Skip to main content
Documentation
Documentation
Administrator Guide
Last Updated: 2026-02-20
Maintain Currency Conversion Rates

Maintain Currency Conversion Rates

Security:
  • Set Up: Currency
     in the Compensation functional area
  • Set Up: Currency Rates
     in the Common Financial Management functional area.
Workday assists your currency conversion process by enabling you to:
  • Create or edit currency exchange rates.
  • Use a known currency exchange rate to calculate cross rates or inverse rates.
  • Override existing currency exchange rates, as of a specified effective date and time.
These currency exchange rates enable Workday to convert monetary amounts from 1 currency to another in various financial and human resource tasks that involve currency.
You can define currency conversion rates directly in Workday. You can also upload your currency conversion rates with an Enterprise Interface Builder (EIB) spreadsheet, the currency web services, or the Currency Exchange Rate Connector. Workday supports 12 decimal precision for currency exchange rates that you enter or upload. When calculating exchange rates, such as currency cross rates or inverse rates, Workday rounds the calculated rate to 12 decimal precision. When you calculate a rate with more than 18 digits, Workday truncates display of the rate to 18 digits.
When you enter or load currency conversion rates, Workday automatically converts the timestamp to the Pacific time zone. Workday recommends you enter the timestamp to adjust for the difference between your time and Pacific time. Example: When you enter a conversion rate to be effective at 12:00 am Greenwich Mean Time (GMT) which is 8 hours ahead of Pacific time, adjust your timestamp to 8:00 AM Pacific time of the same calendar day. The timestamp visible on the
Historic Currency Rates
 report will display as 8:00 AM, however, Workday converts it to recognize it as 12:00 AM Pacific time.
  1. Access the
    Maintain Currency Conversion Rates
     task.
  2. Select:
    • Create as of Date Time
       to create currency conversion rates for a new effective date and time.
    • Edit as of Date Time
       to edit currency conversion rates for an existing effective date and time.
    Workday recommends only editing a currency conversion rate to correct data entry mistakes. Editing an existing currency conversion rate overrides previously entered conversion rates for the specified effective date and time.
    Workday considers currency conversion rates effective at the date and time you specify. Workday uses the closest effective date and time for a transaction. If you create different rates on the same day, Workday determines the applicable rate using the timestamp.
    As you complete the task, consider:
    Calculate Inverse Rate
    Enables Workday to automatically calculate the inverse currency exchange rate.
    Calculate Cross Rates
    Enables Workday to automatically calculate currency exchange rates between your source currency and your target currency. Selecting this check box enables the
    Cross Rates Anchor Currency
     field.
    Currency Rate Type
    Enables you to define the rate type for currency exchange. Example: A rate type of
    Current
    is the current market rate on any given day.
    Source Currencies
     and
    Target Currencies
    (Optional) Select to filter the list of currency pairs that you want to create or modify.
    Cross Rates Anchor Currency
    Select the same currency as the source currency. Workday calculates the currency exchange cross rates between your selected target currencies using the exchange rates between your anchor currency and target currencies.
    When you enable
    Calculate Inverse Rate
    , select the same currency as the target or source currency.
  3. (Optional) On the next page of the task, add a row and enter a new
    Source Currency
     and
    Target Currency
     pair for the selected currency rate type and effective date time.
  4. (Optional) In the same row, enter the new conversion
    Currency Rate
     for one or more currency pairs.
    If there's no new conversion rate for a listed currency pair, delete the row.
  • Access the
    Currency Rates as of Date
     report to view all currency conversion rates, calculated cross rates, and calculated inverse rates effective at a specific date and time.
  • Access the
    Historic Currency Rates
     report to view all currency conversion rates entered or calculated for the specified source and target currencies. Filter by currency rate types and the
    From Date
    .