Multicurrency in Project Budgets

Workday supports multicurrency conversions in project budgets. Depending on the conversion type, Workday selects different currency rates and effective dates for those rates. For worker time block conversions, Workday uses a different calculation method than other project budget conversions.

If you used the

Edit Company Accounting Details

task to configure a

Currency Rate Type Override

for your company, Workday uses it as the currency conversion rate in your project budget calculations. Otherwise, Workday uses the default currency rate for your tenant.

For worker time block conversions, Workday uses the

Standard Cost Rate Currency Override

on the

Resource Plan Line

for the worker. Otherwise, Workday uses the currency rate from the

Project Standard Cost Rate Sheet

for the worker company. For ad hoc time blocks, if you specify a currency override on the transaction, Workday will use the rate you specify. If you don't specify a currency override on an ad hoc time block, Workday uses the same order of operations as it does for determining the rate type on worker time block conversions.

You can review your specific currency rates by using the

Currency Rates as of Date

report. Depending on the conversion type, Workday uses a different effective date to select the currency conversion rate:

Currency Conversion Type	Currency Conversion Date
Project company to project	Project start date
Project to project company	Transaction date
Worker standard cost to project	Transaction date

You submit a worker time entry on 2023-01-14, costing $1500 CAD, for your project budget, which is in USD.

The currency rate type override for your company is
Average
.
Because the conversion is from worker standard cost to project, Workday uses the currency rate as of your transaction date (2023-01-14).
The
Average
currency rate in your tenant as of 2023-01-14 for the
Source Currency
CAD and the
Target Currency
USD is 0.76.
The debit to your project budget is $1,140 USD (1,500 x 0.76 = 1,140).