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Exchange Rate from USD to MYR (Daily Rated)
Author: Susan Lai Reference Number: AA-00868 Views: 1623 Created: 2014-05-06 20:52 Last Updated: 2014-05-06 20:52 0 Rating/ Voters

Scenario:

How to convert exchange rate from USD to MYR for daily rated staff?  

Example:

Daily Rated: USD 1200.00 per day

Total Work Days for July: 20

Exchange Rate for 31 July 2011: USD 1.00 to RM2.9935

 Expected Basic Pay: 1200 @ 2.9935 @ 20 days = 71844.00

Solution:

i.    Go to Payroll Module 

ii.   Setup à Exchange Rate

Figure 2.1


iii.    Click New

iv.    Key in USD at Figure 2.1 “step 1” 

v.    Click on dotted button at Figure 2.1 “step 2” , below screen appeared

vi.    Look for US – United States of America, under Currency column, insert USD

vii.   Mark “√ “ for post changes of current record

viii.  Repeat for same step for MY – Malaysia, at currency column insert MYR

ix.    Mark “√ “ for post changes of current record

x.     Select Local Country & Foreign Country, key in Description for your own understanding. Click Save button

xi.    Click on Exchange Rate tab

xii.   Click on “+” at Effective Date column, drop down menu and select the exchange rate date, conversion fron Fireign > Local; and Local > Foreign as below sample.

xiii.    Mark “√ “ for post changes of current record and exit the screen

xiv.    Modules à Basic Rate Progression

xv.     Select drop down menu at Exchange Rate ID

xvi.   New Basic Rate 1200; Salary Type Daily Rated

xvii.    Initialise the staff or Pay Record, click on New, Normal Pay à Next, assign the employee and confirm

(Notes: if you have initialise the staff brefore the setting of exchange, delete the transaction at Pay Record, click New à Normal Pay, Next and initialise it again)

xviii.   Click on Modify, key in Current Days, Recalculate à Yes.

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