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About Currency Management

Work and materials for a single project are often purchased using different currencies, especially as the scope of the project increases. Special equipment, consulting services, rare materials and even political considerations can all necessitate placing orders involving different currencies within the same project. Typically, these projects are originally budgeted using a single currency. This requires the project team to manage the different currencies, but report the project in terms of the original single currency.

Similarly, global organizations with assets around the world have different projects servicing them. These organizations must be able to report in the currency appropriate for each geographic region.

Proliance provides the tools to help you work in multiple currencies within an individual project. You can:

• Create and manage contracts and related documents (invoices, payments and change orders) in the contract currency.
• Forecast and budget in the currencies with which the work will be bought.
• State all activity using different currencies in terms of a single reporting currency.
• Track and forecast actual and predicted gains or losses based on currency conversion rate variations. This can be done independently from the project costs, or as part of them.

Proliance can work with the accounting system at your organization to achieve these goals.