Converting Currency

If several project requests are entered on different dates and the effective currency conversion rate differs among those dates, use the convert currency function to update amounts so that project requests use the current currency conversion rate. This ensures that users view project costs and benefits based on the same conversion rate. The system only updates amounts for project requests that are not yet approved. It does not update projects with a status of assigned, cancelled, or declined.

This currency conversion utility addresses situations. For example, an approver evaluates two project requests that are created on different dates. Both project requests have the same cost amounts and are entered in a transaction currency of Canadian dollars. If the effective currency conversion rates differ on the dates that each project request is created, the project requests appear to have different cost amounts when they are viewed in the base currency, such as Japanese yen, because they use different exchange rates.

Use the Process Currency Conversions page (PPK_PROCESS) to updates project request base amounts using exchange rates that are currently in effect.

Navigation:

Program Management > Project Request > Project Request Currency Conv

Click Run Now.

The process converts each project request's cost and benefit transaction amounts to the base currency of the project business unit and updates the base amounts that are stored on the project request. The process uses the rate that is currently in effect for the rate type that is specified on the Conversion Rate Type page.

See Conversion Rate Type Page.