Working with Multiple Currencies

You can set up your project to work with a different currency, and now even to work with multiple currencies in a single plan. These capabilities facilitate cost planning and management for projects that span multiple countries and their currencies.

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Setting Up a Different Currency

The currency used in Microsoft Project is the one you have set in your computer system's Regional And Language Options. To set up a different currency:

1 On the Windows taskbar, click Start, Control Panel and then double-click Regional And Language Options.

2 On the Regional Options tab, click the country whose currency you want to add.

Under Samples, the formats for currency, time, and date for the selected country are displayed.

3 Click OK.

Currencies are set for individual plans, not for Microsoft Project globally. To apply the new currency in your project:

1 In Microsoft Project, open the project in which you want to use the new currency.

2 Click Tools, Options and then click the View tab.

3 Under Currency Options, enter the new currency symbol in the Symbol box.

There is no list of currency symbols in Microsoft Project. You need to access it from your keyboard, or paste it in from another source. You can find the currency symbols you need from symbol fonts loaded with Microsoft Word or Microsoft Excel.

4 Make any necessary changes to the Decimal Digits box and Placement box and then click OK.

Any currencies already entered in the project are changed to the new currency. Note, however, that currencies are not converted; the symbol is just switched. Using this method, the one currency applies throughout the project plan. If you consolidate projects using different currencies, be sure to change the settings in each one to a common currency, and make the necessary conversions to cost values.

Setting Up Multiple Currencies in One Project

In the past, using the method described in the previous section, you could display only a single currency per project. This limitation can be truly cumbersome if your project spans multiple countries or if you want to consolidate projects using different currencies.

However, with the Euro Currency Converter Component Object Model (COM) add-in, you can now display costs in multiple currencies. Microsoft Project can also convert currencies between different currencies in the European Monetary Union (EMU). If you're converting from a currency not in the EMU (such as the United States dollar), you can add a currency,

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symbol, placement, and exchange rate; and then use it in your project along with the other currencies.

In Microsoft Project 2002, the Euro Currency Converter COM add-in had to be downloaded from the Web. It's now built in to Microsoft Project 2003, with its functions on a single task-bar. To show the Euro Currency Converter toolbar, click View, Toolbars, Euro Currency Converter. The toolbar appears, as shown in Figure 8-11.

Add New Currency Wizard Import Custom Currencies

Insert Cost In Euro-^ j^-j—Edit Custom Currencies

Figure 8-11. Use the Euro Currency Converter to work with multiple currencies in your project.

Note To use the Euro Currency Converter toolbar, you need to turn the Project Guide off. It's not enough just to close the Project Guide window. Click Tools, Options and then click the Interface tab. Clear the Display Project Guide check box.

Insert Cost In Euro

Converting an EMU Currency to Euro

If you're working with a currency from a country that's part of the EMU, you can select a set of cost fields in your project and create a second set of fields with those costs converted to euros. The calculations are made for the exchange rate from your currency into euros. To add euro-converted costs to your project:

1 Display the view and apply the table you want to use. If necessary, add the currency field to the table.

2 Select the currency fields you want to convert.

You can either drag across the fields or select the entire column by clicking the column heading.

3 On the Euro Currency Converter toolbar, click Insert Cost In Euro. The Insert Euro Cost dialog box appears, as shown in Figure 8-12.

Figure 8-12. Select your original EMU currency from the list to convert it to euros.

Insert Cost In Euro

4 In the list, select the currency you're converting from.

The list includes only currencies in the EMU. If you want to convert from a different currency, you need to set up the exchange rate yourself using the Add New Currency Wizard.

For more information, see the next section, "Converting One Currency to Another."

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5 Click OK.

A new column appears in your table next to the selected column containing the original currency fields. The new column adopts its name from the original column, and adds the euro symbol (see Figure 8-13).

Original currencies in the French Franc

Original currencies in the French Franc

Francs converted to euros

Figure 8-13. The new column shows the currency converted to euros.

Francs converted to euros

Figure 8-13. The new column shows the currency converted to euros.

You cannot directly edit the euro field because it's a field calculated by Microsoft Project. However, as you add or change costs in the original currency field, the conversions are instantly updated in the corresponding euro field.

Converting One Currency to Another

If you're working with a currency from a country that's not part of the EMU (for example, Great Britain or the United States), you can set up the currency conversion so you can still work with multiple currencies in a single project. You can convert to or from the euro, or between two non-EMU currencies. To do this, use the Add New Currency Wizard, as follows:

Open the project in which you want to use the new currency. On the Euro Currency Converter toolbar, click Add New Currency Wizard. Read the first page of the wizard and then click Next. In the Step 2 wizard page, click No and then click Next.

In the Step 3 wizard page, enter the symbol, placement, decimal digits, and exchange rate. Enter the exchange rate of the currency in the project to the currency you're adding and converting to (see Figure 8-14).

Add New Currency Wizard

Add New Currency Wizard

Figure 8-14. In the wizard, specify the details of the new currency you're adding to the project.

6 Click Next to display the Step 4 wizard page, in which you select the cost fields to be created.

7 Select the Task Fields or Resource Fields option.

This option provides a list of cost fields for tasks or cost fields for resources. If you want both, you'll need to work through the wizard twice.

8 Under Cost Fields Available, select all the cost fields that you want to make copies of for the new currency and then click Add.

Use Ctrl or Shift to select multiple fields and then click Add. The selected fields are added to the Fields To Be Created box (see Figure 8-15).

Figure 8-15. In the wizard, select the cost fields you want to copy and convert to the new currency.

Remember, your original cost information remains intact in the original fields. Copies of these fields are being made for the new currency.

Figure 8-14. In the wizard, specify the details of the new currency you're adding to the project.

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Click Next. If you selected the I Want To Customize The Way These Fields Are Defined, the Step 5 wizard page appears.

Use this page to specify a different field name and a different custom field to contain the information. Click Next.

In the Step 6 wizard page, specify whether you want to create a new table containing just the new currency fields. This table can be useful if you're converting several fields, and you want to see all information in the new currency together. If you click the Yes option, enter a name in the Table Name box.

Whether you click Yes or No, the new fields will be added as columns at the end of your current table.

Click Next to display the Step 7 wizard page. Read the page and then click Finish. The currencies are converted and the new fields are created and added to the current table. The new fields are available to be added to any table you want. Apply the table, click a column heading and then click Insert, Column. Find the new currency field and then click OK.

Note To apply the new table, click View, Table, More Tables. In the More Tables dialog box, click the Task or Resource option as applicable and then click the name of the new table. Click Apply.

You cannot directly edit the field containing the new currency because it's a field calculated by Microsoft Project. However, as you add or change costs in the original currency field, the conversions are instantly updated in the corresponding currency field.

Edit Custom Currencies

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Project Management Made Easy

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