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About Currencies

Proliance can manage many different types of currencies to be used in projects. From a workspace, you can define and create new currencies specifically for local use within that workspace.

• Open the Currency register

Before working with currencies in Proliance, it is helpful to understand the following currency management concepts:

• Defined Currency:

  A currency that you create for a particular workspace. The defined currencies appear in pick lists when you are selecting a currency for a line item or document. These currencies have exchange rates (baseline conversion rate, current conversion rate) that describe their relationship to the baseline currency. They also have conversion rates to convert a defined currency to the currency used at the organization and portfolio. Each defined currency must be based on a real currency.

  Defined currencies are located in the Workspace's Currency Register.

• Baseline Currency:

  A common currency into which all other currencies can be converted for a common view of costs in the workspace. For example, if the baseline currency is the U.S. Dollar, amounts from all other currencies will be converted to the U.S. Dollar based on the prevailing exchange rate. The baseline currency also serves as the default currency for any cost related documents.

  Proliance uses USD (U.S. Dollar) as the default baseline currency when you set up a new workspace.

• Real Currency: A currency definition that has a real-world counterpart, which may have any number of possible exchange rates relative to the baseline currency. Examples of real currencies include the U.S. Dollar, Mexican Peso, or the Euro. In Proliance, the real currency is set in the ISO Currency Code of a currency document.  

• Native Currency: The currency in which users enter a line item value. In contract-related documents that require all line items to be in a single currency, the native currency is the same as the contract currency.
• Contract Currency: The defined currency that has been selected for a particular contract. By default, the contract currency is the baseline currency, but it can be changed to any defined currency in the workspace.
  
  For more information, see "Setting the Contract Currency".

You can use different currencies on different workspaces, for example, one workspace may use all the defined currencies in Proliance, while another workspace only uses one of the defined currencies. However, all workspaces do not need to use the same definition for the same real-world currency. Each workspace can have a different version of the currency definition.

Example

Information in a currency document is organized over the following pages:

• Main: Contains all the commonly used information about a currency. For more information, see "Currency - Main".
• Properties: Contains information about the currency document itself, such as the user who created the document, and the workspace in which the document was created. For more information, see "Document Properties".
• Attachments: Contains a list of all the documents related to this currency. For more information, see "Attachments Tab".