Part 1: Exchange Rate Setup
Purpose: The exchange rate is only used for IRAS tax conversion. It does not convert the basic pay value shown on payslips.
Reminder: Add the exchange rate for the month before running payroll.
Step 1: Log in to your account.
Step 2: Go to .
Step 3: Click on .
Step 4: Click on the tab at the top.
Step 5: Set the month, year, and base currency.
Step 6: Set the desired currency and the exchange rate. Tip: the exchange rate is accurate up to 4 decimal places.
Part 2: Assigning Different Currencies to Employees
If you need payslips to show a currency different from the account’s default, you can set it at the employee level.
Step 1: Log in to your account.
Step 2: Go to .
Step 3: Click on tab and you will see the Employees Pay Details page.
Step 4: Find the name of the staff and click on the icon adjacent to the staff's name.
Step 5: You will see the staff's pay information page. Click on "View Details".
Step 6: Scroll to the bottom of the page and you will see the Currency option/dropdown. Select the appropriate currency and on "Save".
đź“ŚImportant Reminder:
Changing the currency only affects the display on the payslip — it does not convert or change the actual payroll amount.
For Vanilla Payroll, this feature is purely for showing a different currency on the payslip. No conversion will take place. The amount you enter will be processed exactly as it is, along with the currency set for that employee.
Example:
If you set the currency to Malaysian Ringgit (MYR) and process an amount of 500, the payslip will display MYR 500.
Similarly, if you set the currency to Singapore Dollar (SGD) and process an amount of 500, the payslip will show SGD 500.
In short, no exchange rate or conversion is applied. The system simply uses the amount entered in the employee’s Pay Information page. The currency assigned (as discussed in Part 2 of this article) is used only for reporting and payslip display purposes.