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Custom Financial Implementation with Exchange Rates

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Level 7

I'm onboarding a new team that has an extensive process for capturing PO approvals. They want to use the request queue to capture requests for new PO approvals and increases to existing POs. That's not the problem though. They are a global team and therefore need a way to track the Local Currency where the PO is being executed and convert it to USD. This wouldn't be an issue if we were tracking the PO's in a project and could use the OOTB Exchange Rates in Workfront or .... but they want the calculation on the custom form. To add another layer of complexity, they want to be able to refer to previously approved PO's on the custom form also to allow users to identify where an increase to an existing approval is being requested.

So here are the questions...

1) How does your organization track expenses that require using an Exchange Rate?

2) How do you account for the constant changes to exchange rates to ensure that the data is accurate but doesn't affect historical calculations?

For example, I'm concerned that if I create a drop down with the exchange rates and then have to change the rate, the calculation will recalc and historical data will become corrupt.

3) What method, if any, has your org utilized to represent data in the system on a custom form? I'm thinking it's a hyperlink to a report that shows all of the approvals, however, we're talking about well over 1500 line items for a years time and these will span multiple years.

I'd love to hear how others have implemented similar solutions.

Thanks!

Teale

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1 Reply

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Level 10

Brrrr! I shivered in recollection as I read this, Teale!

Several years ago, we worked out way to (using the API) draw exchange rates from the internet into Workfront's native Exchange table (which, as are rates) simply stores such information at a "point in time" vs by "effective date", built out custom data to store the "In Base Currency" (e.g. in Euros) and "In Corporate Currency" (e.g. in USD) amounts (at a particular point in time, using the then-current exchange rate), and wired the whole thing up with our Auto-Bill solution (on a tight cycle) to lock in those financials at the appropriate cadence.

Sadly, it all proved to be too complex, and the mission was aborted, but perhaps this will give you a few ideas.

Regards,

Doug