Payroll Calculation for Foreign Currency ***Add On***

How to Set Up Salary Calculation in Foreign Currency

1. Updating the Pay details in the Employee's Contract.
   1. Navigate to Employees tab.

   2. Select the employee.

      

   3. Under Employee Contract, enter the Basic Salary in the foreign currency. Ex; 15,000.

   4. Select the Currency. Ex: USD.

      

   5. Under Payments & Deductions, enter the Fixed Payments and Fixed Deductions (if any) in the foreign currency.

      

   6. Click Save.

      

2. Add Currency in the system:
   1. Go to Preferences.
   2. Select Employees.

   3. Click Currencies.

      

   4. Add/ Edit Currency

      1. Click + Add to add a new currency

         

      2. Click the Pencil icon to Edit the exchange r ate of the existing Currency.

         

   5. Enter the Exchange Rate for the chosen currency for the purpose of Payroll computation.
      1. For example: The exchange rate for 1 USD = 3.96 MYR.

   6. Click Save.

      

3. Payrolls
   1. The system will convert the Basic Salary, Fixed Payments, Fixed Deductions from Foreign Currency to MYR using the Exchange Rate updated in the Preferences -> Currencies.

   2. Example: The exchange rate for 1 USD = 3.96 MYR.