Deltek Vantagepoint Help

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Activate Currencies

In Vantagepoint, your enterprise can track financial transactions and project performance using multiple global currencies. Use the Activate Currencies page to identify the monetary currencies that your enterprise uses and to set up currency exchange rates.

If you enable the multiple currencies feature, your database automatically changes so that it can track multiple currencies and exchange rates and additional fields in the user interface prompt you to enter currency-related information. After these database changes are made, you cannot reverse them. However, you can choose to not enable the multiple currencies feature now and instead enable it later, after you complete the Activation and Setup process. To learn more about how this works, see Multiple Currencies.

Video: See related video below

To set up one or more currencies:

  1. On the Activation menu, click Activate Currencies.
  2. For the question Do you need to track more than one currency, select Yes or No.
    If you are using QuickBooks integration, you can use only one currency and this question does not display.
  3. Use the remaining fields on the Currency tab to enter information about your main (functional) currency, including the currency name and the number of decimals to use.
    The main (or functional) currency is the currency of the primary economic environment in which your enterprise operates. For example, an enterprise located in France normally uses the Euro as its main currency. For more information about the different currency types used in Vantagepoint, see Currency Types.
  4. Complete one of the following steps:
    • If you use a single currency, click Done Activating Currencies to complete the process and exit currencies activation. You do not need to complete steps 5-11.
    • If you use multiple currencies, click Enable Multicurrency, confirm your choice, and continue with steps 5-11.
  5. On the Multicurrency tab, click + Add Currency.
  6. Enter each currency that your enterprise uses and click Save.
  7. On the Exchange Rates tab, click + Add Exchange Rate.
  8. Select a pair of currencies, enter an effective date, and enter an exchange rate.
    You do not need to enter information for one pair of currencies (for example, US Dollars to Yen) and also enter information for its inverse (Yen to US Dollars). In fact, doing so can cause incorrect results. Instead, enter information for only a single exchange (for example, US Dollars to Yen). Vantagepoint automatically calculate the inverse. For more information about how exchange rates work in Vantagepoint, see Exchange Rates Overview.

  9. Repeat step 8 for each multiple currency pair.
    You can switch back and forth between tabs, entering currencies and setting up exchange rates.
  10. Click Save.
  11. Click Done Activating Currencies.

Video

Title Description

Activate Multiple Currencies

Learn how to set up monetary currencies and enter exchange rates for them.