FastTrack360 Version 12 Online Help
Pay Company Multi Currency Configuration
There are 2 areas in Pay Company Maintenance that require configuration to operate multi currency functionality. These are:
International Banking Details
Currency Conversion Effective Dates
International Banking Details
Where payees are to be paid into an international account, international bank details from the pay company need to be included within the payment file to specify where the funds for payment are coming from.
How to Add International Banking Details
The following fields are available if the multi currency functionality has been enabled for the country you are updating.
1. | Navigate to Payroll > Maintenance > Pay Company. Search for the required Pay Company and click on the view / edit button. The Add International Banking Details screen displays. | |
2. | Navigate to the Banking Details tab |  |
3. | Enter the IBAN number of the international account that will be used for paying employees in a different currency. This field is mandatory if multi currency functionality has been enabled for the country. The field will only validate for the length of field (up to 34 characters) and it is the responsibility of the user to enter the correct IBAN number. | Â |
4. | Enter the BIC code. This is the branch identifier for an international bank account. This field is mandatory if IBAN is entered. The field will only validate for the length of field (8 or 11 characters) and it is the responsibility of the user to enter the correct BIC code. | Â |
5. | Some banks require an identification number to be output in their payment file. You may need to seek advice from your bank as to whether one is needed. If this field is populated and if producing a SEPA file for payment, this will output in the file. | Â |
6. | Click Save. A confirmation message will displayed and the Pay Company Maintenance screen will close. |
Currency Conversion Dates
A new tab will visible to the user in the Pay Company Maintenance tab set if the multi currency features have been enabled for the country the pay company is within. This tab enables you to set how you would like currency conversions to function.
There are 2 options to configure which are explained below.
Field | Description | Rules |
Reimbursement Currency Conversion Date Type | This defines the date that should be used to determine which exchange rate effective dates should be used for reimbursements that are incurred in a different currency to the base currency of the payee's country. | There is a pick list of:
If Timesheet Item Date is selected, the timesheet will use the reimbursement's item date to determine the exchange rate to use for the foreign reimbursement currency conversion. If Timesheet Start Date is selected, the timesheet will use the timesheet start date to determine the exchange rate to use for the foreign reimbursement currency conversion. If No Conversion Date is selected, the timesheet will not convert any reimbursement value entered. The payee would need to convert any foreign currency expenses themselves to enter the converted into the system. |
Net Pay Currency Conversion Date Type | This defines the date that should be used to convert net pay to the payee's currency value | There is a pick list of:
If Pay Batch Process Date is selected, the pay batch process will use the exchange rate based on the date the pay batch is processed to convert the payee's net pay. If Pay Period Start Date is selected, the pay batch process will use the exchange rate based on the pay period start date you are processing to convert the payee's net pay. |
How to Add International Banking Details
1. | Navigate to Payroll > Maintenance > Pay Company. Search for the required Pay Company and click on the view / edit button. The Edit Pay Company screen displays. | |
2. | Navigate to the Currency tab. The Currency tab settings display. |  |
3. | Apply the settings for each date type. | Â |
4. | Click Save. A confirmation message will displayed and the Pay Company Maintenance screen will close. |
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