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Ability To Store Employee Salary In Multiple Currencies (Doc ID 2404799.1)

Last updated on SEPTEMBER 10, 2020

Applies to:

Oracle Fusion Workforce Compensation Cloud Service - Version 11.12.1.0.0 and later
Information in this document applies to any platform.

Goal

Ability to store employee salary in multiple currencies

Requirement is to split employees' salaries into more than one currency. This is a common situation in some countries.

As of now, our understanding is that there is no way to store employee's salary in a currency different then the one from the country/salary basis in Cloud. For this reason, we are considering utilizing salary components and storing the two parts of the salary in local currency, but this forces Comp Teams to update the converted US Dollar component into local currency on a monthly basis.

We were wondering if there is way to manage this in a more efficient manner and, if not, whether or not Oracle has something in its enhancement road map to eventually allow for multi-currency salaries in a single country.

we would like to store the salary of some  employees in the following manner:
  
Total Salary = Salary in US Dollars + Salary in other currency

Salary in US Dollars represents 80% of the employee's total salary and in other currency the remaining 20%. The issue is that, as of now, we have to maintain 2 components and both are stored in other currency Therefore, after each payroll cycle is run, the Comp Team needs to update the component that corresponds to the US Dollar amount considering the currency exchange rate that was applied.

Ideally, the team would like to store each component in its proper currency so that there is no need to update the amount on a monthly basis.

Can you confirm if Oracle is considering eventually allowing for this type of configuration?
 

Solution

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In this Document
Goal
Solution
References


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