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Administrator Guide
Last Updated: 2023-06-23
Maintain Currency Conversion Rates

Maintain Currency Conversion Rates

Create currency rate types.
Workday assists your currency conversion process by enabling you to:
  • Create or edit currency exchange rates.
  • Use a known currency exchange rate to calculate cross rates or inverse rates.
  • Override existing currency exchange rates, as of a specified effective date and time.
These currency exchange rates enable Workday to convert monetary amounts from 1 currency to another in various financial and human resource tasks that involve currency.
You can define currency conversion rates directly in Workday. You can also upload your currency conversion rates with an Enterprise Interface Builder (EIB) spreadsheet, the currency web services, or the Currency Exchange Rate Connector.
Workday supports 12 decimal precision for currency exchange rates that you enter or upload. When calculating exchange rates, such as currency cross rates or inverse rates, Workday rounds the calculated rate to 12 decimal precision. When you calculate a rate with more than 18 digits, Workday truncates display of the rate to 18 digits.
When you enter or load currency conversion rates, Workday automatically converts the timestamp to the Pacific time zone. Workday therefore recommends that you enter the timestamp to adjust for the difference between your time and Pacific time. Example: When you enter a conversion rate to be effective at 12.00 am Greenwich Mean Time (GMT) which is 8 hours ahead of Pacific time, adjust your timestamp to 8.00 AM Pacific time of the same calendar day. The timestamp visible on the
Historic Currency Rates
 report will display as 8.00 AM, however, Workday converts it to recognize it as 12.00 AM Pacific time.
  1. Access the
    Maintain Currency Conversion Rates
     task.
    1. Create currency conversion rates for a new effective date and time, or select
      Edit as of Date Time
       to edit currency conversion rates for an existing effective date and time.
      Workday considers currency conversion rates effective at the date and time you specify. Workday uses the closest effective date and time for a transaction. If you create different rates on the same day, Workday determines the applicable rate using the timestamp.
      You typically reserve editing a currency conversion rate for correcting data entry mistakes. Editing an existing currency conversion rate overrides previously entered conversion rates for the specified effective date and time.
    2. Select
      Calculate Inverse Rate
       to have Workday automatically calculate the inverse currency exchange rate.
    3. Select
      Calculate Cross Rates
       to have Workday automatically calculate currency exchange rates between your
      Source Currency
       and your
      Target Currencies
       using your
      Cross Rates Anchor Currency
      .
    4. Select the
      Currency Rate Type
      .
    5. (Optional) Select the
      Source Currencies
       and
      Target Currencies
       to filter the list of currency pairs for which you want to create or modify currency conversion rates.
    6. Select your
      Cross Rates Anchor Currency
       if you enabled
      Calculate Cross Rates
      . Workday calculates the currency exchange cross rates between your selected target currencies using the exchange rates between your anchor currency and target currencies.
    On the next page of this task, Workday displays all existing currency conversion rates that fit your criteria. You can set conversion rates
    from
     the listed source currencies
    to
     the listed target currencies only. Leave these fields blank to have all currency pairs available.
  2. (Optional) Add a row and enter a new
    From Currency
     and
    To Currency
     pair for the selected currency rate type and effective date time.
  3. Enter the new conversion
    Currency Rate
     for one or more currency pairs.
    If there's no new conversion rate for a listed currency pair, you can delete the row.
  • The
    Currency Rates as of Date
     report lists all currency conversion rates, calculated cross rates, and calculated inverse rates effective at a specific date and time.
  • The
    Historic Currency Rates
     report lists all currency conversion rates entered or calculated for the specified source and target currencies. Filter by currency rate types and the
    From Date
    .