange Rates.
Calculation & Payment Currency of a Person
The calculation & payment currency of a person are set under the Payroll Module > Payment > New Balance.
Calculation currency is picked up based on the employment company of a person. See Calculation Currency of an Organization
Payment currency is selected by the payroll user depending on the internal procedures. By default, the value is set to the calculation currency.
Currency & Currency Exchange Rate for Payments
By default, the system calculates all the payments in the calculation currency. However, the currency can be overwritten for each payment if necessary.
Currency Exchange Rates for Travel Expenses
All the travel expenses in the Adonis Personnel Portal (APP) > Travel Expense Module are registered in some currency.
The currency that is used depends on the settings under the Adonis Personnel Portal (APP) > Configuration > Travel Expense and WDA > Module Options.
Options explanation
Travel Expense Summary Currency:
Default - when selected, the default currency set under Module Options is used for all the employees/ crew.
Employee Payment - when selected, the currency is picked separately for each employee/ crew from the APM > Payroll > Payment tab.
Organization - when selected, the currency is set under the APM > Organization Properties > Payroll > General > Currency Codes is used for all the employees/ crew under this organization.
Default Currency - a setting to define the default currency. It contains the list of currencies from the APM > General Codes. Works with the Travel Expense Summary Currency setting.
Automatically set currency rate:
When ON the rate is filled in automatically based on the above Travel Expense Summary Currency setting.
When OFF the rate is empty for manual input.
User can override currency rate:
When ON the user is able to modify the exchange rate that is populated automatically based on the Travel Expense Summary Currency setting.
When OFF the field is disabled for any modifications.