Steps: Set Up Currencies

Security: Set Up: Tenant Setup - System
and Set Up: Tenant Setup - Global
domains in the System functional area.

You can use Workday to tailor the currencies available for selection in your tenant, and maintain currency conversion rates. You can establish defaults for these currency settings throughout Workday:

Currency conversion rates.

Currency rate types.

Default currency.

Preferred currency values.

Workday evaluates currency defaults from most to least specific:

Worker

Location

Country

Tenant

Access the

Edit Tenant Setup - System

task.

In the

Default Values

section, set the

Default Currency

for all currency-related values in Workday. Workday uses the tenant default currency when no other default currencies apply. Example: company, supplier, customer, or country default currencies.

In the

Default Values

section, select the

Preferred Currency Rate Type

to enable currency translation. If you don't select a

Preferred Currency Rate Type

, currency translation is disabled in the tenant. Workday won't display the Enable Preferred Currency Reference View
option. The preferred currency rate type is different from currency translations in financial accounting. See Concept: Currency Translation

Access the

Edit Tenant Setup - Global

task.

In the

Frequently Used Values

section, select your preferred currencies from the

Preferred Currencies for Prompting

prompt. The currencies you select display in the

Preferred Currencies

prompt in the

Default Currency

field on the

Edit Tenant Setup - System

task.

Security: Set Up: Tenant Setup - Global
domain in the System functional area.

(Optional) Access the

Edit Location

task.

On the

Business Site

tab, select

Edit

to choose the

Location Default Currency Override

for any of your business site locations.

See Maintain Currency Rate Types.

Create and maintain currency rate types and select a default.

(Optional) See Assign Company Accounting Details.

Select a default currency rate type. When you don't select a default currency rate type, Workday uses the default currency rate type for the tenant on financial transactions.

See Maintain Currency Conversion Rates.

(Optional) Access the

Change Preferences

task.

Select the

Enable Preferred Currency Reference View

check box if you've selected a

Preferred Currency Rate Type

. The preferred currency reference view displays these values for certain currency fields in Workday-delivered reports:

Foreign currency

Preferred currency

Select a