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Pay structure

Exchange rates and multiple currencies

How Evenpay converts pay between currencies using daily ECB exchange rates.

Written By Karl

Last updated About 9 hours ago

If you pay people in more than one currency, Evenpay converts amounts so they can be compared in analysis, pay bands and merit cycles.

Who can do this: Administrators.

Where: Settings → Compensation → Exchange rates.

Where rates come from

  • Rates come from the European Central Bank (ECB) and are updated daily. The page shows them as 1 EUR = each currency.

  • Last Updated shows when rates were last fetched. If they are more than 48 hours old, they are marked Stale.

  • Select Sync Now to fetch the latest rates.

Your organisation currency

The Organization Currency is set in Settings → Organization → General. Figures across the organisation are shown in this currency. If you use entities, each entity can have its own currency.

Currencies on employees

Each employee's pay can be in its own currency. In a CSV import, Evenpay uses the row's currency, then the import's default currency, then the organisation currency.

Merit cycles

  • Each cycle has a Base currency, which defaults to the organisation currency.

  • Lock exchange rates on activation keeps the rates from the day the cycle starts.

  • Employees whose currency has no rate are left out until a rate is available.

Good to know

  • Evenpay never assumes a rate. If a rate is missing, the affected figures are left blank rather than estimated.

  • A pay band is in one currency. An offer always uses the currency of the band that applies.

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