Overview
Multiple currencies allow financial profile line items to be entered, tracked, and converted in different currencies.
Each financial value is stored in the currency it was originally created in, whether it was entered directly in Kiplot or brought in from an integrated system. This helps preserve the accuracy of the original supplier cost, budget, forecast, actual, or adjustment.
For example, a supplier cost entered in EUR remains a EUR value on the financial profile. If the profile includes values in more than one currency, Kiplot can convert totals into the portfolio’s base currency using the FX rates configured by administrators.
Permissions
Action | Permission |
|---|---|
View currencies on a financial profile | View access to the financial profile |
Create or edit line item values in a currency | Edit access to the financial profile |
Change the currency of a line item | Edit access to the financial profile |
Create a plan or budget from multi-currency data | Edit access to the financial profile |
Key currency terms
Term | Description |
|---|---|
Origin currency | The currency in which the value was originally entered. |
Base currency | The portfolio’s main reporting currency. When financial data includes more than one currency, Kiplot converts totals into this currency so costs can be compared and reported consistently across the portfolio. |
Default currency | The default currency for a financial profile. This is the default currency used when creating new line items. |
FX rate | The rate used to convert between currencies in an FX pair. FX rates are configured monthly. |
How currencies work on financial profiles
When multiple currencies are enabled, financial profiles can contain line items in different currencies.
If all line items in a financial profile use the same currency, totals are shown in that currency. If the financial profile contains more than one currency, Kiplot converts column totals into the portfolio’s base currency using the configured FX rates.
Set the default currency for a financial profile
The default currency controls which currency is automatically selected when new line items are created on the financial profile.
Navigate to the financial tab on a initiative.
Select the Default currency in the financial profile.
New line items created on the financial profile will default to this currency. Existing line items are not changed when the default currency is updated.
Create a line item in a different currency
When creating a line item, you can choose the currency that applies to the values in that line item.
Open the financial profile.
Add a new line item.
Complete the line item details and select the required currency.
Save the line item.
The line item’s forecast, actuals, and adjustments are created using the selected currency.
Change the currency of a line item
Users with edit access to the financial profile can change the currency of an existing line item.
This is useful when a line item was created in the wrong currency, or when a line item needs to be converted into another currency when actuals are added.
Open the financial profile.
Find the line item you want to update.
Open the three-dot menu on the line item.
Select Change currency.
Choose which values to apply the change to:
- Forecast only
- Actual only
- Forecast and actuals
Select the new currency.
Choose whether to Keep values or Convert values.
Adjustments always follow the currency of the actuals row. If you change the currency of actuals, the associated adjustments will use the same currency.
Keep values or convert values
When changing the currency of a line item, you must choose whether to keep the existing numbers or convert them.
Keep values
Keep values changes the currency on the selected values but keeps the numbers the same.
For example, if a value is 100 EUR and you change the currency to USD using Keep values, the value becomes 100 USD.
This action will change all values for the financial line item. Keeping values changes the financial meaning of the selected values. Use this option only when the number is already correct and only the currency needs to be corrected.
Convert values
Convert values changes the currency and recalculates the numbers using the configured FX rates.
For example, if a value is 100 EUR and you convert it to USD, Kiplot uses the relevant EUR:USD FX rate to calculate the USD value.
Kiplot uses the FX rate for the month of each cell. For example, a value in March is converted using the March FX rate, and a value in April is converted using the April FX rate.
Which currencies are available?
The currencies available on financial profiles are controlled by your portfolio’s FX configuration.
You need Strategic Portfolio Administrator permissions to configure FX pairs. For more information see the Multiple Currency Configuration page.
You can only select currencies that have an enabled and valid FX pair configured. Kiplot does not convert through another currency. For example, if you want to convert from USD to EUR, that conversion must be supported directly by the configured FX pairs.
If a currency is disabled by an administrator, existing values in that currency remain on the financial profile, but the currency cannot be selected for new line items or row conversions.
Column totals
Column totals depend on whether the financial profile contains one currency or multiple currencies.
Financial profile currency usage | Column total behaviour |
|---|---|
All values use one currency | Totals are shown in that currency. |
Values use multiple currencies | Totals are converted into the portfolio’s base currency. |
When totals are converted into the base currency, Kiplot uses the configured monthly FX rates for each period.
Plans and budgets with multiple currencies
When creating a new plan or budget from existing financial profile data, you may need to choose the currency that the plan or budget should be created in.
If the existing data contains only one currency, you can usually create the plan or budget in that currency or the portfolio’s base currency.
If the existing data contains multiple currencies, Kiplot may need to convert the values into a single currency before the plan or budget is created. The available options depend on the configured FX pairs.