Guide: Admins Getting Started Part 10 - Currencies

This article explains how HR Administrators configure and manage currencies within SimplyMerit. Currency configuration ensures that budgets, rollups, and compensation values are calculated consistently when employees are paid in different local currencies.

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Accessing Currency Configuration

Navigate to:

Configuration → Currencies

This page contains two sections:

• Base Currency

• Exchange Rates

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Base Currency

The Base Currency is the company’s primary currency. This is the currency that:

• Appears in all budget rollups

• Used as the reference point for all currency conversions

• Serves as the standard reporting currency across SimplyMerit

Setting the Base Currency

1. Locate the Base Currency section at the top of the page.

2. Select the appropriate Base Currency Code from the dropdown (e.g., USD).

3. Click Save Changes.

Important notes:

• The base currency should typically match your organization’s corporate or reporting currency.

• Exchange rates entered below are interpreted relative to this base currency.

• By default, the Base Currency will be set to USD.

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Exchange Rates

The Exchange Rates section defines how each local currency converts into the base currency.

Each row represents a local currency used by your employees.

Understanding the Exchange Rate Format

The exchange rate fields follow this structure:

1 [Base Currency] = [Exchange Rate] [Local Currency]

Example:

• If your base currency is USD and the exchange rate for EUR is set to 2.0:

  • 1 USD = 2.0 EUR

SimplyMerit utilizes these values to normalize budgets, spending, and calculations across different currencies.

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Adding or Updating Exchange Rates

Currencies are part of your data upload; each employee must have a currency associated with them. SimplyMerit aggregates all the different currencies for your employee population on this screen. By default, the Currencies screen will be blank until you upload employees with currencies other than USD.

Here is our guide on supported currencies: Guide: Supported Currencies – SimplyMerit Knowledge Center

To manage exchange rates:

1. Locate the local currency row (e.g., EUR, GBP).

2. Enter the appropriate Exchange Rate value.

3. Click Save Changes at the bottom of the section.

Exchange rates can be updated at any time to reflect changes in market conditions. SimplyMerit does not automatically update these for you or sync them from the internet.

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How Exchange Rates Are Used

Configured exchange rates are applied across SimplyMerit for:

• Budget rollups

• Spend vs. budget calculations

• Manager views when rolling up data across regions

• Reporting and analytics involving multi-currency populations

Important considerations:

• Exchange rate updates take effect immediately for all future calculations.

• Historical values already finalized in a cycle are not retroactively changed.

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Best Practices for Currency Setup

• Set the Base Currency before importing employee or compensation data, unless it is USD then it will be set to that by default

• Add exchange rates for all currencies where employees are paid

• Review exchange rates before launching a compensation cycle

• Update exchange rates carefully mid-cycle to avoid unexpected rollup changes

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Summary

Currency configuration ensures accurate financial planning in multi-currency environments. By defining a base currency and maintaining correct exchange rates, SimplyMerit can consistently calculate budgets, compensation changes, and rollups across global employee populations.

→ Next : Guide: Admins Getting Started Part 11 - Company Information