Converting a Budget to a Consolidated Currency (Sage Intacct only)

Introduction

Within multi-currency implementations of Martus, you will have two instances of Martus. One will be multi-currency (synced from your Accrual or Cash books in Intacct), and the other will be in the consolidation currency (synced from your consolidation books in Intacct). In the multi-currency instance, each location’s actuals and budget worksheet(s) are in their native currency.

You will budget in the multi-currency instance. Then, you’ll use that budget as the basis to create a consolidated budget in a single currency, export that from the multi-currency instance and import it into the consolidated instance of Martus.

When locations are synced from Intacct, the currency associated with the location is also pulled into Martus. You can specify any of these currencies as your base currency, to which the other currencies will be consolidated. The standard exchange rate is set each night by the nightly updater process, but you can define custom exchange rates for some or all of your currencies if you wish to do so.

Setting the Consolidation Currency, Seeing and Setting Exchange Rate(s)

The nightly sync sets the market exchange rate for all currencies used throughout Martus. A custom rate can be defined for any or all currencies. When the consolidated budget is prepared, the standard rate will be used if there is no custom rate for that currency. If there is no rate set at all, or no currency is defined for a specific location, the conversion factor is 1.

Use Setup / Currency to:

• see the currency for each location
• choose which of these currencies is to be used for consolidation
• see the current market exchange rates for each currency
• set a custom exchange rate per currency if desired
  
  

The Setup / Currency selection is available only to Admin users.

How to Create a Consolidated Budget

Select Planner Setup. On the Budget Management tab, select the budget to be consolidated, then click Create Consolidated on the Action menu.

Then, enter the name of the new budget and use the dropdown to select the currency to be used for the consolidation.

When you click to Create Consolidated Budget, a background job is queued. You will receive a message in your email when the budget has been created. If the process encounters any errors, they will be noted in the email. If there were any errors, the underlying issues must be corrected before you make any use of the new budget. Contact Martus Support for assistance if you do not know how to correct the error or have any questions about the email message you receive.

Note: The set of rates used to create the consolidated budget is stored in a global SPW named Exchange Rate that is associated with the new budget.

Implementation Notes and Support Requirements

This feature is only supported for integrations with Intacct.

The currency must be defined within Intacct as part of the location dimension.

Access to the multi-currency capability of Martus is controlled by a client-level flag that must be set by Martus Support.

The nightly process that obtains the market exchange rates for your currencies has these features:

• Exchange rate data is delivered by Fixer.io.
• All exchange rate data is midpoint data, determined by calculating the average median rate of Bid and Ask at a certain time.
• 170 world currencies, including Bitcoin, Gold, and Silver rates are supported.
• If necessary, Martus Support can manually run the process that obtains the current market rates.