Project Currency

Every Ruddr project has a designated currency that governs rates, budgets, expenses, and invoices, and reports can convert values between currencies.

Every project in Ruddr has a specified project currency. When the multicurrency feature is off, the currency of a new project will be set to the home currency of the workspace. When the multicurrency feature is on, the currency on the New Project window (Figure 1) will default to the home currency but can be set to any currency that has been made available in the workspace.

Figure 1 - New Project Window

All financial items related to a project must be specified in the project’s currency. This includes bill rates (Figure 2), fixed fee billing milestones, revenue recognition entries, project expenses, expense report items, budget figures, etc.

Figure 2 - Project Roles and Rates Configured in Great British Pounds

Also, all metrics shown on the project dashboard (Figure 3) will be shown in the project’s currency.

Figure 3 - Project Progress Graph in Great British Pounds

All invoices for a project must be created in the project’s currency. This means that all invoice line items on every invoice must use the same currency. If the project team incurs expenses in multiple currencies, those expenses must be entered into Ruddr in the project currency. This will likely require manual currency exchange before creating the expense item in Ruddr.

Reporting

Ruddr’s method for handling multicurrency values in reports depends on the type of report. With the Time Detail report, the user can select the currency (Figure 4) that will be used for the CSV export.

Figure 4 - Currency Selector on the Time Detail report

The Time Detail report export (Figure 5) will include columns for both the project’s specified currency and the converted currency per the currency selector on the report. The example below shows CSV export columns for time entries on a project set for GBP with the currency selector set to USD. Both the GBP and USD values are shown in the report export.

Figure 5 - A CSV Export with Conversion from GBP to USD

With the summarized performance reports in Ruddr, such as Performance by Project (Figure 6), the report monetary values are always converted into a single currency. By default, the performance reports show projects in the workspace’s home currency but this can be changed using the currency selector at the top of the report.

Figure 6 - Performance by Project Report Converted to US Dollars

For more information about multicurrency functionality in Ruddr, see the Multicurrency Overview help center article.