Precursive Multicurrency

Considerations for Multicurrency:

The Precursive multicurrency solution allows you to have projects in different currencies than your org default. For each project with a currency set up, we will assign a corresponding rate card that defines the roles, rates and costs for that currency. While the project is in a different currency than the org default, we will recalculate it into your base currency.

You might have resources in different locations that can also have a currency assigned, in that case, once you assign a named individual to the project, costs will be taken from the resource and will be recalculated into the org and the project currency.

The expenses you log against your projects can also have a different currency than the org, project and resource as you might travel around the world.

As your team works throughout the project and log their time, their actual revenue and costs will be recalculated to the project, resource and org currency. The Date field of the entry defines which exchange rate should be set up. Also, on the timesheet entry, you will find the related promotion record that also impacts your resources costs overtime.

There is some important information that you should consider before you enable the Precursive multicurrency:

 Once you switch On the multicurrency, it cannot be switched off.

Setting up supported currencies on Precursive HQ is really important as that creates the currency rate cards. You can use multiple rate cards for a single currency but you need to have one that will be your default and it has to be active.

You also need to set up exchange rates for all the supported currencies to be able to assign a currency to any project.

If you have your Budget Information tab customized, you might need to create formula fields with the currency recalculation to the org currency and update the Budget Information page to include those as Org currency fields. You can update it by editing the Record Page in the Lightning App Builder:

It is possible to change the currency on the project but it requires updating the rates to values in the new currency and also costs - but only for resource requests or costs that have been overwritten.

We do allow users to set null value on currency picklists of Projects and Resources to avoid data migration of historical data once Precursive Multicurrency is enabled. All projects, expenses and resources with null value will behave like records with Org Currency

Important notice: before updating the Org to the version 1.76 of the product or higher, make sure that the Apex setting 'Deploy Metadata from Non-Certified Package Versions via Apex' is on, to enable package deployment:

Set up for Multicurrency:

1. Go to Precursive HQ
2. Set org base rate (please note once it is set it cannot be switched off)
3. Now enable all of the currencies that you wish to use in Precursive. You choose these from the drop-down menu of pre-populated currencies.
   
   
   
   
4. For each currency that you select to activate, a default currency rate card will be created with 0.00 values. Review those and make sure they have the currency assigned, they are active and default.
   - For EACH default rate card you need to add in your rates for each role in your org.
   
   
   
   
5. Next you need to add in an FX rate for each active currency in your org.
   - An FX rate has a start date, this is the date from which this exchange rate will apply.
6. Now Precursive will use the FX rate for each value conversion it makes. Note: It is highly recommended to activate/deactivate currencies from Precursive HQ, so that the currency picklist of Project’s Record Types will be automatically updated by our package.

       

You also need to add the currency onto all of the resources so that Precursive knows which currency these are in. To do this go to:

1. Go to Precursive HQ
2. Resources
3. Add in the currency field to your active and schedulable list view, so that you can edit multiple records at once.
4. Set the currency for each resource and then click on save
5. Now each resource's costs can be converted when they are added to phases.

You might see on the HQ page that there are existing records that need to be synced to the new exchange rate. These will be things like bookings in the future in the currency you have amended. If you click on the synchronize button here, it will update the records for you.

1. If you prefer to look at the records on by one or object by object you can go to the new report folder called Precursive Multicurrency where you will find reports for each object (bookings, expenses, phases and timesheet entries) with their records out of sync.
2. You can review them in depth here for the out of synch data and update them manually

Update an existing FX record:

1. You may want to update an existing exchange rate record in case there was a mistake made when adding it.
2. In that case, go to Precursive HQ
3. Go to fx rates
4. Choose the FX rate you want to update
5. Click on edit
6. Change the start date of the record and click save
7. You might see on the HQ page that there are existing records that need to be synced to the new exchange rate. These will be things like bookings with dates within the exchange rate time range with the currency you have amended. If you click on the synchronize button here, it will update the records for you.
8. If you prefer to look at the records on by one or object by object you can go to the new report folder called Precursive Multicurrency where you will find a report for each object (bookings, expenses, phases and timesheet entries) with their records out of sync.
9. You can review them in depth here for the out of synch data and update them manually

Participant and Resource Requests considerations when using Multicurrency:

These are the values and options available to you in the model when you add a named participant or a resource request to a phase in Precursive.

For example, When adding a participant to a US Dollars project you can choose to use the costs from the resource who might have a different currency. In that case, if you don’t override them manually, the costs will remain the resource currency and will be recalculated back to the org currency.

If you switch ON the Override button to manually adjust the costs, the cost currency will be recalculated to the project currency.

Rates by default are taken from the rate card role assigned to the phase but if you want to update it manually you can switch the Override option and update the rates.

If you don’t assign a role to the participant, the rates will remain 0 and you will need to click the Override button to update the rates.

Timesheet Entries

Time-related calculations for Multicurrency are made on the Timesheet Entries and are based on hourly data (actual/planned hours and hourly cost/rate). Both hourly and daily data is then rolled up on Participant, Phase and Project level and visualized on the budget pages as normal.

Expenses

Expenses can be added in any supported currency and will be converted to the project and org currency. This makes it really easy to input expenses and have the system take the conversion and currency strain.