How Do I Use Multiple Currencies?

Multiple currencies can be used for billing and revenue recognition within an activity group. You assign a currency to your contract when you set up contract parameters. If a currency is not selected, the base currency code assigned to the activity defaults. You can then use multiple currencies with transactions for billing and revenue recognition.

Note: For more information, see the Currency User Guide.

If you select Y (yes) to use a fixed exchange rate when you set up the contract parameters, there will be no fluctuation when converting between currencies. A transaction billed in another currency will be calculated by converting the transaction amount to the activity group base currency and then to the contract currency.

If the rate is not fixed, the application will use the assigned currency table to convert the transaction amount to the base currency amount and then to the contract currency. The currency table can be set up with multiple currency exchange rates. General Ledger codes must also be defined to track gains or losses due to fluctuations in currency rates.