Define Cycle Currencies and Exchange Rates

Before You Begin: You can define system default currencies and exchange rates in the System Admin > Exchange Rates feature. When defined, these values are shown as options in the Currencies section of the Details tab (described below). If you don’t use the Exchange Rates feature, Dayforce shows all currencies associated with the organization’s pay groups as options in the Currencies section instead.

You can configure your organization’s compensation cycles to include more than one currency type. This configuration is useful if your organization has offices in more than one country, or if you have virtual employees who are paid in a different currency than the rest of the organization.

To define the currencies and exchange rates used in the compensation cycle:

1. Go to the Currencies section of the Details tab in Compensation Setup > Compensation Cycles.
2. In the Currency drop-down list, select the currency that is used when showing budgets in the compensation cycle.
3. If your organization uses more than one currency type, you can add those currencies and define the exchange rates for each in the Exchange Rates list. Click Add.
4. Click the Currency column and then, in the drop-down list, select the currency that you want to add.
5. If an exchange rate was defined for the selected currency in System Admin > Exchange Rates, that information is populated in the Exchange Rate column by default. If an exchange rate isn't defined, Dayforce shows N/A in the Exchange Rate column.
5. (Optional) You can retrieve past exchange rates by selecting a date in the Exchange Rates As Of field. When you select a past date, the exchange rates are updated to reflect the exchange rates from that date.
6. If an exchange rate isn’t defined for the currency, or optionally, if you want to override the default exchange rate, enter a custom exchange rate in the Override column.
7. (Optional) Click Lock Exchange Rates to ensure that if the rates change at a later date, the current rates are preserved. When you click Lock Exchange Rates, the fields in the Exchange Rates list are no longer editable, and the button changes to Unlock Exchange Rates. You can click this button to unlock the exchange rates.
8. Important: When you unlock exchanges rates, the rates are reloaded, and you must regenerate the Budgets tab to reflect the current rates.