Compensation Calculation

You can use company specific exchange rate tables for calculating the gross pay and base salary of employees.

The Exchange Rate Table field in Employees > Setup > Compensation Models > Compensation Model is no longer a mandatory field. If you do not specify a value on the Exchange Rate Table field of the compensation model, Maconomy automatically uses the company specific enterprise exchange rate table to calculate the gross pay or base salary based on the company of the employee in question.

Note: When you upgrade to version 2.6, we recommend that you remove the company specific exchange rate table from the compensation model to be able to use this functionality.

If an exchange rate table is specified on the field, Maconomy uses this exchange rate table for all gross pay and base salary rate calculations that use the compensation model. You can use different exchange rate tables for calculating gross pay for employees of different companies. If no exchange rate table is specified on the company of the contact person, then Maconomy uses the global enterprise exchange rate table instead. Note that currency exchange rate date is based on the date of the calculation.