DRAFTCreate a multi-currency budget

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 need to budget using multiple currencies. Multi-currency budgeting usually takes the form of budgeting each region in the local currency, then wanting viewing those budgets in a single reporting currency.

There are two ways in which you can create a multi-currency budget. Expand the sections to compare each method and select the one that best suits your business needs.

Budgets and Forecasts module: Add a Reference Only tab with multiple measures

In Budgets and Forecasts, you can use the Reference Only tab with multiple measures (driver-based budgeting) to convert the budgeted local currency value to a reporting currency value.

The advantage of this method has over option 2 is that the currency conversion happens in real time as local currency values are entered, and by publishing the reference tab both the local and reporting currency values appear in the budget stream in Financial Statements. Note however that there are some limitations of this approach. Firstly, this approach does not support 3-statement budgeting, and secondly, any GL accounts or entities added to the main tab would also need to be added to the second tab . We are investigating changes we could make to address these limitations.

Designer module: Add a Transform column in the Budgets and Forecasts stream

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.