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Shipping parts from the US? Running a project in Europe? Constructing a site in Canada? Planning a trip? There are many situations where it's necessary to use different currencies for the same project or across your project portfolio 💱.
When a project spans multiple currencies, it can be difficult to figure out the costs of each task. This is where multicurrency project costings comes in.
Multicurrency project costing is a way for businesses to simplify the process of calculating costs in different currencies and to make sure projects are always on budget ✅.
Sometimes, there are hidden fees or taxes that can add up quickly and cause your budget to go over what you had planned. For example, some banks charge an international transaction fee on top of their standard fee which can be as high as 3% 💸.
It can be difficult to keep track of all these rates and prices, but luckily Pathscape's Currency feature can help you with this process. Stay tuned!
The following are steps to generate multi-currency projects within Pathscape:
1. Set a primary and secondary currency.
2. Create cost items in a different currency.
3. Review reports in both primary and secondary currencies.
Set a primary and secondary currency 💵/💷
It is possible that your contract requires you to report to your client in dollars, but you are working on the project in your home currency, naira. All projects tasks, budgets, rates, and prices will be converted to the selected primary currency by default. This allows you to switch between currencies to ensure you're on track!
Create cost items in a different currency 📦
Shipping parts from the States? In order to accurately track your procurement or travel expenses, create a cost item in a different currency. This cost item will be converted in the project's budget, using the primary currency selected upon creating the project.
Review budgets in both primary and secondary currencies 💵 👉 💷
The primary currency is the currency in which the project budget is set. When reviewing budgets, it is important to know what currency the budget report reflects. You can switch budget reports between primary and secondary currencies to track conversions across a project or your entire portfolio.
To recap, Pathscape is a task-and-budget-based project management tool that helps you manage your projects in different currencies. The platform allows you to create, manage, and track your projects across multiple currencies, enabling you to accurately calculate costs and budgets.
Are you ready to save time and costs planning and tracking multicurrency projects?
We're currently running a private beta but its not too late to Join the waitlist today to get your work under control using Pathscape's Currency feature.
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