Configure currencies and FX rates
Managed businesses may keep books in different currencies. WiseWage lets the parent company keep a group consolidation currency while each subsidiary or managed business keeps its own reporting currency.
WiseWage SupportUpdated June 20265 min read
Available for: Company Owner, Company Admin, Super AdminPlatform: Payroll PlatformPlan: Enterprise, Management Accounts-enabled workspaces
Set currencies
- 1Open Management Accounts > Settings.
- 2Set the Group consolidation currency for the parent company, such as NGN.
- 3Select each managed business and set its reporting currency, such as USD.
- 4Save the managed business currency before uploading and posting source files.
Save period FX rates
- 1Select the period being reviewed.
- 2In FX rate setup, choose the managed business that reports in another currency.
- 3Enter the average rate for revenue and expense conversion.
- 4Enter the closing rate for assets and liabilities.
- 5Enter historical rate where equity should use a separate historical conversion rate.
- 6Save the FX rate before generating the parent or group Management Accounts pack.
How group packs use FX
Entity-level packs stay in the selected business currency. When the parent entity is selected and group outputs are generated, WiseWage combines posted GL entries across matching managed-business periods and converts non-parent currencies into the group consolidation currency.
- 1P&L accounts use the average FX rate.
- 2Assets and liabilities use the closing FX rate.
- 3Equity uses historical rate when entered; otherwise it uses closing rate.
- 4The generated workbook includes FX_Conversion and FX_Rates sheets for review support.