Purpose: The purpose of this exercise is to show you the required data that is used in the exercises below.
Create a project forecast with multicurrency.
General exercise for Budgeting and Forecasting with Multi Currency
Purpose: The purpose of this exercise is to have project cost reported in a transaction currency other than the accounting currency of the company
Windows:
Voucher Entry
Currency Rates
This could be achieved in multiple methods. An example on what you will see if project cost is reported with a manual voucher entry is given below.
Note: In order to post a voucher row in a different currency, the currency rate needs to be defined in the currency rate type used in your voucher entry.
Example:
Create a manual voucher entry and post one voucher row with your project ID and activity sequence number for a debit amount of GBP 100, to a COST account.
Note: You will have to make sure that the posting line created above can derive a cost element to report project cost. The cost element will need to be setup based on the code part used to define the cost element in your company.
Enter a balancing credit entry for your voucher to a Liability or Asset account of GBP 100. Do not post this voucher row to a project.
General exercise for Setting up Project Cost/Revenue Elements
General exercise for Initial Exercises—Journal Entry
Purpose: The purpose of this exercise is to view project connections created in transaction currency for your voucher entry created above
Windows:
Project Navigator
Once you save the above voucher, a new project connection will be displayed for your voucher entry on Project Navigator/Connection tab. In the lower part of the window there will be four sub tabs displaying project cost in currencies. Saved voucher line will report used cost as below.
Base Currency tab
Cost Element | Used Cost in Base Currency (USD) |
Cost Element derived based on your voucher line Postings | 157 |
Transaction Currency tab
Cost Element | Transaction Currency | Used Cost |
Cost Element derived based on your voucher line Postings | GBP | 100 |
Base Currency BF Rate tab
Cost Element | Used Cost in Base Curr BF Rate(USD) |
Cost Element derived based on your voucher line Postings | 150 |
Note: The cost in Base Curr BF Rate will only be displayed when a project is setup to budget in multicurrency. The value will be calculated based on the transaction currency using the currency rate type selected as Budget Currency Rate Type.
Purpose: The purpose of these exercises is to create a new snapshot for the project forecast when multi currency budgeting is in use. It will also show how to handle currency errors that may prevent you from creating a snapshot when a project is set up to work with budget in multicurrency.
Windows:
Project Forecast Info
Project Currency Errors
Note: The currency code will be part of the matching criteria when budgeting in multicurrency. Following criteria will be looked into when matching project cost with a forecast line when used with multi currency budgeting.
- Project, Sub Project and Activity
- Cost Element
- Currency Code
Windows:
Project Currency Errors
Purpose: The purpose of these exercises is to handle currency errors that may prevent you from creating a snapshot when a project is set up to work with budget in multicurrency. If a currency error is received when creating a snapshot, use following steps to reconcile.
Note: If there are no more errors, you will be allowed to create a snapshot for your forecast. If there are more errors follow the same steps and correct all the new errors.