Defining the Currencies Used in Your Company

The currency your company uses for financial records and corporate transactions is your company's base currency, or your corporate currency. Your company may have multiple geographic locations and thus may do business in currencies other than the corporate currency. If your company conducts business in other currencies, use one of the methods below to define the currency conversion for projects and reports.

Use the ConvertToCorporateCurrency calculation function to convert project currencies, metric values, or integer values to the corporate currency. This is the recommended method to convert project currencies and other values to the corporate currency.

Use the Currency Symbol system parameter to update the currency symbol that displays when creating and viewing charts and online reports.

Currency Method 1 - Date-Specific Currency Conversions

The currency configuration method described below references exchange rates on specified dates, and is the recommended method to define project currencies.

To define date-specific currency conversions:

• Create a reference table that contains the date-specific exchange rates for the currencies your company uses. As exchange rates change, the reference table manager can add additional rows to subsequent versions of the table, while still preserving the exchange rates for prior dates.
• Create a list metric that contains the currencies available, such as Euro and USD, and add that metric to the appropriate process models for selection in a project.
• Create a calculated metric that performs the currency conversion. Use this metric for display in projects and reports that use a currency other than the base currency.

To create the reference table that contains the date-specific exchange rates:

1. Create a spreadsheet file that includes the following columns:

• Date
• One column for each currency in use, for example EUR, USD, and CAN.

Reference the ANSI 4217 Currency list <version>.xlsx file available on the Base Templates Reference Page for currency codes, as needed. Do not modify the codes. Selected codes should be identical to codes found in the ISO 4217 currency standard.

2. Within the file, enter the calendar date, and the multipliers for each currency in the file:

• Enter 1 in all rows for the base currency, as this currency is not converted.
• For each remaining currency, enter the appropriate multipliers for the exchange rates on that date.

3. Save the spreadsheet file.
4. Add a reference table to Accolade using a name that identifies it as the table that contains the currency exchanges, for example, Currency. Select the saved file in the Filename field.
5. Click Create to save the reference table.

To create a list metric that contains the currencies available to projects:

1. From the System menu, select Content Sources > Metrics.
2. Click Add New and create the basic metric as described in Creating Metrics, selecting List in the Data Type field.

Provide a display and system name that identifies the metric as a project-level selection. For example, ProjectCurrency.

3. In the List Source field, enter each currency available for selection in a project as an item in the list. See Creating Single and Multi-Select List Metrics.
4. Select the Active check box when the metric is ready to use in projects.  
5. Click Create to create the metric.
6. Click the Models tab and associate the metric with the process models used for projects that require a currency selection.

Ensure that the metric is set to Edit on at least one page so it can be set in a project.

7. Click Apply to save your changes.

To create a calculated metric that performs the currency conversion:

1. From the System menu, select Content Sources > Metrics.
2. Click Add New and create the basic metric as described in Creating Metrics, selecting Number in the Data Type field.

Provide a display and system name that identifies the metric as the currency conversion calculation. For example, ProjectCurrencyConversion.

3. In the Calculated Expression field, create an expression that references the reference table you added above, and the project currency metric.

4. Select the Active check box when the metric is ready to use in projects.  
5. Click Create to create the metric.

Use this metric in other calculations, as necessary.

Currency Method 2 - General Currency Conversions and Corporate Currency System Parameter

Note:  The currency configuration method described below is also an acceptable way to configure currencies; however, it does not provide a date-specific reference for a currency exchange rate. If the reference table that defines the exchange rates is updated, all references to the table are also updated, possibly providing an inaccurate conversion for a project.

To define currency conversions using the Corporate Currency parameter and a general conversion table:

• Set the Corporate Currency system parameter. The corporate currency is typically set during installation. You can verify the currency setting and set a currency, if necessary.
• Create a reference table using the ANSI 4217 Currency list <version>.xlsx base template available on the Base Templates Reference Page to store the currency exchange rates.

To select a corporate currency:

1. On the Accolade application server, open the Administration Console.
2. Click General Parameters and verify the current corporate currency setting in the read-only Corporate Currency parameter.

3. If a currency is not set, click Currency Configuration in the Navigation pane.
4. Select the currency to set as the corporate currency and click Apply.

Important! If you change the existing corporate currency if one displays in the Corporate Currency parameter, you must manually modify the conversion factors for projects and reports and repair any reports that use the previous currency.

To create the reference table that contains the exchange rates:

Note:  Ensure that the corporate currency is set as described above prior to defining the currency conversions.

1. Save the ANSI 4217 Currency list <version>.xlsx base template to your computer using a file name that identifies it as the currency conversion file.

Ensure that the master ANSI 4217 Currency list <version>.xlsx file is kept in a safe place, such as the Template Library, with no modifications to it.

2. Open the saved file and delete the currency rows your company does not need.

Do not change the column headings in the ANSI 4217 Currency list <version>.xlsx template file or the files you base on it. Doing so breaks the currency conversion macro in the Currency Report Template <version>.xltm template file and in reports based on it.

Do not modify the codes in the Currency Codes column. Selected codes must be identical to codes found in the ISO 4217 currency standard. You can change the currency names; however, you must also modify the names in any reports that use the name as a filter.

3. In the Conversion Factor column, enter the multipliers for each currency:

• In the currency row of the corporate currency, enter a multiplier of 1, as this currency is not converted.
• For each remaining project currencies, enter the appropriate multipliers to convert the currencies.

4. In the Format 1 and Format 2 columns, enter the primary and secondary display formats when the currency is included in Office documents using Accolade field codes. More...

   The Number Format column when adding a reference table to Accolade governs how the conversions display. For example, having two formats allows the document designer, to display more decimal places for small amounts than for large amounts. See Custom Format for Number Metrics.

Do not add additional columns to the left of existing columns in the worksheet. You can add additional columns to the right, if needed. The upper left corner of the table must be in cell A1 of the worksheet.

5. Save the spreadsheet file.
6. Add a reference table to Accolade using the system name SGM_Currency, which indicates the file is the currency conversion file, and select the saved file in the Filename field.

Also set where currency is displayed and editable within a project using the metadata settings in a process model.

Notes:    As currency exchange rates change, update the saved reference table file with the new currency exchange rates. Currency rates are updated in all open projects. The rate does not change in closed projects.