Functional currency field in cost plan table

Sonali Jadhav · ‎08-26-2020

User want system to manual select default currency if it is a Project from US(USD)and from IndiA(RS).

how can we do this?

yogesh41 · ‎08-26-2020

Hi,

The "Functional Currency" is directly dependent on System Reference Currency. ( https://docs.servicenow.com/bundle/newyork-platform-administration/page/administer/currency/concept/session-and-reference-currency.html). The System Reference currency is one time configuration for the instance and not advisable to switch frequently. Th above document will provide more details on Reference Currency.

The "Functional Currency" on the Cost Plan is just information for the user about the current reference currency of the instance. Updating its value is not in scope of PPM application.

FYI, you should look for "Entered Currency" field that indicates the currency of the amount for the current Cost Plan record. The Functional currency amount like "Cost in functional currency" are calculated/converted values.

- Yogesh

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yogesh41 · ‎08-27-2020

It is not recommended to change the Functional Currency. You need revaluate to your requirements.

When Platform does any mathematical operations ( add, subtract ) on currency fields, it convert all different currency values to same currency ( Reference/ Functional currency ) and perform operation. Otherwise adding values from different currency would result wrong value.

- Yogesh

Sonali Jadhav · ‎08-27-2020

For the currency field, may I understand that system support user to select different currency to record their cost plan, and what you suggested is to use the ‘Entered Currency’ field instead of ‘Functional currency’ field to do that?

How about the currency shown in Financials tab in project? Is that possible to choose currency? Or can set default currency to other currencies, instead of USD.

if user can change the currency exchange rate by themselves, eg HKD: CNY= a number given by user ?