At this stage restricted to PNG and provides for currency adjustment allowance on gross taxable or fixed net pay (excl non-taxable allowances and recurring or sundry deductions) but could easily be extended to other countries
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Settings..Misc: tick multi-currency to make feature available
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BSP Exchange rates are available here: https://www.bsp.com.pg/International/Exchange-Rates/ and you can open that page from goPayroll using the Tools menu option (countries other than PNG will link instead to xe.com via the Tools menu)
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Codes..Currency: establish currency codes and exchange rates
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if you're buying TT value from BSP (and you'll TT funds to an overseas bank) then use the *TT Sell* rates
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if you're paying the PGK equivalent then you should probably use the *Notes Sell* rates
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if you use both methods then you'll need two currency codes set up (e.g. AUD or AUDTT for the TT rate, and AUD/PGK for the cash rate) and assign as needed to your employee's Contract settings
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Staff..Contract..Employment: set up salary and/or payrate as if you were working in the target currency and save, then
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Click the "currency" button and select the required options (currency selection, option to process a fixed net pay based on taxable earnings and the fixed net pay amount)
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The "currency" button will be labelled according to the currency selected (default is "Local currency")
Gross taxable currency conversion
When you process a pay for an employee with Gross taxable currency conversion, you'll enter the pay entries as usual and the software will calculate a gross adjustment:
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gross taxable earnings / exchange rate - gross taxable earnings, that is: a total conversion, less the amount already calculated in the detail transactions
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the result will be automatically added as a Currency conversion adjustment transaction with the calculation shown as a comment (a system paycode is automatically maintained to cater for this)
Fixed net pay conversion
If you ticked the fixed net pay option and set a net value target then:
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the PGK target value is calculated as: net pay target / exchange rate
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a net to gross calculation is performed (excl non-taxable allowances and any recurring or sundry deductions)
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the result will be a Net pay adjustment transaction made up of calculated gross - taxable earnings with the calculation shown as a comment (a system paycode is automatically maintained to cater for this)
More information:
*end*