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There is a Phocas-wide project underway that will address multi-currency across the Analytics, Financial Statements, and Budgets and & Forecasts modules. However, two interim solutions for multi-currency budgeting are available, as outlined on this page. |
If your organization operates internationally, it is likely you will likely need to budget using multiple currencies. Multi-currency budgeting usually takes the form of involves budgeting each region in the local currency , and then wanting viewing those budgets in a single reporting currency.
There are two methods for creating a multi-currency budgets. Compare each method and select the one that best suits your business needs.
Method 1: Use the Budgets
and& Forecasts module
In The Budgets and Forecasts, you can use the combination of a Reference Only & Forecasts method has three components:
The Main tab where you do the budgeting as usual in the local currency.
A Lookup tab to store the exchange rates for each of your regions.
A Reference tab with multiple measures (driver-based budgeting)
to convert
your budgeted local currency
values to
your reporting currency
values. The reporting values are calculated by getting the local values from the Main tab and multiplying them by their respective exchange rates from the
Lookup tab.
This method has two advantages; the :
The currency conversion happens in real time as local currency values are entered
.
When you publish the Reference
tab, both the local and reporting currency values appear in the budget stream in Financial Statements.
However, currently, there are some limitations of to this method. Firstly, this method does not support 3-statement budgeting, and secondly, any General Ledger accounts or entities added to the Main tab also need to be added to the Reference Only tab.
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Multi Ccy (Reference Tab) 26 Jul 24.mp4 |
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For example, suppose you have a budget in which there are that includes three regions, : Australia, the UK, and the USA and you . You want to budget for those regions in both their local currencies (AUD, GBP, and USD) and in one common currency, AUD, as that is where your head office is located.
Bring in the local value data from the Main tab: |
Method 2: Use the Designer module
Note |
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This procedure requires the use of Designer, which is an advanced feature. If you are not confident using Designer or have not had the required training, contact your Phocas account representative. |
In Designer, you can add a transform column to the Budgets and & Forecasts stream to convert the budgeted local currency value to a reporting currency value.
This method allows you to view the resulting currency conversion in Financial Statements immediately after publishing the local currency values from Budgets and & Forecasts. Whereas you can use a Reference Only tab in the budget to display the resulting transformation from local to reporting value, the reporting value does not update in real-time within the budget. You need to both publish the budget and refresh the page refresh to view the updated reporting currency.
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Multi Ccy (Transform Column).mp4 |
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For example, suppose you have a budget in which there are three regions, Australia, the UK and the USA and you want to budget those regions in both their local currencies (AUD, GBP and USD) and in one common currency, AUD, as that is where your head office is located.
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