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About Multi-Currency Settings in Procore

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Overview 

Multi-currency settings allow users to set currency at the company, project, and financial object level. Giving users the ability to manage projects and contracts in multiple currencies all in one Procore account! All active world currencies are available for use.

Features

  • Company Currency is used as the account default and to aggregate values across projects into a common company currency in Company Enhanced Reports. It’s also used in company level tools such as Workflow templates. 

  • Project Currency is used to set projects in a different currency than the company currency so that projects can be managed in the local currency. All project level tools, such as the Budget, Change Events, and Project Enhanced Reports will be displayed in the project currency.

  • Financial Object Currency is used to set contracts and direct costs in different currencies then the project currency. Each commitment (subcontracts and purchase orders), prime contract, and direct costs can be set in its own currency. All associated objects with that contract such as change orders, invoices, and RFQs will follow the contract currency. 

  • Exchange Rates can be managed at the company admin, project admin, and financial object level given the right permissions. They are used to convert project currency values to the company currency and financial object currency values to the project currency.

Things to Consider

  • Required User Permissions:
    • For Company Currency settings, 'Admin' level permissions to the Company's Admin tool.
    • For Project Currency settings, 'Admin' level permissions to the Project's Admin tool. 
    • For Financial Object Currency settings, 'Standard' level permissions or higher with the 'Edit Exchange Rate' granular permission enabled on your permissions template to the tool associated with the financial object.
  • Prerequisites:
    • Your Procore Company must have a default currency configured. If this has not already been configured, contact your Procore point of contact.

Getting Started 

  1. Configure Currency Settings for your company and projects in both the Company and Project Admin tools. See Configure Company Currency Settings OR Configure Project Currency Settings. 

  2. Once Currency Settings have been configured, set Financial Object Currency and Exchange Rates on Commitments, Prime Contracts and Direct Costs. 

Project Reports

Project enhanced reports on projects with financial objects using different currencies from one another will use configured exchange rates to show each object's associated values in the project currency.

Each financial object with its own currency (ex: commitments, prime contracts, direct costs, etc.) will have their own individual fields for the exchange rate being use and its currency ISO code.

Example
If the company currency is set as EUR while a project's currency is set as GBP,  any project level enhanced report will be displayed in GBP.

Company Reports

Company enhanced reports will use your configured exhange rates to show all project/financial object values in the company currency.

Example
If the company currency is set as EUR while a project's currency is set as GBP, any company level enhanced report will be displayed with converted values in EUR.

Multi-Currency in Workflows

Workflow templates may contain condition steps that use predefined financial amount thresholds to determine which step a workflow is routed to next. When condition steps like these are used on a financial object using a currency that differs from the company currency, amounts are first converted to the company currency before determining the outcome of the condition step and the path of the workflow moving forward. 

Example

Consider a U.S. based company with a company currency set as USD. However, they are working on a project in France and the project's currency is set to EUR with an exchange rate set to 1.09.

The company has a policy in place that says any contract exceeding 100,000 USD must go to a VP for approval. Otherwise, it can be approved by the Project Manager. The company has created a workflow for contract approvals with a condition step defined to reflect this policy and route the workflow according to the value of the contract. 

A contract is then created on the project with a value of 87,000 EUR. When the workflow reaches the condition step, Procore will use the exchange rate configured on the project to convert the contract's value to USD before it determines if the threshold on the step has been met. 

In this example, once the amount is converted using the configured exchange rate, the amount of the contract is 94,578 USD. Since this amount is under the threshold of 100,000 USD set in the condition step, the workflow will be routed to the Project Manager for approval in the next step.


See Also