(PSX) Enabling MulticurrencyLearn how to enable Multicurrency for your organization03-Mar-2025Knowledge
InformationTitle(PSX) Enabling MulticurrencyURL NameEnabling-Multicurrency-PSXBodyAbout The Precursive Multicurrency solution allows you to have projects in different currencies than your org default and even use a rate card with a different currency than your project. By default for each new project with a currency set up, we will assign a corresponding default rate card that defines the roles, rates and costs for that currency. You can change the currency and rate card on a project before you start allocating resources and resource requests to the project. While the project is in a different currency than the org default or the rate card is in a different currency than your project, we will recalculate it into your base currency. You might have resources in different locations that can also have a currency assigned, in that case, once you assign a named individual to the project, costs will be taken from the resource and will be recalculated into the org and the project currency. The expenses you log against your projects can also have a different currency than the org, project and resource as you might travel around the world. As your team works throughout the project and logs their time, their actual revenue and costs will be recalculated to the project and org currency. The Date field of the entry defines which exchange rate should be set up. Also, on the timesheet entry, you will find the related promotion record that also impacts your resources costs overtime. What to consider before enabling Multicurrency There is some important information that you should consider before you enable the Precursive multicurrency:Once you switch On the multicurrency, it cannot be switched off. Precursive Multi currency requires using rate cards for each supported currency. You can use multiple rate cards for a single currency but you need to have one that will be your default and it has to be active. Multi currency requires maintaining the date for rate cards and dated Fx Rates for each currency. It's simple to enable and set up Multicurrency, however if you use a customized Budget Info page with custom calculations, it might take a while to recreate the custom calculations for the Org currency and configure the layout to display both: Project and Org currency data. Setting up supported currencies on Precursive HQ is really important as that creates the currency default rate cards that you just need to set up with roles, rates and costs for each of the currencies. You also need to set up exchange rates for all the supported currencies to be able to assign a currency to any project. It is possible to change the currency on the project but it requires updating the participants’ rates values to the new currency. Costs needed to be updated as well for resource requests participants or when they have been overwritten manually. When Multicurrency is enabled, it is possible, especially on existing projects, to not have a currency assigned. On existing projects, this allows to avoid data migration of historical data once Precursive Multicurrency is enabled. All projects, expenses, and resources without a currency will behave like records with Org Currency. If you have your Project, Phase and Participant record pages customized or when your Budget Information tab is customized with your own calculations, you might need to recreate the currency recalculation of custom fields to the org currency and update the Budget Information page setup to include the Project and Org currency fields. You can update it by editing the Record Page in the Lightning App Builder: How exchange records are applied to records in Precursive When Multicurrency is enabled, there are 4 objects have exchange rates applied automatically from the FX Rate data table: 1. Phase - the exchange rate applies based on the Start Date of the phase, if the Start Date is set up only on the Project, then it takes the Start date of the project. If there are no Start Dates at all, then the exchange rate is applied based on the date the project has been created.2. Booking - the exchange rates are set up on bookings only when the participant they belong to is a resource request. The exchange rate is set up according to the Start Date of the booking.3. Timesheet Entry - as timesheet entries calculations only relate to named individuals this is where you will find what are the exchange rates for a resource. On entries we set up exchange rates for resources, rate cards and project currency. Depending on the participant setup - whether the rates come from Rate Card Role or are Fixed and whether the Costs are from the Resource or Fixed, we apply the appropriate FX Rate. All those values are then recalculated to the project and org currency. When a project doesn’t have a currency and the participant has a role assigned, we then apply the org level role and the org currency. The Date field defines which exchange rate should be applied to each calculation.4. Expense - the exchange rates are set up for the resource, project and expense as they can all differ. The exchange rate is applied based on the Start Date of the Expense. Participant and Resource Requests See below the values and options available to you in the model when you add a named participant or a resource request to a phase in Precursive. For example, When adding a participant to a US Dollars project you can choose to use the costs from the resource that might have a different currency. In that case, if you don’t override them manually, the costs will remain the resource currency and will be recalculated back to the org currency. If you switch ON the Override button to manually adjust the costs, the cost currency will be recalculated to the project currency. Rates by default are taken from the rate card role assigned to the phase but if you want to update it manually you can switch the Override option and update the rates. If you don’t assign a role to the participant, the rates will remain 0 and you will need to click the Override button to update the rates. Enable Multicurrency Go to Precursive HQFind the Currency Configuration tab and open itIn the Multicurrency section, set org base rate (please note once it is set it cannot be switched off)In the Supported Currencies section, enable all of the currencies that you wish to use in Precursive 💡 It's possible to change your Supported Currencies should you need to in future. This can be done from Precursive HQ by editing the list of supported currencies and deactivating the default currency rate cards. That will automatically update the currency picklists on all objects Configure default currency Rate Cards For each currency that you selected to activate, a default currency rate card will be created with 0.00 values. Navigate to the Rate Cards section and review those. Make sure they have the currency assigned, they are active and default.For each default currency rate card you need to add in your rates and costs for each role. Set up FX Rates Now you need to add in an FX rate for each active currency in your org. You can do it from Precursive HQ from the FX Rates sectionAdd in the FX rates by clicking on New, selecting the Currency and setting up its FX Rate and start date.The start date is the date from which this exchange rate will applyNow Precursive will use the FX rate for each value conversion it makes If you ever make a mistake and want to correct an FX Rate record, then: Navigate to the FX Rate record you want to correct and select itMake your corrections and SaveGo back to Precursive HQIn the Synchronise FX Rates section check if there are any records that are desynchronized by this change and if yes, just click Synchronize. Choose a currency for each Resource Go to Precursive HQSelect View All in the Resources sectionIf the Resource currency is different from the org one, add in the Currency, Hourly and Daily Costs, Hourly and Daily Rates field to your active and schedulable list view, so that you can edit multiple records at onceSet the currency for each resource and then click on saveNow each resource's costs can be converted when they are added to phases Synchronize your data You might see on the HQ page that there are existing records that need to be synced to the new exchange rates. These will be things like bookings in the future in the currency you have amended. If you click on the synchronize button here, it will update the records for you. If you prefer to look at the records on by one or object by object you can go to the new report folder called Precursive Multicurrency where you will find reports for each object (bookings, expenses, phases and timesheet entries) with their records out of sync You can review them in depth here for the out of sync data and update them manually Related Resources Create a Rate CardEdit Participants' Rates & Costs
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