Multicurrency in Project Management

  • Release version: Yokohama
  • Updated January 30, 2025
  • 2 minutes to read
    • Summarize
    Summarized using AI
    This content was generated using new OpenAI-powered functionality. Results are provided on an as is basis and are not guaranteed to be accurate or complete.

    Summary of Multicurrency in Project Management

    The multicurrency feature in Project Management allows you to manage projects or parts of projects in different geographic locations using local currencies that differ from your functional currency. This capability enables you to view and handle project cost details, cost plans, and benefit plans in a specified project currency without manually converting values to your functional currency.

    Show full answer Show less

    Key Features

    • Plugin Activation: Enable the PPM Standard Multicurrency (com.snc.ppmmulticurrency) plugin to activate multicurrency functionality in Project Management. This also activates the PPM Standard (com.snc.financialplanningpmo) plugin, which allows toggling between default currency views and project currency views.
    • Project Currency View: Once activated, a Project Currency view is available on project, cost plan, and benefit plan forms. This view displays multicurrency-related fields and allows you to select a project currency from an active currency list (Currencies [fxcurrency] table).
    • Currency Locking: After creating any cost plan, benefit plan, or expense lines, the selected project currency becomes read-only to preserve financial consistency.
    • Demand Management Integration: You can specify the project currency when converting a demand to a project, allowing management of demands in functional, project, or local currencies.
    • Project Workspace Support: Projects tracked in Project Workspace can use project currency for creating and monitoring cost plans and benefit plans, with detailed views available at both grid and breakdown levels.
    • Project Status Reporting: Planned and actual cost statuses are viewable in project currency within project status reports, specifically in the overview and cost sections.

    Key Outcomes

    • Seamlessly manage projects executed in multiple currencies without manual conversion, improving financial accuracy and efficiency.
    • Gain visibility into project financials in local currencies aligned with geographic locations, which aids in better budgeting and cost tracking.
    • Maintain currency consistency by locking the project currency after financial data entry, preventing inadvertent changes.
    • Integrate multicurrency management across project lifecycles, from demand through execution and reporting.

    Use the multicurrency feature to execute a project or part of a project in a different geographic location that has a different local currency.

    The feature helps you to view the cost details of the project in a currency that is different from your functional currency. The values in the project's cost plans, benefit plans, and corresponding cost fields of the project form are also converted to a currency that you specify as project currency. Therefore, you don't need to convert the project currency to the functional currency of the project when the project is executed at a location that uses a currency different than your functional currency.

    Activation information

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

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

    Project currency view

    In addition to the default view in the Project form, there is Project Currency view, which you can optionally enable to view the multicurrency fields. You can enable this view from the form context menu. The view appears only when you activate the PPM Standard Multicurrency (com.snc.ppm_multicurrency) plugin.

    Unlike the Default view, the Project Currency view contains multicurrency-related fields.

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

    Note:

    The Project currency field of a project becomes read-only field and locked down for updating the currency once you create a cost plan, cost plan breakdown, benefit plan, benefit plan breakdown, or an expense line for the project.

    Specify project currency in Demand

    You can specify the project currency that you want to use for managing a project when you convert a demand to a project. You can continue to manage the demand using your functional currency, project currency, or a local currency. For more information, see Multicurrency in Demand Management.

    Projects in Project Workspace

    Track your projects in project currency in the Project Workspace. Create and monitor the cost plans and benefit plans for a project in project currency. For more information on project workspace, see Project Workspace.

    To view the cost component in project currency at the grid level and at the breakdown level, see Create and manage cost plans and benefit plans for a project.

    Project status reports

    To view the planned and actual cost status of your projects in project currency, open the overview and cost sections of project status reports.