More Multi-Currency Enhancements

Note: The following features are in Controlled Availability.

Customers with a sandbox environment and other eligibility criteria can contact their Customer Success Managers to request early access and get more information.

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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. 

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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

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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 currency rates of "Plan" type custom currency fields will used the rates set in the Currency Exchange Rate Card.

If not set, currency fields continue to convert to base currency using the organization Currency Exchange Rates of the item's Exchange Rate Date (default: "Created On", but editable)

 

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.

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