Projects - Multi-Currency Overview

    There may be a need for you to support multiple currencies when it comes to the Projects you manage in Inspire Planner. This help article explains how Projects and it's related records function when multi-currency is enabled for your Salesforce org.

     

    Projects & Related Records

    You set the currency for a Project and all related records will inherit the same currency. For example, if you set the Project currency to EURO, then Project Tasks, related Salesforce Tasks, Project Teams, Risks & Issues, Checklist Items, Time Entries will automatically inherit the same currency of EURO. This only applies to objects that have a look-up to Projects out of the box as part of Inspire Planner. This means that if you create a look-up from an object (standard Salesforce object or custom object) to Projects, it will not automatically inherit the Project currency. 

     

    Projects & Templates

    Templates can be applied to Projects in two (2) ways - during Project creation and after a Project is created. There is a difference in what is inherited from a Template depending on when it is applied to a Project.

     

    Applying a Template during Project Creation

    When creating a Project using a Template, meaning that you select a Template during Project creation, the Project will inherit the currency of the Template. For example, if when creating the Project, you set the currency to EURO but the Template you selected has a currency of USD, then the Project currency will be set to USD. Subsequently, all related records will inherit the Project currency of USD.

     

    Let's imagine that you manage onboarding Projects in Inspire Planner and you have an onboarding Template. If you need to manage onboarding Projects in different currencies, it would be good to have an onboarding Template for each currency. This way, when you create a Project, you can choose the appropriate Template set with the appropriate currency.

     

    Applying a Template to an existing Project

    If a template is applied to a Project after is created, it keeps the Project currency and will not inherit the Template currency. This means that if the Project currency is set to EURO and you apply a Template that has a currency of USD, the Project currency will remain in EURO.

     

    If there are any populated currency fields for Tasks in the Template that is applied to a Project, then the values in these currency fields are automatically converted according to the Project currency. For example, if a Task in the Template has Budgeted Cost populated with €100 EURO and the Template is applied to an existing Project that has a currency set to USD, then the Budgeted Cost will display in it's equivalent in USD ($102.09 USD).


    Tags

    Project Plan

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