Setting up currency
Accessible to: Application Administrator
Multiple currencies are supported in EazeWork HRMS. Currencies which are linked to the country of the company are automatically added to the table as and when the companies are created. Default currency is picked from the country of the billing entity.
Actions possible -
- New currencies can be added by selecting the currency code and updating the exchange rate with reference to the default currency in the last row
- Manually added currencies can be deleted if they were not used, else they deactivated, in which case they will not be visible in future requests
- Conversion rate which is
to be used to convert any currency to default currency can be updated in the
table here. Exchange rates are always calculated with reference to the default
currency as shown in the image above. For example, 1 Euro = 94.5620 INR as per the details entered above
- You can make any currency as "Default", to
make a currency as default currency click on the
radio button. You will see a confirmation popup as shown below.
1. Recruitment module – while adding current and desired salary to a candidate
2. Expense module – Advances and Expenses can be in multiple currencies, expense
policy is in a certain currency
3. Admin module – the value of asset can be defined in the currencies defined
here
4. Project module – used to define the rates and costs of employees mapped to
a project
The conversion rate entered here is used in the following scenarios
a) when claims are submitted in a currency which is different from the policy currency
b) when claims are submitted in a currency which is different from the currency of Advances which are being adjusted against it
2. In Payroll module when Advance is being recovered in payroll
Suppose you have created an expense head in expense setup and it is linked to USD. As shown below the policy is 4 USD per KM.
When an employee claims this head and suppose the voucher currency is INR and
if he enters 100 kms then amount payable would be 100 x 4 x 76.00 = INR 30,400.
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