Currencies

Standards & Libraries > Currencies: This is where an Administrator can manually add new currencies to suit the company business needs, in addition to the predefined list of currencies. You must have the applicable permission to access the Currencies sub-node. Depending on your permissions, you can use the Currencies log to add new, modify, and delete currencies. You can also search for a specific currency.

You can see the Currencies node in the Permission tab of the User properties: Company Workspace > User Administration > Access Control > Administration Mode Access > Standards & Libraries > Currencies.

An Administrator can set up both users and Groups permissions to the Currencies sub-node.

A user that has the "Create" permission can add, modify, and view currencies.
A user that has the "Modify" permission can modify and view currencies.
A user that has the "View" permission can view currencies.

The Currencies log includes a list of predefined currencies displayed in alphabetical order. In addition:

Currency code is displayed for all the existing currencies.
If currency symbols exist, the currency symbols are populated under the Currency symbol column.
Users who have permissions can modify the predefined currencies.
Description lists all the countries that use that currency.
The Decimal Places field is read only, as it matches the decimal places used by the currency.
Note: The number of decimal places can only be defined when a new currency is added. The number of decimal places for an existing currency cannot be edited.

To add new currencies

In the toolbar, click New.
In the Currency Details dialog box, enter the following:
- Currency Name: (required) Enter a name in this text field (maximum of 250 characters). The Pipe character (|) and back slash (\) are not allowed.
- Currency Code: (required) Enter a code in this text field (maximum of 8 characters). The Pipe character (|) and back slash (\) are not allowed.
- Currency Symbol: Enter a symbol in this text field (maximum of 8 characters). The following characters and patterns are not allowed:
  - Single characters such as: . , () -
  - Characters such as: | ' " \
  - Patterns such as: $$ $& $` $'
- Description: Enter a description in this text field (maximum of 500 characters).
- Decimal Places: Select the applicable number of decimal places, from 0 to 4.
  Note: After the currency is saved, the Decimal Places field becomes read-only and cannot be changed.
To save the currency, click OK.
Validate the new currency by ensuring that the:
- Currency Name is unique and does not exist in the predefined list.
- Currency Code is unique and does not exist in the predefined list.
- Number of characters entered in the text field does not exceed the limit.

To update a currency

Double-click the applicable currency.
You can also select the currency and click Open.
Make the applicable changes.
After you have created a currency and defined the exchange rates for it, you can modify the Currency Name, Currency Symbol, and Description. You cannot modify the Currency Code.
To save your changes, click OK.

To add new currencies

Select the applicable currency and click Delete.

Notes:

You cannot delete a currency that has been used to define exchange rates.
You cannot delete the Base Currency defined by your Company Administrator.

To search for a currency

In the toolbar, click Find.
In the Find window, select the logical operator and enter the applicable search parameter in the Currency Code or Currency Name text field, or both.
Click Search.

To view the Audit Log

Select the applicable currency.
From the View menu, select Audit Log.

The Audit Log displays the additions and modifications applied to currencies. Audits log lets you select a record to see the audit information.

Show Currency List window

The Show Currency List window, which you can see when you are defining the exchange rates, displays a list of currencies that you have defined in the Currencies sub-node. The Show Currency List window includes a Description field that lists the country name; if there are multiple countries that share the same Currency Name, the country names are listed and separated by a comma (for example, for Currency Name of Euro (EUR), the Description field lists: Andorra, Belgium, France, and so forth).

Note: If the currency name is modified, the existing exchange rate CSV template fails. You must export the exchange rate template again for the new currency name. The existing Web Services calls for record creations and updates fails if the currency names are modified.

Similar to other custom string translations the currency names can be translated for internationalization.

Base currency

The Base Currency is the default currency specified by your Company Administrator when that person signs into the system the first time. Upon creation, the Base Currency is fixed and cannot be changed. The Base Currency becomes the default currency for projects and shells; however, the default currency can be changed during project or shell creation. Company-level cost data roll-ups can draw from multiple projects and shells. Each of these projects or shells can have a different project currency.

Project currency

A Project Currency is the currency that was selected as the project or shell-level default currency during project or shell creation. This can be different from the Base Currency, and you must take the following steps before you save the new project or shell.

First: Before creating the project or shell, verify that the non-base currency exists in the Exchange Rate Set.
- If it does not, you can add it.
- If the exchange rate effective date is in the future, you cannot add it to the project or shell currency set.
Second: During project/shell creation, add the non-base currency to the project or shell.
Third: During project/shell creation, select the non-base currency as the project or shell default currency.

The system calculates and stores costs in the project currency. Business process records created in a non-project currency, such as a transaction currency, use the exchange rate that was active at the time of record creation for currency conversion to project currency.

Project/shell currency options

When adding a currency to a project or a shell, you have the options to float, hedge, or peg the currency rate. These options establish how to handle fluctuations in that currency's market rate.

Float: A currency's value fluctuates according to the foreign exchange market. The system updates currency exchange rates according to the effective date of the Exchange Rate set.
Hedge: Intended to reduce future risk of currency fluctuations.
Peg: The currency exchange rate is fixed. Pegging impedes project currency conversion in a project or a shell.

Role rates changes due to currency exchange rate changes only consider Float and disregard Hedged or Pegged rates.

Transaction currency

This is a currency that was added to the project or shell Currencies, and picked at run time using a currency picker on the commitment business process. Upon record creation, the system uses the current active currency exchange rate in the Exchange Rate table to convert a transaction currency to the project currency.

Cash flow curves display data in the transaction currency, if different from the project currency. At run time, users can switch between currency views, but they can only modify values in the transaction currency view.

Currency picker

Currency pickers are available only for the upper form of a cost-type commitment business processes such a contract or a change order. This means all line items will be in the record, or transaction, currency.

Last Published Thursday, December 14, 2023