Geniusproject has been designed to support multi-currency and multi-rate management. This chapter presents cost and budget management features. It should be treated as a guideline and not a rule since each organization typically has its own rules with regards to cost management.

The first financial component that is addressed in Geniusproject is "Rates Management". A "rate" in the application can refer to one of two things; a resource’s internal cost or their external/ billable cost.

Geniusproject supports several levels of resource rates management and multi-rates management for each company and resource in the [Resources] module. Geniusproject provides the flexibility to assign standard rates to companies and resources while allowing for specific rate changes at the project or task level. A standard/ default rates document is defined during the setup of the "Resources" module. It includes default rates as well as rates by activity type if "Multi-rate management" has been enabled in the General setup document.

The second financial component addressed in Geniusproject is the project budget. Project budgets can either be global, one for an entire project, or broken out across periods. They are used to forecast or capture planned labor (internal and external) and non-labor costs and can be built using one or two axes, for example by activity type and/or cost center. The third financial component Geniusproject addresses is multi-currency management. It is possible to define one main currency and up to ten secondary currencies, and company and resource rates can be defined using any one of them. If multiple [Projects] modules exist, each module can have any one of the currencies defined in the [Portfolio] module as its main currency, and a secondary currency can be used primarily for display purposes. The same goes for "Archive" or "Consolidation" databases. It is also possible to define monthly exchange rates in order to be more accurate.