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Overview
In IMC, projects must be assigned designations for both Project and Invoicing Currency and can optionally include Project specific currency and exchange rate overrides. This configuration is completed on the Multi-Currency tab in Project Administration>Projects. These settings impact how the project and invoicing amount currencies are determined on a given transaction. For instance, when a Purchase Journal (USD) is entered against a project and a Currency override exists on the project for the specified Purchase Journal evaluation date and transactional currency, the defined rate override(s) will be used for the project and/or invoice currency amounts respectively. If this match is not found, these amounts will be determined using the currency exchange relationship defined between the transactional currency (Purchase Journal) and main project currency. For complete instructions go here: More on Multi-Currency
Field Descriptions
Settings
Description - This section holds the Project and Invoicing currency designations. Note the designated currencies must be configured in General Accounting>Multi Currency.
| • | Invoice Currency - The transactional, real world currency used in invoicing (Sales Journal) for the selected project- used for project contracts and invoicing. |
| • | Project Currency - The currency used in project administration and project planning for the selected project. Project Management reports can optionally print using this currency for the selected project. |
| • | Project Equals Invoice Currency - Indicates that the Project currency will always equal the Invoice currency and disables the ability to set Project currency and exchange rate overrides. |
| • | Separate Exchange Rates - Allows currency and exchange rate overrides for both Labor and Non-Labor |
Currencies
Description - This section defines the project specific currency and exchange rate overrides for the previously designated Project and Invoicing currencies. The available overrides are derived from the defined exchange relationships (General Accounting>Multi-Currency) and only affect project and invoicing currencies for the selected project.
| • | Use - Indicates the ability to utilize the specified currency |
| • | % Button - Sets the exchange rate override. |
Rate Tester
Description - This utility provides an evaluation of the rate exchange between the specified originating currency and the destination Invoice and Project currencies accounting for configured overrides.
| • | Currency - Originating currency to test. |
| • | Amount - Originating currency amount to test. |
| • | As of Date - Date by which to test the rate exchange. |
| • | Invoice Labor - Converted destination Invoice currency amount for Labor. |
| • | Invoice Non-Labor - Converted destination Invoice currency amount for Non-Labor. |
| • | Project Labor - Converted destination Project currency amount for Labor. |
| • | Project Non-Labor - Converted destination Project currency amount for Non-Labor. |
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