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there are two oracle references which Substantiates your solution implementors information ..
Q - How To Change The Project Functional Currency [ID 801786.1]
A - The Project Functional Currency is the same as the Functional Currency that you see when you query the set of books in GL. This cannot be changed because it's tied to the set of books, but you can define the currency used by specific projects, which is why you can alter the Project Currency for a project prior to entering any transactions.
Q - Where Is The Currency Field In Budgets Form PAXBUEBU? [ID 801791.1]
A - The Budget form does not have a currency field. Budget currency is always Project FUNCTIONAL Currency if defined via forms
However the comment "but you can define the currency used by specific projects, which is why you can alter the Project Currency for a project prior to entering any transactions." leads me to believe that there is a solution to the issue or am I reading the quote wrong.
For example our functional currency is EUR but we have budgets denominated in USD. Does the above quote mean that I need to change the currency of the project as a whole to USD and that enables me to control my budgets in USD?
you read it right ..!
My further search in oracle support also indicates, it can be done i.e. defining project budget in a currency different from functional currency ...
1) Error In Budgets When Currency Rates Not Defined For Entire Project Planning Period [ID 1088246.1]
(The Project Functional Currency is CAD, and Project Currency is USD. The conversion rate type is Corporate and Daily rates have been defined in GL through the current month...........)
2) How to enter Revenue Budgets in Multiple Currencies in Projects? [ID 1124983.1]
(You can optionally enter budget and forecast amounts in multiple transaction currencies for all plan types except an approved revenue budget plan type. You must enter amounts for an approved revenue budget version in project functional currency. )