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How Do I Setup Multi-Currency On My Instance?

PPO supports the use of multiple currencies for organisations that operate in multiple countries and require each country to capture their cost information in their local currency, but still requires consolidated reporting on a global level.

When setting up multi-currency you can make use of either one of the two options below. They are:

Option 1: Implement an exchange rate entity; or
Option 2: Use Custom List item weighting

Let’s discuss each of the options next.

OPTION 1:

Step 1: Implement an exchange rate entity

An exchange rate entity needs to be configured by the PPO Administrator and requires fields for the following:

  • Target currency
  • Base currency
  • Exchange rate
  • Effective date

For step-by-step instructions on setting up entities and data fields, see the following knowledge base article.

Once configured, the entity should look like this:

3.jpg

Step 2: Identify the affected reports

All the reports on the instance need to be reviewed to identify whether a conversion is required or not. This would specifically be reports that include cost information and that are required at a global/consolidated level. A list of the affected reports will have to be drawn up to send to the support team (step 3).

Step 3: Log a call with the PPO Support Team

Log a support call, asking for multi-currency support to be implemented on the affected reports and dashboards (provide the list compiled in Step 2).

Please note that the time spent by the Support Team to implement this functionality is billable.

Once implemented, an additional parameter will appear on all affected reports and dashboards, asking the user to select the currency that needs to be displayed:

1.jpg

The conversion will be will be done based on the Currency and Conversion Date fields specified on the Cost entity with reference to the applicable exchange rate from the Exchange Rate entity.

Currency_Conversion.jpg

OPTION 2:

If you are looking for a simpler approach, you can use custom list item weighting to achieve something similar as mentioned in option 1.

Step 1: Configure your currencies

The first step is to set up a custom list which contains all the currencies as shown below.  Note that your reporting currency will have a weighting of 1.000.

2017-05-29_161112.jpg

For more information on setting up custom lists, access the following knowledge base article.

Step 2: Configure your cost entity

Next, you need to add a custom list field to the Cost entity which indicates the local currency in which the costs have been captured. Finally, you implement one or more calculated currency fields to do the conversion to your reporting currency as shown in the screenshot below:

2017-05-29_161240.jpg

You will notice that the formula refers to field C07 which is whatever field you have implemented as the currency custom list field. 

The ppoGetCustomListItemWeighting is the standard function which returns the weighting for a particular custom list item.

If you follow the above approach for the other currency fields and update the field categories to make the distinction between the local currency and the reporting currency clearer, you should get something like the screenshot below:

2017-05-29_161420.jpg

You can see that the Actual / Spend and Budget currency amounts are now also reflected alongside the amounts in the reporting currency.  If you need to see any of the above converted fields in reports, please log a support ticket to change the affected reports.

Choosing between the two options

When choosing which of the options to implement, consider the following:

2017-05-30_110241.jpg

Have questions?

If you need assistance choosing which option is better for your particular circumstances, contact the Support Team. They would love to hear from you!

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