Currencies and budget reference rates The Financial Management application supports multiple currencies and provides conversions for budget items in different currencies. Currency support The application can use a base currency, also called the reporting currency, that you specify with system properties. You can also specify other currencies for budgets and budget items.Table 1. Currency usage Item Currency used Budget plan A currency that you specify on the Plan form. When the plan is converted to a forecast, the application converts the currency to the reporting currency. Plan items A currency that you specify on the Plan Item form.If the budget plan item has currency different from the budget plan currency, the budget plan item amount is converted to the budget plan currency. Budget forecast The reporting currency. Budget reference rates Budget reference rates are exchange rates between currencies. Each reference rate is valid for a specified time period. The application uses budget reference rates when budget items are in a different currency from the budget plan and forecast. The application automatically converts budget item currency values to a global system currency value when it calculates the Budget Amount on a Budget Plan, and when it shows values on budget forecasts. Note: Currency support is for budgets only. You cannot create allocations in multiple currencies. Configure currenciesYou can specify which currency the Financial Management application uses as the base currency for budget plans and forecasts with system properties.Create a budget reference rateCreate a budget reference rate to set the exchange rate between currencies.