Setting Up Project Currency Budgeting—Exercises

Basic Data Setup

Create Project

Purpose: The purpose of this exercise is to familiarize you with the data that must be in place before you can do the exercises below.

  1. Create a new project.

Creating Projects—Exercises

Create Currency Rates

Purpose: The purpose of this exercise is to show you how to define a new rate type to use with project currency and multicurrency budgeting.

Windows:
Currency Rate Types

  1. Open the Currency Rate Types window, and create a new record (F5).
  2. Enter your new currency rate type using the information shown in the table below.
Currency Rate Type Currency Rate Type Description Ref Currency Code Default Type Rate Type Category
PRJ RATES Rates for project currency USD No Project
  1. Save your changes (F12).
  2. Right-click and then click Currency Rate per Currency Rate Type. Specify the rates for the new currency type that you just entered.
Currency Code Rate Valid From Conversion Factor
USD 1 Enter current date  
GBP 1.5 Enter current date  
EUR 1.4 Enter current date  
  1. Save your changes (F12).

Note that this exercise requires you to use the company 10 in Race database (or a company with accounting currency USD).

Main Exercise

Purpose: The purpose of this lesson is to show you how to initiate the use of alternative project currency for a project.

Windows:
Project

Initiate Alternative Project Currency for Budgeting and Forecasting

  1. Open the Project window.
  2. Query for the project you created in the above exercise.
  3. Click on the Currency tab and under Project Currency add following details
Project Currency Currency Rate Type
USD PRJ RATES

Note: Changes will not be allowed to the Project Currency field once the project has reached the Approved status.

  1. Save your changes (F12).

Now you have selected the project currency to be USD on this project. The currency rates to calculate project currency amounts will be based on the PRJ RATES rate type.