Multicurrency in Demand Management

  • Release version: Washingtondc
  • Updated February 1, 2024
  • 2 minutes to read
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    Summary of Multicurrency in Demand Management

    The multicurrency feature in Demand Management allows organizations to manage and track financials of demands in various currencies, accommodating global operations where different locations may utilize different currencies. This capability streamlines financial monitoring and budgeting across geographic locations.

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    Key Features

    • Activation: Enable the multicurrency feature by activating the PPM Standard Multicurrency plugin, which also activates the PPM Standard plugin for enhanced financial planning.
    • Currency Preferences: After activation, set your currency preference, allowing you to choose between functional, regional, or local currencies for financial management.
    • Demand Currency View: Access the demand currency view to manage financials in the selected currency. This view becomes read-only once cost or benefit plans are established.
    • Expense Tracking: Track actual costs incurred during demand tasks in the selected demand currency, using the appropriate labor rates for calculations.
    • Baseline Comparison: Compare financial baselines of demands to monitor performance over time, viewing all information in the demand currency.

    Key Outcomes

    By utilizing the multicurrency feature, customers can effectively manage and track their demand financials across different currencies, ensuring accurate budgeting and financial oversight in global operations. This leads to improved financial performance tracking and clearer insights into demand management over the lifecycle of projects.

    Manage and track the financials of your demands in the corporate currency, regional currency, or the same currency that you want to use for managing the project using the multicurrency feature. The corporate policy typically governs the choice of this preference.

    In a global or multinational organizations, demands are often managed and tracked at one geographic location and executed at a different geographic location. As each location might use a different currency to spend the budget, this difference in geographic location makes it difficult to monitor and track financials for such demands.

    The multicurrency feature in Demand Management makes it easier for you to manage and track your demands from any geographical location in any currency. You can monitor and track the financials of your demands in one currency and spend the budget in a different currency such as functional currency, regional currency, or a currency that you want to later use to manage your projects. You can also choose to manage your demands in one currency and specify a different currency for managing your future projects.

    Activation information

    Activate the PPM Standard Multicurrency (com.snc.ppm_multicurrency) plugin to enable the multicurrency features in Demand Management. Activating the plugin enables the demand currency view in demand, cost plans, and benefit plans forms. With the demand currency view, you can manage your simple demand financials, cost plans, benefit plans, and budgets in the demand currency.

    Note:
    Activating this plugin automatically activates the PPM Standard (com.snc.financial_planning_pmo) plugin and therefore you get the option to switch between the default view and the demand currency view.

    Currency Preferences

    After activating the multicurrency plugin, specify your currency preference for managing your demand financials. You can select your functional currency, a regional currency, or a local currency. For more information, see Select demand currency preference.

    Demand currency view

    In addition to the default view in the Demand form, the Demand Currency view enables you to view the multicurrency fields. You can enable this view from the form context menu.

    You can designate a currency other than the functional currency as the processing Demand Currency for a demand. The Financials tab of the Demand form has the Demand currency field. You can select an active currency from the Currencies [fx_currency] table.

    Note:

    The Demand currency field of a demand becomes read-only once you create a cost plan, cost plan breakdown, benefit plan, or benefit plan breakdown for the demand.

    Multicurrency in Demand Tasks

    Track the expenses incurred while performing the demand tasks in demand currency. When the time card for a demand task is submitted and processed, the actual cost is calculated based on the rate model, the default labor rate, or the rate defined in the system property. You can view this actual cost in the Demand Task form in the Demand currency and Actual cost in demand currency fields. For more information, see Demand task overview.

    Multicurrency in Demand Baseline

    Compare the financial baselines of your demands to track the performance of a demand over time. Baseline comparison enables you to identify and review the financial changes made to the demand at various stages of the demand life cycle. With the multicurrency feature, you can view the financial information in the demand currency when you compare the baselines. You can also configure the baseline view to add additional fields and view details in demand currency. For more information, see Compare financial baselines of a demand.