Multicurrency in Demand Management
Summarize
Summary of Multicurrency in Demand Management
The multicurrency feature in Demand Management allows you to manage and track financials in various currencies, accommodating corporate, regional, or project-specific preferences. This is particularly useful for multinational organizations where budgeting may occur in different currencies based on geographic locations.
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Key Features
- Next Experience Integration: Available in Next Experience for Demand Management, offering enhanced features like Playbook and Docs for better governance.
- Multicurrency Management: Track demand financials in one currency while spending in another, facilitating easier oversight across multiple regions.
- Demand Currency View: After activating the multicurrency plugin, users can switch to a demand currency view to manage financials effectively, with a read-only demand currency field once a cost or benefit plan is created.
- Task and Baseline Tracking: Monitor expenses and compare financial baselines in the selected demand currency to assess performance over time.
Key Outcomes
By utilizing the multicurrency feature, customers can streamline financial management across different currencies, ensuring accurate tracking and reporting of demands regardless of geographic location. This capability enhances decision-making, improves financial oversight, and aligns with corporate policies on currency management.
Next Steps
- Activate the PPM Standard Multicurrency plugin for full functionality.
- Set your currency preferences to effectively manage demand financials.
- Use quick start tests to validate functionality after any configuration changes.
- Execute scheduled jobs to upgrade any existing demands after plugin activation.
Manage and track the financials of your demands in the corporate currency, regional currency, or the same currency that you want to use for managing the project using the multicurrency feature. The corporate policy typically governs the choice of this preference.
Demands are available in the Next Experience for Demand Management. For more information, see Next Experience for Demand Management.
The workspace provides additional value beyond the legacy experience, including Playbook, Docs, and the ability to define different governance processes using playbooks.
- New customers: Use Next Experience for Demand Management to create and manage your demands.
- Existing customers: If you already have demands in the classic UI, you can continue using it. However, we recommend moving to the Next Experience for Demand Management, as your existing demands are automatically available there.
In global or multinational organizations, demands are often managed and tracked at one geographic location and executed at a different geographic location. As each location might use a different currency to spend the budget, this difference in geographic location makes it difficult to monitor and track financials for such demands.
The multicurrency feature in Demand Management makes it easier for you to manage and track your demands from any geographical location in any currency. You can monitor and track the financials of your demands in one currency and spend the budget in a different currency such as the functional currency, regional currency, or the currency that you want to later use to manage your projects. You can also choose to manage your demands in one currency and specify a different currency for managing your future projects.
Activation information
Activate the PPM Standard Multicurrency (com.snc.ppm_multicurrency) plugin to enable the multicurrency features in Demand Management. Activating the plugin enables the demand currency view in demand, cost plans, and benefit plans forms. With the demand currency view, you can manage your simple demand financials, cost plans, benefit plans, and budgets in the demand currency.
Currency Preferences
After activating the multicurrency plugin, specify your currency preference for managing your demand financials. You can select your functional currency, a regional currency, or a local currency. For more information, see Select demand currency preference.
Demand currency view
In addition to the default view in the Demand form, the Demand Currency view enables you to view the multicurrency fields. You can enable this view from the form context menu.
You can designate a currency other than the functional currency as the processing Demand Currency for a demand. The Financials tab of the Demand form has the Demand currency field. You can select an active currency from the Currencies [fx_currency] table.
The Demand currency field of a demand becomes read only once you create a cost plan, cost plan breakdown, benefit plan, or benefit plan breakdown for the demand.
Multicurrency in Demand Tasks
Track the expenses incurred while performing the demand tasks in demand currency. When the time card for a demand task is submitted and processed, the actual cost is calculated based on the rate model, the default labor rate, or the rate defined in the system property. You can view this actual cost in the Demand Task form in the Demand currency and Actual cost in demand currency fields. For more information, see Demand tasks.
Multicurrency in Demand Baseline
Compare the financial baselines of your demands to track the performance of a demand over time. Baseline comparison enables you to identify and review the financial changes made to the demand at various stages of the demand life cycle. With the multicurrency feature, you can view the financial information in the demand currency when you compare the baselines. You can also configure the baseline view to add additional fields and view details in demand currency. For more information, see Compare financial baselines of a demand.