Managing Currency Conversion Tables

Objective

After completing this lesson, you will be able to manage currency conversion tables.

Currency Conversion Table

The currency conversion rate table provides the compensation plan the information to manage multiple currency views that depend on this information.

The conversion table allows the system to convert the amounts in the compensation worksheet when the user toggles between currency views.

Note

This conversion rate only applies to customers whose plan templates are configured to use multiple currencies.
Whether you are using multi-currency or single currency it is recommended to store compensation data in the local currency instead of the functional currency.

Creation of a Conversion Table

One method for creating a new table is to export the current data from SAP SuccessFactors, open it in a spreadsheet program, make changes, save it with a new file name, and import it into SAP SuccessFactors.

Currency conversion rate tables are uploaded via a CSV file. Multiple tables are possible; however, each compensation plan only uses one rate table.

Information on currency conversion tables includes:

Tables can support up to 15 decimal points of precision. It is recommended that tables have no less than five decimal places.
Make sure to account for all combinations of currencies possible. If you are using USD, EUR, CAN, and JPY, then your exchange table would contain six rows. A missing pair will yield no results and no warnings.

Currency conversion rates are bi-directional. Be sure to define only one conversion rate per currency pair: If you have EUR to USD, there should not also be a USD to EUR rate. For example, if you want to add the exchange rate for USD to EUR, add the row USD to EUR at 0.814. Do not add a second row EUR to USD at 1.2285. SAP SuccessFactors Compensation will calculate this rate based on the USD to EUR conversion.

Once the CSV file is created, it can be uploaded to SAP SuccessFactors Compensation.

Note

Currency settings for each compensation plan allows you to also set a default currency to be used.

An administrator may also set the default currency the system uses when launching any compensation, variable pay, or total compensation plans. This default setting allows the plans to better support a customer’s geographies and business needs when applicable. Even when set as a default, the currency may be changed from the plan settings.

The Currency Settings screen is displayed.

As well, administrators can allow worksheet reviewers to individually select whether they view the functional, planner’s, or user’s (employee) currency.

Summary

Currency Conversion Rate Table: Essential for managing multi-currency views in compensation plans, enabling automatic conversion of amounts in worksheets when users switch between currency views.
Creation and Upload: Conversion tables are created by modifying existing data in a spreadsheet, saved as a CSV file, and imported into SAP SuccessFactors. Each plan uses one rate table, allowing precise calculation with up to 15 decimal points.
Information on Tables: Ensures coverage for all currency pair combinations with bi-directional rates, avoiding duplicate entries. Missing currency pairs lead to lack of results without warnings.
Currency Settings: Administrators can set a default currency for compensation plans to align with organizational needs and allow worksheet reviewers to select their preferred currency view on an individual basis.

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