Note: This feature is in Controlled Availability, and will be released for general availability soon. For early access, contact your Customer Success Manager.
A number of enhancements give more control for organizations working with multiple currencies:
- Users can choose how to display currencies
- Agreed Date for Exchange Rate on Work Items
- Currency Exchange Rate Cards
- Default Currency for Currency Picker
- Currency Exchange Date for Non-Labor Budget & Forecast Exchange Rate Fields
Users can choose how to display currencies
Users can now select their local currency. This is especially useful for managers and users working with a single currency other than their organization's "base" currency. For example: Project Managers in the French branch of a US company that reports globally in US Dollars. In addition, they can choose not to display the currency's code, which is not needed when working with a single currency.
The new Local Currency and Show Local Currency Code options are available in the user's settings.
Agreed Date for Exchange Rate on Work Items
Previously Project Budgets and Forecast would use a single date - of the Project - for Exchange Rate conversions. You can now set the Agreed Date for Exchange Rate on Work Item level. The Work Item's default date is the Project's date. Inheritance rules apply to sub-Work Items, so if you set a date manually, all child Work Items will inherit the parent's Agreed Date for Exchange Rate.
If you want to peg the Agreed Date for Exchange Rate to each work items' Start Date, you can do so with a workflow rule.
Currency Exchange Rate Cards
Projects can have their own Exchange Rates, separate from Organization rates. Now, Project Controller / Project Manager can set up a Currency Exchange Rate Card for a Project which makes these rates usable in related items that support multi-currency data. The Currency Exchange Rate Card continues to support a single Currency Exchange Rate, where the Organization rates support date effective rates.
Portfolios, Cases, Customers, and Custom Objects can have Currency Rate Cards linked via a standard field: Currency Exchange Rate Card as a reference to object field. The field can be set manually or via customization. When set:
- the cost currency fields' pickers on the object will default to the cost type of the Currency Exchange Rate Card
- the Revenue / Benefit fields' pickers on the object will default to the revenue currency type of the Currency Exchange Rate Card
You can access and add Currency Exchange Rate cards like other objects, so you can add more rate cards via the navigation panel, as related items, configurations, etc.
Default Currency for Currency Picker
When creating a new standalone item or related item from a Work Item, you can select a currency type using predefined default currency types. This makes it easier to input currency amounts and avoid selecting a currency type from a long list of currencies.
Previously, currency pickers would default to the organization currency.
Now, related items (Risks, Issues, Requests, Bug, Custom Objects, Customers) will default to the currency type of the Work Item they are being created from and you can define whether it should use the Cost Revenue Type or Revenue Currency Type.
To define a default currency in a custom field, you can define a Currency Type from the Default Currency, Cost Currency, or Revenue Currency.
Users who have set a Local Currency will see currency pickers default to their Local Currency when they create a new standalone Risk, Issue, Request, Bug or Custom Object.
Selecting the default Currency Type for Currency fields
Selecting the default currency in a new related item, in this case USD
Note: If the Admin changes the default at a later date, existing fields will not be affected.
Currency Exchange Date for Non-Labor Budget & Forecast Exchange Rate Fields
Non-Labor Resource costs are frequently planned only at Project level. However, forecasting is performed on an ongoing monthly basis which can lead to issues of Exchange Rate drift, especially in longer running projects.
A new project setting lets Project Managers continue to use the current method of using the Agreed Date for Exchange Rate from the Project, or take the rate of Fiscal Month that the costs are planned for (Budget Cost, Forecast Cost, Budget Revenue, Forecast Revenue).
Actual Costs and Revenues already use the exchange rate of the Fiscal Month they are reported in.
Project Setting: Non Labor Budget & Forecast Exchange Rate