Patent ID: 7801785

Claim:
A computer-implemented method for managing multiple currencies within a project management system, the method comprising: determining a time-phased cost associated with a project task in a local currency, the task being associated with a cost-contour, wherein determining the time-phased cost comprises determining the time-phased cost as a variable cost; selecting an applicable conversion rate based on the local currency, a project currency, and a predetermined exchange series comprising an exchange rate, an exchange type, and an effective date, wherein selecting the applicable conversion rate comprises setting conversion parameters including a source currency parameter, a destination currency parameter, the exchange type, and the effective date, wherein setting the conversion parameters including the exchange type and the effective date comprises defining a frequency of updating the exchange rate and defining the effective date for the exchange rate to be applied; and converting, by a computer, the local currency of the time-phased cost to the project currency using the applicable conversion rate, wherein converting the local currency of the time-phased cost to the project currency using the applicable conversion rate comprises converting an accrual of the cost in the local currency to the project currency at each segment of the cost-contour associated with the task.