Plan Campaign - Currency Management

Introduction

The Currency Management feature ensures efficient tracking and reporting of cost-related values in various currencies. This feature is essential for global distributors and regional managers who oversee campaign budgets and expenses across multiple markets. By implementing a structured currency management system, users can streamline financial planning, maintain consistency in reporting, and enable accurate budget comparisons between planned and actual expenses.

Currency Management Settings

Accessing Currency List

If you have the 'Set general settings' privilege, you can manage currency settings through the General Settings panel. Just go to General Settings > Currency Management, and you’ll see a table listing all active currencies. The table includes details like the currency name (e.g., Euro, USD), currency code (e.g., EUR, USD), the organizational units linked to that currency, and whether it's used as the reporting currency. You can also edit, activate, or deactivate currencies from here.

Adding a New Currency

To add a new currency, click Add New Currency, choose one from the predefined list, assign it to one or more organizational units, and specify if it will be used as the reporting currency. Once you save the changes, the currency will be applied to the selected units.

Currency Assignment in Plan Campaigns

Global Distributor Currency Assignment

Each global distributor automatically gets the currency of their country. This currency is used for all cost-related fields in campaigns and sub-items. If there’s only one currency available for a distributor, it can't be changed.

Regional Manager Currency Display

Regional managers see campaign costs in the distributor’s currency. However, when viewing reports in Prove Reporting, all costs are shown in Reporting currency for consistency. Regional managers can review campaign details in Plan Campaigns and flag any discrepancies.

Managing Money Elements

Money Element Usage

Money elements are used in fields like Planned Cost and Actual Cost. The system also calculates the difference between planned and actual costs and displays it in the assigned currency.

Money Element Settings

These settings are available only in Local Templates. You can enable or disable money elements per template and configure them to be mandatory, aggregated, or automated.

Currency and Money Elements in Item Details

Currency Selection Rules

The system applies different rules based on how many currencies and organizational units are involved:

• If there’s only one currency assigned to one or multiple units, it’s automatically selected and cannot be changed.

• If multiple currencies are available for a unit or multiple units, users can select a currency from a dropdown menu.

• The selected currency in the Currency Element applies to all Money Elements in the item, but changing the currency doesn’t affect previously entered values.

Currency Inheritance

If sub-items are linked to a parent item, they inherit the parent’s currency. Moving a sub-item to a different parent with a different currency automatically updates the sub-item’s currency as well.

Money Elements in Automations and Calculations

Automations

Money elements can be used in automations within Local Templates, functioning like number elements. The selected currency doesn’t impact automation results.

Calculations

You can use money elements in calculations alongside number elements. The Calculation Element always displays the currency assigned to the item, ensuring there are no mismatches in currency types within a calculation.

Aggregations

Money elements can be aggregated, following the same logic as number elements, with the assigned currency displayed.

Reporting Costs in Prove

Before cost data is sent to Prove, it’s converted to the reporting currency. Only one currency can be set as the reporting currency, and users cannot change it within Prove.

Handling Edge Cases

Disabling Currency in Templates

If a currency is disabled, all related money elements will be disabled too. Users will need to confirm a warning message before proceeding.

Moving Sub-items to a Different Parent

When a sub-item is moved to a parent with a different currency, it inherits the new parent’s currency automatically. Previously entered values remain unchanged, and a currency change log is recorded for transparency.

Local Units Without Assigned Currencies

Users can only select Local Owners from units that have an assigned currency. If no currency is assigned, the system will display a notice.