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Administrator Guide
Last Updated: 2023-06-23
Maintain Currency Rate Types

Maintain Currency Rate Types

Defining currency rate types enables you to establish more than 1 currency conversion rate for a currency pair during a time frame. See Concept: Rates, Rate Types, and Conversion.
  1. Access the
    Maintain Currency Rate Types
     task.
  2. Add a row for each new currency rate type and enter a description. Example: Daily Average, Monthly Average, Daily Noon, or Daily Closing Rate.
    For existing currency rate types, view usage counts or remove a row to delete a rate type that you added.
  3. Select a rate type as the default for currency conversion rates.
    Workday automatically syncs the default rate type with the
    Default Currency Rate Type
     value in the
    Default Values
     section of the
    Edit Tenant Setup - System
     task.
To set up a default currency rate type for a company, select the
Currency Rate Type Override
 on the
Edit Company Accounting Details
 task. If there isn't a default currency rate type for the company, Workday uses the default you specified on the tenant.
Use the
Currency Rate Types
 report to display a list of currency rate types, usage counts, and which currency rate type is the default.