Manage Multiple Currencies

Applies to

10,000ft

10,000ft doesn't currently support multiple currencies.

Our intent with capturing rates and budgets is to provide a tool to measure how billable hours map to project budgets. Units could be in $, £, or apples. These units are fixed numbers that come from the contract for the work.

The currency symbol is a visualization not translated into actual world value to show the combined aggregate in the reports. The power of pivoting reports depends on being able to roll up all financials into one combined view in one currency. Also, if you share team members between offices, each of their bill rates would need to be translated into the currency that fits the project.

Here is an muliple currency scenario:

  • Your client is in the UK. Your contract for that project has a budget of £65000.

  • You convert that budget to USD (or any currency) and enter it in 10,000ft.bBased on a sample exchange rate, the £65000 = $98,000.

  • Your bill rates in10,000ft are in USD.

  • Each bill rate is determined by cost of team member, overhead and margin target. The $98,000 project and all bill rates for your project have a 30% margin.

  • Your team works on the project for 3 months and completes the expected deliverables for $105,000 worth of time. This is $7,000 more than expected and reduces your profit margin to 27%.

  • You need to bill the client in pounds which puts you at the mercy of the exchange rate. Fortunately for you, the value of Sterling went up since you wrote the contract. Now at the end of the project, £65000 = $110,000 USD.

  • You end the project with a 31% profit margin for that project.

Additional multiple currency options:

  1. Set up an account for each regional office (with their local currencies) and use the API to pull data from all accounts into one dashboard.

  2. Don't use the fee budget aspect of projects. Track hours instead and give your team a target that is not related to currency.