PSA: What is Best Practice in Setting up and Using Multi-Currency and Dated Exchange Rates?Jan 29, 2019Knowledge
Content Standard GuideTitlePSA: What is Best Practice in Setting up and Using Multi-Currency and Dated Exchange Rates?URL NamePSA-What-is-Best-Practice-in-Setting-up-Multi-Currency-and-Dated-Exchange-RatesInformationQuestionHelp QuestionWhat is the best practice for setting up Multi-Currency and Dated Exchange Rates in PSA?How does Multi-Currency and Dated Exchange Rates work?Product AreaHelp Product AreaProject FinancialsEnvironmentHelp EnvironmentProfessional Services AutomationAll versionsAnswerHelp AnswerThings to note: Salesforce CRM object Opportunity and Opportunity Amount/Date field responds to Salesforce Advanced Multi-Currency dated exchange rates but the rest of Salesforce CRM and Platform object fields do not care about Salesforce Advanced Multi-Currency dated exchange ratesCross-object formulas always use the static conversion rate for currency conversionSalesforce reports do not use dated exchanged rates. The "converted" amount uses on-dated exchange rates and shouldn't be used except for maybe rough estimation purposes where having a dated exchange rate that's off by a decent amount doesn't matter much.PSA and PSA fields behave exactly the same whether the dated exchange rates are in Salesforce Advanced Multi-Currency or in PSA's Currency Exchange Rate object Best Practices to ensure PSA numbers will roll-up to the correct conversion Turn off Parenthetical Currency Conversion because parenthetical conversions do not use dated exchange ratesFollow the steps below if using Salesforce to manage dated exchange rates: All Tabs > Configuration Groups > Currencies Set Use_Salesforce_Advanced_Multi_Currency Config Option to trueSet Use_Dated_Exchange_Rates Config Option to true Setup > Company Information > Manage Currencies Click Enable for Advanced Currency ManagementClick Manage Dated Exchange Rates > enter desired exchange rates for each currency during specified time frame Follow steps below if using PSA's "Appirio Core" to manage dated exchange rates All Tabs > Configuration Groups > Currencies Set Use_Dated_Exchange_Rates Config Option to trueSet Use_Salesforce_Advanced_Multi_Currency Config Option to false All tabs > Currency Exchange Rates > New > create records for currencies and effective dates of exchange rates Best Practice for looking at amounts in different currencies when reporting In general, just to look at them in the other currency. 123 EUR is not any USD amount and shouldn't be added to any USD amount directly. How much it is depends on its effective date. Group reports by currency and so on.PSA does provide aggregations in a single currency: Actuals and Scheduled Backlog roll-ups to a Region Practice or Group are converted to that RPG's (Region, Practice, Group) currency, where each underlying Transaction for Actuals is converted based on that Transaction's Effective Date before PSA sums them up to that RPG. Similar for Backlog except it has to use a single date for a potentially long-running Assignment, so not as accurate.Similarly for Expenses and Expense Reports, PSA will convert incurred amounts (in any currency) on each Expense line based on Expense Date to the Billing/Expense Report currency and to the Resource/Reimbursement currency.For Project Actuals and Scheduled Backlog, can configure both to specify "corporate" currencies (can specify any currency for these, does not actually have to be the corporate currency as defined in the dated exchange rates). It then also puts data in separate objects. Instead of just Project Actuals and Scheduled Backlog Details respectively, there are Project Actuals Converted and Backlog Details Converted objects where PSA again converts amounts at the Transaction and Assignment level using proper dates for each, but does so to the specified "corporate" currencies. These records can then be used in, say, summary reports where it's possible to add up amounts from Projects that may be in different currencies. Additional NotesHelp Additional NotesMore information can be found on article PSA: What business records user Exchange Rates?Release VersionHelp Release Version
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