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Administrator Guide
Last Updated: 2023-06-23
Steps: Set Up Currencies

Steps: Set Up Currencies

  • Security:
    Set Up: Tenant Setup - System
     domain in the System functional area.
  • Security:
    Set Up: Tenant Setup - Global
     domain in the System functional area.
Establish these currency preferences:
  • Currency conversion rates.
  • Currency rate types.
  • Default currency.
  • Preferred currency values.
These settings enable you to manage the currencies available for selection, and maintain currency conversion rates.
Workday evaluates currency defaults from most to least specific:
  • Worker
  • Location
  • Country
  • Tenant
  1. Set the
    Default Currency
     for all currency-related values in Workday.
    Workday uses the tenant default currency when no other default currencies apply (such as company, supplier, customer, or country default currencies).
    Access the
    Default Values
     section of the
    Edit Tenant Setup - System
     task.
  2. (Optional) Select a
    Location Default Currency Override
     for any of your business site locations.
    Access the
    Edit Location
     task and click
    OK
    .
    Location Default Currency Override
     is displayed on the second page.
  3. Select
    Preferred Currencies for Prompting
    .
    Display frequently used currencies in the
    Preferred Currencies
     folder of the
    Currency
     prompt for fast selection.
    Access the
    Frequently Used Values
     section of the
    Edit Tenant Setup - Global
     task.
  4. Define currency rate types and select a default.
    Currency rate types enable you to establish more than 1 conversion rate for the same currency pair and time period.
  5. Select the
    Preferred Currency Rate Type
     to enable currency translation.
    If you don't select a
    Preferred Currency Rate Type
    , currency translation is disabled in the tenant. Workday won't display the
    Enable Preferred Currency Reference View
     option.
    The preferred currency rate type is different from currency translations in financial accounting. See Concept: Currency Translation.
    Access the
    Default Values
     section of the
    Edit Tenant Setup - System
     task.
  6. (Optional) Access the
    Edit Company Accounting Details
     task and enter a company default
    Currency Rate Type Override
    .
    Workday uses the default currency rate type for the company on financial transactions. If you don't select a default currency rate type, Workday uses the default currency rate type for the tenant.
  7. Define currency conversion rates.
    Establishing currency conversion rates enables Workday to convert monetary amounts from 1 currency to another.
Using the
Change Preferences
 task:
  • Enable Preferred Currency Reference View
     (if the
    Preferred Currency Rate Type
     is set). The preferred currency reference view displays these values for certain currency fields in Workday-delivered reports:
    • Foreign currency
    • Preferred currency
  • Select a specific
    Preferred Currency
     to view your preferred currency values:
    • In certain currency fields in Workday-delivered reports.
    • When you use the
      User's Preferred Currency
       field (typically in custom reports).