Use of currencies in Project Accounting and in Billing and Revenue Management (AC/BR)
Project Accounting supports multiple currencies. You can process activity-related transactions in any currency. When transactions are posted, activity balances are automatically maintained in the base currency, activity currency, and two optional report currencies.
| Currency | Description |
|---|---|
| Base currency | This is the default currency for reports and inquiries. You define base currency for an activity group's summary and contract level activities on Activity Group (AC00.1). |
| Activity currency | This is the currency in which activity balances are stored. You define activity currency on Activity (AC10.1). Posting activities can have any currency. You must define a relationship between the posting activity currency and the base currency on the currency table assigned to the activity group. The currency for summary and contract activities must match the base currency. For example, if the base currency is US dollars, a posting activity's currency can be Euros, but the summary and contract activity's currency must be US dollars. |
| Report currency | A report currency lets you store activity balances in two additional currencies so that you can analyze and report on activity balances using currencies other than base currency and activity currency. You can define up to two report currencies in the activity group, which prevail for all activities in the activity group. You cannot override report currencies at the activity level. For example, if the Report 1 currency assigned in the activity group is British pounds, then the Report 1 currency for posting and summary and contract level activities is British pounds. |
Currency amounts storage
Amounts are stored by currency in transactions, activities, and activity groups. This table shows how the currency amounts are stored:
| Transaction currency | Activity currency |
Base Currency |
Report 1 Currency | Report 2 Currency | |
|---|---|---|---|---|---|
| Transaction | stored | stored | stored | stored | stored |
| Posting activity | not stored | stored | stored | stored | stored |
| Summary activity | not stored | stored | stored | stored | stored |
| Activity group | not stored | not stored | stored | stored | stored |
When you report or inquire on activity balances, you can use the currency code in which you want amounts to display. You must define the currency code you select in the currency table assigned to the activity group.