Setting up & uploading currency

For organizations that operate globally, it is common to have multiple currency compensation data. Currency conversation is essential to compare like-for-like in a pay equity analysis and present reports in your organizations reporting currency. This sections will cover in detail how to manage a currency conversion table in PayAnalytics.

To set up a currency conversion table, proceed as follows:

1. Click on System settings and select Currencies to import your currency conversion. Remember, no exchange rate tables come pre-imported in the system.

2. The first time you open currency settings you will be prompted to select a primary currency that will be used for all calculations in the system.

3. When creating other currencies with an exchange rate you are required to set the date for the table.

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Since you are working with financial data, it's crucial to ensure that the exchange rates are accurate and reflect the specific date of the salary payments. Exchange rates can fluctuate frequently, so specifying the date ensures that historical transactions are calculated correctly and future transactions are based on up-to-date rates.

4. The formula used for calculating the exchange rate, where USD is the chosen primary currency is 1 EUR = x USD <=> 1x/x EUR = 1 USD.

5. To define the exchange rates, you can either upload them from Excel or add one exchange rate at a time. You can also add notes regarding these exchange rates that will be visible when you link them to a dataset.

   • Uploaded Excel file: the selected primary currency is set to a value of 1, with the exchange rates for the other currencies defined relative to this primary currency.

     

   • Exchange rates added manually: once you have defined exchange rates of currencies relative to the primary currency, you can modify or delete them in the table. If you have previously defined exchange rates you will see the last version, and get a warning if your exchange rates change significantly, helping you notice eventual errors.

This is an note/information message.

Any changes that may affect the table on the originally chosen date, will not be logged.

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Once you have used the exchange rates in an analysis you will not be able to make more changes to ensure the consistency of the data underlying the analyses. You can always create a new currency table, either for the same primary currency and a new date or for another primary currency.