1. Using Grants Management
  2. Multicurrency for Awards and Award Projects

Multicurrency for Awards and Award Projects

Grants administrators and principal investigators can enable award projects for multicurrency where the award and award project currency is different from the award and award project ledger currency.

Use the Awards work area or the file-based data import process to create an award in a different currency other than the ledger currency. Some points to consider:

  • While creating an award, if the business unit that you select is enabled for multicurrency, then you can select a currency for the award that's different from the award ledger currency. If the award is enabled for multicurrency, you must select a project template that has the same currency as the award currency.

  • For sponsored projects, allocate the funding amount to the project in the award currency. If the project currency is different from the project ledger currency, then create control budgets using the project currency as control budget currency.

  • If you can't select a currency while using the file-based data import process, then the application automatically uses the currency from the award template. If an award template isn't available, then the ledger currency of the contract business unit is used as the award currency.

  • If multiple projects are associated with the award, all the projects must have the same currency as the award currency.

  • While creating an award template, you can enable the Currency field as a field that can be edited if the business unit is enabled for multicurrency. If you assign a project template to the award template, both must have the same currency. You can change the currency in the template at any time. However, new awards created using the updated template inherit the new currency.

Use the Financial Performance tab in the award Overview page to view the financial details of an award in both award and award ledger currency. The financial details that you view in the award or project currency are:

  • Funding amount

  • Unbudgeted amount - The unbudgeted amount isn't displayed if you select to display amount in the ledger currency.

  • Financial details in the Project Control Budget Balances view

  • Financial amounts in the Federal Financial Report

The financial details that you view in the award or project ledger currency are:

  • Budget amount

  • Actual amount

  • Commitment amount

  • Available amount

  • Financial details in the Budget Lines, Planning Level view

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