Easily change currency from base currency to reporting currency on any page or sheet

Description

This functionality allows businesses to toggle between base currency and chosen reporting currency, streamline multinational operations, eliminate exchange rate errors and make swift decisions based on most recent financial data.

Example Use Case

Scenario: An international corporation with headquarters in the United States uses a CPM software which displays all monetary figures in USD, its base currency. However, the management often needs to generate reports for its European stakeholders in Euros.

Solution: The CPM software includes a built-in feature allowing users to easily switch the page or sheet from the base currency to a reporting currency. In this case, from USD to Euro, automatically applying current exchange rates for accuracy. This functionality eases cross-border reporting and enhances understanding among stakeholders.

Considerations

This works great when currency is a dimension in your financial model. Doing so allows you to view currency anywhere that the dimension is included, and allows the model to re-calculate conversion rates should they be edited for a specific time period.

Confirm with the vendor that they support reporting currencies. Some will offer multi-currency but will not differentiate between how the currencies are used.

Questions to Ask a Vendor

Currency Convertibility: How straightforward is it to change from base currency to reporting currency in your software? Can this be done on a per sheet or per page basis?

Scope of Support: How many different currencies does the software support?

Currency Usage: Are we able to enter data in any currency and report using a single currency? In other words, can the product convert multiple currencies into one?