Setting up currency exchange rates during implementation

Objectives

After completing this lesson, you will be able to:

  • Set up currency exchange rates during implementation

Currency exchange rate

The Currency Exchange Rate configuration of Employee Central uses an effective dated MDF Object and can be configured using the Configure Object Definitions tool. All currency exchange rates can be managed through Manage Data. They can also be mass imported into the system using the Import and Export Data tool. Any picklists used for this object must be maintained in the Picklist Center tool.

A picklist with the code of CurrencyExchangeRateType with the picklist-value of DEFAULT must exist in the instance. Only exchange rates with the rate type value of DEFAULT are used in Employee Central currency conversion.

If you are working with a new customer, check whether there is already an existing picklist ID of CurrencyExchangeRateType and a picklist value of DEFAULT. If it is not available, create the picklist and the default value. However, if you are working with an existing customer, the picklist will have been created automatically during the migration.

High-Level Configuration Steps

  1. Go to Picklist and search for CurrencyExchangeRateType.
  2. Create new if the picklist does not exist.
  3. Create DEFAULT as picklist value.
  4. Create a new currency exchange rate record in Manage data or upload it using Import and Export Data Tool. Ensure they have the field Rate Type set to DEFAULT.

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