Currency - Conversion

The steps needed to convert a single currency payroll to a multi-currency one are as follows:

Step 1 Ensure that a backup has been taken 

Step 2 Ensure that your payroll is in the period where the changes are to be effected.

Step 3: Update your Belina Software to version 3 or later making sure that your Belina application is not open.

Step 4: Set up a tax split

Step 5: Apply the tax tables to employees

Step 6: Setup the Currencies

Step 7 - Enable Multiple Currencies

Step 8 - Update the Employee Master - Rate of Pay

Step 9: Loans - Adjust RTGS loans to zero and create new loan accounts

Step 10: Convert the payroll

1. Go to 'Data', 'Support Menu', then 'Currency Changes' menu options.
2. Click on the Currency Changes tab
3. Select United States Dollar on ‘Change Currency To’
4. Tag the Default Payroll Currency Type option
5. Click on ‘Apply’
6. Click on ‘Apply’
7. Click on Yes to proceed
8. Click on OK and then Close

Step 11 - Change the currency of Transaction Codes and other areas

Step 12 - Setup NSSA - Multi-Currency

Note that the NSSA limit changes every month, and you are advised to check the NSSA website for updates before running your payroll. The NSSA Limit is provided in USD currency and needs to be converted to ZIG using the Exchange Rate. See Resources for the current notes on NSSA setup.

Step 13: Reports in Foreign Currencies

For a detailed explanation of each of these steps see the headings under this link.