Creating Snapshot for Projects that use Alternative Project Currency—Exercises

Required Data

Create Project Forecast

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 project currency.

General exercise for Budgeting and Forecasting with Project Currency

Report Project Cost

Purpose: The purpose of this exercise is to report project cost in order to view how it is displayed in alternative project currency.

Windows:
Voucher Entry

Project cost can be reported in a number of ways. An example on what you will see if project cost is reported with a manual voucher entry is given below.

Example:

1. Create a manual voucher entry and post one voucher row with your project ID and activity sequence number for a debit amount of USD 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.

2. Enter a balancing credit entry for your voucher to a Liability or Asset account of USD 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

View Project Connections

Purpose: The purpose of this exercise is to view how your project cost reported from voucher entry is displayed in alternative project currency in project connections tab

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                                   

Transaction Currency tab

 Project Currency tab

Note: The cost in project currency will only be displayed when a project is setup to use an alternative project currency. The value will be calculated based on the transaction currency and will use the currency rate type selected as Project Currency Rate Type.

Main Exercise

Purpose: The purpose of these exercises is to create a new snapshot for the project forecast with project currency. 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 project currency.

Windows:
Project Forecast Info
Project Currency Errors

Creating a New Snapshot

1. Open the Project Forecast Info window and query for your project forecast.
2. In the header, right click and select the Snapshot option and then click Create.
3. Select the Snapshot with Details option, in the Create Snapshot dialog, and click OK.
4. Note that the Used Cost from the above exercise is updated in the Used Cost Project Curr and Used Cost columns in the forecast.

Handling of Currency Errors

1. Open the Project Currency Errors window.
2. Query for your project.
3. If there are currency errors, view the error description on Project Currency Error Text column.
4. Correct the currency error in the relevant location (This may require you to add missing currencies to the Rate Type or change validity of your currency rate, etc.)
5. Once the errors are corrected in required places, go back to the Project Currency Errors window.
6. Right click and select the Resolve Currency Errors menu option.
7. Enter the Company ID and the Project ID in the Resolve Currency Errors dialog
8. Select OK.
9. All the currency errors for the selected project will be refreshed.

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.