Currencies

Last modified: 19 Dec 2024

When your organization operates in different countries, you may also be working with financial transactions in different currencies. In mc Assetpilot, you can define primary and secondary currencies for your whole organization and assign the latter to specific assets and their associated sub-assets.

Working with multiple currencies

Top-down impact

The primary currency is the default currency for your organization and all its assets. When a secondary currency is added and assigned to an asset, it will be automatically applied to all its sub-assets, and all dependencies will apply. For an example, take a look at the figure below.

The dashboard widgets of all affected assets will display data in the assigned currency.

Bottom-up exchange rates

Financial data of the lower level assets is relevant for summaries, dashboard widgets, and charts on higher organizational levels. If these higher levels have different currencies, the system will convert the currency of the lower level asset to the currency applicable at the higher organizational level (usually the primary currency). This way charts and figures can be displayed correct on every level. For an example, take a look at the figure below.

The basis for these conversions will be yearly exchange rates in pairs.

Dependencies of currency settings

Caution

Using different currencies within an asset will lead to inaccurate displaying of forecasts and dashboards. Pay attention to the consistent use of one currency within an asset and its sub-assets.

When assigning a secondary currency to an asset and its sub-assets, you must use that currency in all other domains of these assets as well. This means:

• Forecasts:

  • Financial models: You can only use financial models for your forecasts that use the respective secondary currency. To be able to use an existing model with a different currency anyway, duplicate that financial model and change the currency in the basic information and in the parameters that have a currency unit. See also Duplicate a financial model.

  • Values: You can only enter values in your forecasts in the respective secondary currency.

• Cashflow: Financial transactions need to be in the respective secondary currency.

  • Bank integration: If you are using FinAPI for a bank account in the respective secondary currency, the transactions will automatically import in the accurate currency.

  • CSV upload: If you import your transactions via file upload, your CSV file must contain the accurate international code for the respective secondary currency.

Note

In your CSV file you must use currency codes listed in ISO 4217 – the international standard for the representation of currencies.

Types of currencies

Primary currency

The default primary currency for your organization and all your assets is EUR - Euro. If you do not assign a secondary currency to a certain organization level, the default primary currency applies.

Change the primary currency

Caution

Changing the primary currency will affect all levels of your organization and the exchange rates that are displayed in the organization settings.

Prerequisites

• You are the organization owner or an admin.

Steps

1. Navigate to the organization level and select Settings > Currencies.

2. In the Primary currency area, select Options > Edit.

3. Select the desired Primary currency from the dropdown.

4. Select Save.

Secondary currencies

You can add and manage secondary currencies on asset level to import and calculate with financial data in other currencies than your primary currency. For organizational evaluations and charts, the secondary currencies will be converted to your primary currency on the basis of yearly exchange rates. These are displayed in the currencies domain as well.

Add a secondary currency

Note

You can add a maximum of 15 secondary currencies.

Prerequisites

• You are the organization owner or an admin.

Steps

1. Navigate to the organization level and select Settings > Currencies.

2. Select + New currency.

3. Select a Secondary currency from the dropdown.

4. Select the Organization level and hereby the asset and its associated sub-assets to which this currency should be assigned. Be aware of the impact and dependencies that go along with this selection.

5. Select Create. The currency will be added to your list of currencies and its yearly exchange rates with your primary currency will be displayed as of the year 2014.

Further actions

• Add additional secondary currencies and assign them to certain assets in the same manner if needed.

• Delete or Edit your secondary currencies by selecting Options > the respective icon.