MULTI-CURRENCY PAYROLL

Your Dynacom application now offers the possibility of producing payroll in multiple currencies within a single company, whether from the Simplified Paychecks screen or the Batch Paycheks screen.

Essentially, this new feature allows you to:

• Process employee paychecks in the currency of their choice

Preliminary steps to complete before enabling this feature

1. First, you must specify a country other than Canada when creating a new company.
2. Then open the Currency maintenance and create your home currency and all other currencies you will need. It is important to define a different bank account for each currency you create (the home currency will have the bank account set as default in your Dynacom application general settings). To create banks accounts, go to the Maintenance / General Ledger / GL Accounts menu.

 

3. Once these two conditions are met, you will need to open the application settings screen and activate the multi-currency payroll option. Go to Configuration / Settings / Accounting / Payroll / Activate the multi-currency feature with the payroll related screens. Select Yes and close this window.

Then you must define a currency for each employee by completing the following steps:

1. Open the employee maintenance from the Maintenance / Payroll menu
2. Click the Additional information tab and select a currency to use for this employee paychecks

Processing a paycheck in a foreign currency using the Simplified Paychecks screen

1. Open the Simplified Paychecks screen from the Action / Payroll menu
2. Select an employee who wishes to get his paycheck in a currency other than the home currency
3. Select the bank account associated with this currency
4. Enter the current exchange rate
5. Complete payroll process and save

Processing a paycheck in a foreign currency using the Batch Paychecks screen

1. Open the Batch Paychecks screen from the Action / Payroll menu
2. Select a currency
3. Enter the check dates and the period dates and click OK
4. Select the employees
5. Enter the current exchange rate
6. Complete payroll process and Save

Remittance payments and reports

To complete a remittance payment when the payroll multi-currency mode is enabled, you must first create:

• A provider for each currency used for the remittance payments
• An additional remittance by using the Other Remittances maintenance screen