Getting Started with Multi-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.

Multi-Currency in Enhanced Reporting

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.