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Setup Project Currency

Each project can have multiple currencies. To add or edit the project currencies, follow the steps below.

Warning: Once Multi-Currency is turned on in a Project, it cannot be turned off. With Multi-Currency enabled the following features are no longer available: can’t add cost proposals to PCOs, can’t add cost proposals to subcontract change orders, can’t add subcontract reference on PCOs, and can’t create subcontract change orders on PCOs. 

  1. On the Project Homepage, select the blue Project Administration button at the top of the page. 
  2. The Project Details modal window will open. Click the Currency Exchange tab.  By default, the baseline currency is the US Dollar (USD) shown with the symbol $. By default, all users start each project with the USD preference defined. For other project currencies, use exchange rates compared to 1.00 USD.
  3. Click the Enable Multi-Currency button to add additional currency exchange information. A pop up will appear that asks: "Are you sure you want to enable multi-currency? This option allows Contracts to be created in different currencies for this project." 

  4. The New project currency modal window will open. Click a Currency Name to select one of the following currency types (Australian Dollar, British Pound, Canadian Dollar, Chinese Yuan, Euro, Mexican Peso, Swedish Krona, or Swiss Franc). Enter the Exchange Rate and then select Save & New to add an additional Currency Name or Save to save the entry.
  5. Upon Save, you will see a list of Currencies added to your project.  You can add multiple currencies to a single project.  
  6. Once you have added all of your currencies, you will be able to use these currencies on forms such as Contracts.  When creating a new contract, users will have the ability to select which currency to use on that contract and associated forms during the duration of the project .  

    When Multi-Currency is used on projects, users will be able to select this currency on contracts created for the project.  Going forward, any associated forms that are related to the contract will carry that currency.  These forms include Potential Change Orders, Change Orders, and Payment Applications.  The Contracts log view will display the currency symbol, allowing projects with multiple currencies across contracts to be tracked clearly.  


    By supporting multi-currency contracts, ProjectTeam.com allows organizations working on international projects or multi-national contractor teams, to manage financial information more clearly and accurately within a single project.