Workspace Currency Overview

Most organizations have a base currency based on their location. If an organization has a project located where a currency other than their base currency is utilized, a project currency can be set for that project which utilizes that location's currency.

Workspace currency allows an additional level of currency for workspaces. Workspace currency provides a common currency for projects that span multiple countries, subsidiaries, or affiliates. The workspace currency is the currency of record for the workspace. When cost data is entered, it will be in this currency.

What to Know When Using Workspace Currency

• Projects and Workspaces:
  • The currency for new projects and pages that support workspace currency will default to the workspace currency, which is editable.
  • Child workspaces follow the currency of their parent workspace unless a new workspace currency is selected. Up to three different workspace currencies are possible in a single hierarchy. For more information, see Working with Workspace Hierarchies.
• Exchange Rate:
  • Each workspace currency uses the latest exchange rate. When the workspace currency exchange rate is updated by an administrator, all costs in a workspace are updated in the process. 
  • For a currency to be available to use as a workspace currency, an exchange rate must be defined and the sharing method set to Automatic.
• Fields:
  • Fields that do not support workspace currency on pages that support workspace currency display base currency.
• Configured Fields:
  • Cost-type configured fields support switching between currencies, with the currency of record being the editable value.
• Dashboards:
  • Dashboards allow toggling between workspace and base currencies, as well as project currencies for project level records.
  • Chart fields that do not support workspace currency will be blank.
• Reports:
  • For reports including one or more subject areas which do not support workspace currency, an error message will display to change the report currency.
  • If a report contains columns that do not support workspace currency, those columns will be blank. The report can be updated to base currency to see all cost data.
• Pages:
  • On pages that support workspace currency, users can go to  Settings and select Workspace Currency in the Currency tab. For more information, see Configure Currency Settings.
  • Pages that do not support workspace currency display base or project currency.
  • Workspace Currency is supported on the following pages:
    • Budget (Portfolio, Program, and Project)
    • Budget Planning (including Waterline and Scenario Optimization)
    • Cash Flow (Program, Project, and Workspace)
    • Cost Sheet (Portfolio, Program, Project, and Workspace)
    • Custom Forms (Portfolio)
    • Dashboards
    • Funds (Portfolio, Program, Project, and Workspace)
    • Ideas
    • Investor Map
    • Portfolio Listing
    • Program Listing
    • Project ActualsProject Dashboard
    • Project Listing
    • Published Views
    • Reports (support parent workspace currency only)
    • Scorecards
    • UDF Cost Fields (Portfolio, Program, and Project)
• Budget Planning and Cash Flow:
  • For budget planning, budgets entered in workspace currency are translated to project currency on the Project Cash Flow page when budget is proposed and approved if project currency is different than workspace currency.
  • On the Project Cash Flow page, only the project currency can be edited.

What to Expect when Moving a Project or Deleting a Workspace

Pages that support workspace currency are impacted when a user moves a project or deletes a workspace.

When a project is moved, its new target workspace may have a different workspace currency or exchange rate. Costs are recalculated based on the new workspace, so there may be some discrepancies between the original and updated costs of the project. Workspace or portfolio funds that are allocated to a project block a project from being moved. Only funds that have been created, but not allocated, on a project can be processed in this scenario. For more information, see Considerations When Moving a Project to a Different Workspace.

When a workspace is deleted, all deleted workspace content (for example, projects under the workspace as well as child workspaces and their projects) is moved to the parent workspace of the deleted workspace. Workspace costs are recalculated based on the currency and exchange rate of the new location.