Dual Currency Support

OpenWells® Software Features

The Dual Currency feature enables users to enter cost data in an alternate (local) currency and a base currency. Dual Currency support can be used in either of the following ways:

• work in the local currency and convert planned and actual costs to the base currency, such as USD

• -or- work in USD and convert costs to the local currency

Dual Currency support is activated in the General tab of the Company Properties dialog. When Dual Currency is implemented the Base and Alternate Currency and Cost fields become available in the Cost Estimate and AFE report, as well as in the Daily Cost spreadsheet of the Daily Operations Report.

The following topics are discussed below:

Setup the Dual Currency Feature

Dual Currency Workflows

Setup the Dual Currency Feature

To set up OpenWells software to use the Dual Currency feature:

Turn on Dual Currency Feature

1. Open the Company Properties dialog.

2. Select the Activate Dual Currency check box to turn on the check mark.

3. Click OK.
   
   The Dual Currency fields will now appear in the Cost Estimate and AFE report and the Daily Costs section of the Daily Operations report.

Set Up Dual Currency Unit System

Set up the Unit System to show the correct monetary value for Alternate Currency fields.

1. Follow the menu path, Tools > Unit System.
   
   The Unit System Editor opens.
   
   Note: The default Unit Systems shipped with OpenWells cannot be edited, in this case you must create a new Unit System based on an existing one.
   
   IF you are editing an existing Unit System skip to step 5 below.

2. Select the New... button.

3. Enter a name for the new Unit System and select an existing Unit System to base the new one on.

4. Click OK.
   
   A tab for the new unit system appears.

5. Select the Alternate cost class and select the alternate currency unit to be used.

6. Click OK, to save changes and close the Unit System Editor.

7. Select the new Unit System from the Unit toolbar when viewing the data.

For more information on Unit Systems, see Unit Systems in OpenWells® Software.

Dual Currency Workflows and Calculated Fields

Workflows for entering Costs when Dual Currency is activated and related calculations are outlined below for:

Cost Estimate and AFE Report General Section

Cost Estimate and AFE Report Supplemental Section

Daily Costs Section

Cost Estimate and AFE Report General Section

Note: Alternate Currency calculations are recalculated when the exchange rate is changed.

1. Open the General section of the Cost Estimate and AFE report.

2. Enter the main currency to be used by the company, e.g., USD (US Dollar) in the Base Currency field.

3. Enter the alternate currency being used in a localized area (region), e.g., GBP (U.K. Pounds) in the Alternate Currency field.
   
   The alternate currency should be assigned to the Alternate Currency class in the Unit System Editor (see Set up the Dual Currency Feature  above).
   
   This field helps users to quickly recognize the local currency being used and can be used by administrators to query costs based on the Alternate currency used.

4. Enter the exchange rate to convert form the alternate currency to the base currency. The exchange rate is used in calculating the Alternate Currency costs.

5. Add a row to the Cost Estimates spreadsheet.

6. Fill out the row as per usual.

7. For the items estimated to be invoiced in the both currencies, enter the following:

1. For the portion estimated in the Base Currency, enter the Item Cost, Surcharge and Other AFE Amount in the Base Currency (e.g., $ US Dollars).

2. For the portion estimated in the Alternate Currency, enter the Alternate Currency Item Cost in the Alternate Currency (e.g., GBP U.K. Pounds).
   
   Important Note: The Alternate Currency Item Cost is meant to record costs appearing on the invoice in the "local" currency. This cost is in addition to the Item Cost in the Base currency.

AFE Total Alternate Currency

The AFE Total Alt Curr is calculated as the Alternate Currency total of both the AFE and the Supplemental AFE.

AFE Total Alt Curr = ∑ Cost Est Alt Curr  + ∑ Cost Est Alt Curr in the AFE Supplemental spreadsheet

This field is displayed in the Alternate currency.

Alternate Currency Cost

The Alt Curr Cost is calculated as follows:

Alt Curr Cost = (Quantity * Alt Curr Item Cost * Exchange Rate)

This field is an editable calculated field.

Cost Estimate Alternate Currency

The Cost Est Alt Curr is calculated as follows:  

Cost Est Alt Curr = (Quantity * Item Cost / Exchange Rate) + (Quantity * Alt Curr Item Cost) + (Surcharge / Exchange Rate)

This field is displayed in the Alternate currency.

Total Alternate Currency

The Total Alternate Currency is calculated as follows:

Total Alternate Currency = ∑ Alt Curr Cost column

Cumulative Cost Alternate Currency

 The Cum Cost Alt Curr is calculated as follows:

Cum Cost Alt Curr = ∑ Cost Est Alt Curr column

This field is displayed in the Alternate currency.

Cost Estimate and AFE Report Supplemental Section

Note: Alternate Currency calculations are recalculated when the exchange rate is changed.

1. Open the Supplemental section of the Cost Estimate and AFE report.

2. Add a row to the Supplemental AFE spreadsheet.

3. Fill out the row as per usual.

4. Add a row to the Cost Estimates spreadsheet.

5. Fill out the row as per usual.

6. For the items estimated to be invoiced in the both currencies, enter the following:

1. For the portion estimated in the Base Currency, enter the Item Cost, Surcharge and Other AFE Amount in the Base Currency (e.g., $ US Dollars).

2. For the portion estimated in the Alternate Currency, enter the Alternate Currency Item Cost in the Alternate Currency (e.g., GBP U.K. Pounds).
   
   Important Note: The Alternate Currency Item Cost is meant to record costs appearing on the invoice in the "local" currency. This cost is in addition to the Item Cost in the Base currency.

Alternate Currency Cost

The Alt Curr Cost is calculated as follows:

Alt Curr Cost = (Quantity * Alt Curr Item Cost * Exchange Rate)

This field is an editable calculated field.

Cost Estimate Alternate Currency

The Cost Est Alt Curr is calculated as follows:  

Cost Est Alt Curr = (Quantity * Item Cost / Exchange Rate) + (Quantity * Alt Curr Item Cost) + (Surcharge / Exchange Rate)

This field is displayed in the Alternate currency.

Total Alternate Currency

The Total Alternate Currency is calculated as follows:

Total Alternate Currency = ∑ Alt Curr Cost column

Supplemental AFE Total Alternate Currency

 The Supplemental AFE Total Alternate Currency is displayed in the alternate currency and calculated as follows:

Supplemental AFE Total Alternate Currency = ∑ Cost Est Alt Curr Cost column

This field is displayed in the Alternate currency.

Daily Costs Section

Note: Alternate Currency calculations are recalculated when the exchange rate is changed.

1. Open the Daily Costs section of the Daily Operations report.

2. Enter the exchange rate to convert form the alternate currency to the base currency in the Exchange Rate field under the spreadsheet. The exchange rate is used in calculating the alternate currency costs.

3. Add a row to the Cost Estimates spreadsheet.

4. Fill out the row as per usual.

5. For the items estimated to be invoiced in the both currencies, enter the following:

1. For the portion estimated in the Base Currency, enter the Item Cost and Surcharge in the Base Currency (e.g., $ US Dollars).

2. For the portion estimated in the Alternate Currency, enter the Alternate Currency Item Cost in the Alternate Currency (local currency) (e.g., GBP U.K. Pounds).
   
   Important Note: The Alternate Currency Item Cost is meant to record costs appearing on the invoice in the "local" currency. This cost is in addition to the Item Cost in the Base currency.

Alternate Currency Cost

The Alt Curr Cost is calculated as follow:

Alt Curr Cost = (Quantity * Alt Curr Item Cost * Exchange Rate)

This field is an editable calculated field.

This field is displayed in the Alternate currency.

Alternate Currency Amount

The Alt Curr Amount is calculated as follows:  

Alt Curr Amount = (Quantity * Item Cost / Exchange Rate) + (Quantity * Alt Curr Item Cost) + (Surcharge / Exchange Rate)

This field is displayed in the Alternate currency.

Total Alternate Currency

The Total Alternate Currency is calculated as follows:

Total Alternate Currency = ∑ Alt Curr Cost column

Daily Alternate Currency Cost

 The Daily Alt Curr Cost is calculated as follows:

Daily Alt Curr Cost = ∑ Alt Curr Cost column

This field is displayed in the Alternate currency.

Related Topics

General Tab - Company

Cost Estimates Spreadsheet - AFE

Daily Cost Section