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Multicurrency Projects

Sometimes companies make projects for other companies around the world, so that, they need to control the project in a foreign currency.  

  • Guest
  • May 24 2016
  • Shipped
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  • Admin
    Feedback Admins commented
    19 Mar, 2019 04:52pm

    Shipped in 2019R1.

    Kate

  • Admin
    Feedback Admins commented
    24 Jan, 2019 12:52pm

    This feature is available in 2019R1 starting 2019R1 Beta.

    Kate Stepalina

  • Michael Milligan commented
    6 Dec, 2018 03:14pm

    Nice!  It is a global world and we want our share of the business.

  • Douglas Johnson commented
    9 Oct, 2018 07:20pm

    Acumatica partners and customers: a special Focus Group meeting will be held on Tuesday, Nov 20, 2018 @ 11am ET to review requirements for multi-currency projects.

    To learn more and register visit https://portal.acumatica.com/event/focus-group-multi-currency-projects-online/

  • Jeffrey Patch commented
    24 Jul, 2018 10:33pm

    Real Life scenario. Worlds largest Wind Turbine manufacturer has multi-currency projects where budgets and actuals need to be managed in multi-currency by task.  e.g. Purchase of turbines from parent company is in CNY, whereas other tasks are in USD and other tasks are in AUD.

  • Chris Lever commented
    26 Jun, 2018 05:21pm

    We are a new partner and work mainly with marketing communication/advertising agencies. This is an absolute must for most agencies, and has the potential to be a big road block on our first implementation. Agencies budget and manage hundreds of projects for any given client, in a multitude of currencies. We'd be happy to provide some guidance on a speciification if it helps progress this as an urgent case.

  • Miguel Maafs commented
    15 Aug, 2017 05:22pm

    In México we really need Multicurrency projects, but this feature should be on the task level, not only at the project level, for example, in a project we could have some tasks valued in base currencies and other tasks in foreign currencies.

  • Tricia Carlson commented
    15 Jun, 2017 01:57pm

    To the guest that commented on June 14 at 8:30 - We are having the same issues you have stated with a current project implementation.  The PM's need to see everything in the billing/customer currency.  We are also having issues getting the billing amounts translated to the correct contracted amounts when rate tables and allocations are used.  I would like to discuss what you have done to make this work with your current clients. if  you are interested my email address is tcarlson@accu.com.  Thank you.  Tricia

  • Guest commented
    14 Jun, 2017 10:45am

    I have had 4 leads this year so far that need multi-company multi-currency projects.  The true functionality that they all needed was to be able to share resources across projects and have intercompany functionality work between branches to account for the revenues and costs between companies.  This would obviously need Acumatica to permit interbranch-project accounting within one company.  All of these clients also needed to be able to run a trial balance in the foreign currency for their local reporting requirements as well as invoice in a variety of currencies as well. 

    To set up independent companies with their own base currency and replicates security and all the other setups is just too cumbersome.

  • James Morgan commented
    14 Jun, 2017 08:30am

    This is a requirement for our clients. Their main issue is how to manage the project in the customer currency, in terms of billing and revenue recognition.  The project manager considers the project in terms of the currency of their client so the balances tab should show the figures in the client currency as well.  We have had to create foreign currency project reports to enable them to do this.  Also when creating the project budget using the item codes it is important that they can see the value in the client currency otherwise they have to convert the figures themselves.  This is awkward particularly as the are frequent changes to the budget values to finally get to a figure that is agreed upon.

  • Ekaterina (Kate) Stepalina (Product Manager Project) commented
    14 Jun, 2017 07:49am

    Guest,

    Thank you for the comments. Noted.

  • Guest commented
    13 Jun, 2017 10:11pm

    Hi Kate - I believe that some sort of translation of costs would be important to support T&M and/or Cost-plus billing.  I further suspect that any "unbilled" or "overbilled" revenue might be subject to revaluation on % of completion types of contracts, but I shouldn't think that billed or/recognized revenue would require any type of revaluation beyond normal transaction processing as they would be valued using the effective exchange rate as of the posting date.  

  • Ekaterina (Kate) Stepalina (Product Manager Project) commented
    13 Jun, 2017 09:30pm

    We are considering to add this feature to the roadmap. To help us plan and estimate the scope of changes, we would like to ask our partners and customers if you can kindly share real-life scenarios with multi-currency project accounting that should be addressed in the system. For example, do users need project costs/revenues revaluation?

  • Art Olsen commented
    18 Apr, 2017 09:43pm

    In addition to billing in the foreign currency we need the option to set the billing rate in round amounts. For example, a rate of $100 per hour translates to 79.36 GPB. We need the ability to set the billing rate to 80 GPB.