Multicurrency fields in project-related forms

  • Release version: Yokohama
  • Updated January 30, 2025
  • 4 minutes to read
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    Summary of Multicurrency fields in project-related forms

    Enabling the Project Currency view in Project, Cost Plan, and Cost Plan Breakdown forms in ServiceNow allows you to work with multicurrency fields in the Financials sections. This capability helps manage project financials in different currencies, improving accuracy and reporting for global projects.

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    Key Features

    • Project form: Defines the Project currency used for implementation, defaulting to the Functional Currency unless changed before saving. Once financial plans or expenses are created, this currency becomes read-only. Financial fields like Total planned cost, Planned capital (Capex), Planned operating (Opex), Budget cost, Actual cost, Estimate at completion, Planned benefit, Planned ROI %, Net present value, and Internal rate of return are all available in project currency.
    • Preferences section on Project form: Allows selection of the Status report currency—either Functional currency or Project currency—for generating project status reports, enabling currency-appropriate reporting.
    • Cost Plan form: Supports creation and management of cost plans in the project currency. Fields such as Cost, Total actual cost, Estimate at completion, and Estimate to completion are maintained in project currency with automatic recalculations upon changes in unit cost, quantity, or fiscal periods.
    • Cost Plan Breakdown form: Includes fields for Exchange rate, Project currency, Cost, Actual cost, Variance, Budget, and Budget cost—all expressed in project currency to track expenses and variances accurately per fiscal period.
    • Benefit Plan and Benefit Plan Breakdowns forms: Inherit the project currency and track benefits and associated exchange rates in project currency for consistency in financial benefit tracking.
    • Expense Line form: Reflects project currency inherited from the related project, converting entered expense amounts into project currency to maintain currency consistency throughout expense management.
    • Project Funding form: Manages capital and operating budgets in project currency and includes fields for exchange rates and dates used in currency conversion. The total funding budget aggregates into the project’s Budget cost in project currency.

    Practical Benefits for ServiceNow Customers

    • Enables accurate financial tracking and reporting across multiple currencies within project management modules.
    • Ensures consistent currency use across related project financial forms, reducing errors and improving transparency.
    • Supports global project management needs by allowing currency-specific views and reports, including status reports.
    • Automatically recalculates financial figures in project currency when cost plan details change, ensuring data integrity.
    • Facilitates better budgeting, cost control, and financial forecasting by reflecting real exchange rates and currency conversions.

    When you enable the Project Currency view in Project, Cost Plan, and Cost Plan Breakdown forms, you can observe multicurrency fields in the Financials section of the forms.

    Financials tab of the Project form

    Table 1. Project form
    Field Description
    Project currency Currency in which the project is to be implemented.
    Note:

    The Project currency field defaults to the Functional Currency if you modify the currency field and save the Project form without selecting a currency.

    The Project currency field of a project becomes read-only field and cannot be modified once you create a cost plan, cost plan breakdown, benefit plan, benefit plan breakdown, or an expense line for the project.
    Total planned cost in project currency Estimated cost of the project in project currency.
    Planned capital in project currency Capital expenditure (Capex) for the project.
    Planned operating in project currency Operational expenditure (Opex) for the project in project currency.
    Budget cost in project currency Budgeted cost in local currency for the project.
    Actual cost in project currency Actual cost of the project in local currency.
    Estimate at completion in project currency Sum of all actuals for past fiscal periods added to the functional cost for future fiscal periods in project currency.
    Planned benefit in project currency Planned benefit for the project in project currency.
    Planned return in project currency Difference between Planned benefit and Planned cost values.
    Planned ROI % Percentage calculated based on the values in the Planned return and Estimated cost fields.
    Net present value in project currency Present value of future cash in project currency based on the given annual interest rate.
    Internal rate of return % Annual interest rate required to achieve the net present value (NPV) of zero.
    Estimate to completion in project currency Sum of functional cost for all fiscal periods in project currency.
    Table 2. Preferences section of the Project form
    Field Description
    Status report currency Currency in which the project status report is generated.

    If you have the Project currency view enabled in the Project form, then you have the choice to generate the project status report using any of the following currency options:

    • Functional currency: Currency obtained from the glide.system.locale property in which the project status report is created.
    • Project currency: Project status report is created in the local currency that is selected. If you select Project currency, you can view the planned cost and actual cost in the selected project currency.

    To view the status report of the project, see View project status reports.

    Financials section of the Cost Plan form

    Table 3. Cost Plan form
    Field Description
    Project currency Currency in which you can create the cost plan.
    Cost in project currency Value that is rolled up from the Entered cost field of all cost plan breakdowns.
    Total actual cost in project currency Value that is rolled up from the Actual cost field of all cost plan breakdowns in project currency.
    Estimate at completion in project currency Sum of all actuals for past fiscal periods added to the functional cost for future fiscal periods in project currency.
    Estimate to completion in project currency Sum of functional cost for all fiscal periods in project currency.
    Note:
    Any change that you make to the unit cost, quantity, or fiscal period of a cost plan has the amounts recalculated in project currency. See Updates in cost plan and recalculation of cost in project currency.

    Multicurrency fields in the Cost Plan Breakdown form

    Table 4. Cost Plan Breakdown form
    Field Description
    Exchange rate for project currency Rate in effect for the period corresponding to the cost plan breakdown in project currency.
    Project currency Local currency selected for the cost plan breakdown.
    Cost in project currency Breakdown amount in project currency.
    Actual cost in project currency Actual cost generated from processed expense lines in project currency.
    Variance project currency Difference between Cost in project currency and Actual cost in project currency.
    Budget Project budget amount entered for a fiscal year gets distributed equally into monthly breakdowns in functional currency.
    Budget cost in project currency Project budget amount entered for a fiscal year gets distributed equally into monthly breakdowns in project currency.

    Financials section of the Benefit Plan form

    Table 5. Benefit Plan form
    Field Description
    Project currency Project currency that was selected in the project is populated.

    Benefit plan attached to a project inherits the same currency as that of the project.
    Benefit in project currency Benefit incurred from project or demand in project currency.

    Multicurrency fields in the Benefit Plan Breakdowns form

    Table 6. Benefit Plan Breakdowns form
    Field Description
    Project currency Currency that is selected in the Project form.
    Benefit in project currency Benefit incurred from project or demand in project currency.
    Project currency exchange rate Rate in effect for the period corresponding to the benefit plan breakdown in project currency.
    Project currency reference rate Rate at which the entered currency is exchanged for project currency.

    Multicurrency fields in the Expense Line form

    Table 7. Expense Line form
    Field Description
    Project currency Currency inherited from the project if the project has a related expense line.
    Amount in project currency Expense cost in project currency. Amount entered in the Amount field is converted to project currency.

    Multicurrency fields in the Project Funding form

    Table 8. Project Funding form
    Field Description
    Capital budget in project currency Planned expense amount allocated for capital expenditure in the selected currency.
    Operating budget in project currency Operating expense amount in the selected currency.
    Budget in project currency Sum of Capex and Opex amounts.

    The total project funding budget amount rolls up to the Budget cost in project currency field.
    Project currency Currency in which the project is funded.
    Exchange rate Currency conversion based on the exchange rates between currencies.
    Exchange rate date Date on which the exchange rate is applied.
    Exchange reference date Budget Reference Rate from where the exchange rate is retrieved.