10,000ft Plans doesn’t currently support multi-currencies. To provide a little background, our intent with capture rates and budgets is that we are giving the team an internal tool to measure how their billable hours map to the project budget (units could be in $, £, or apples). These are fixed numbers that come from the contract for the work.
The currency symbol is just a visualization that we do not know how to translate 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 example of how we would recommend setting up projects in one currency:
- You are doing a project in the UK. Your contract for that project has a budget of £65000.
- You convert that budget to USD (or any currency; just using USD as an example) and enter it in 10,000ft Plans.
- Based on today’s exchange rate, the £65000 = $98,000. Your bill rates in 10K’ Plans are also 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 that 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%.
- Now, you need to bill the client in pounds which makes you at the mercy of todays 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.
A couple of workarounds if you don’t want to go with the one above:
- Set up each company as a separate account (with varied currencies) and use the API to pull data from all accounts into one dashboard.
- Don’t use the fee budget aspect of projects. You could visualize everything in hours instead and give your team a target to hit that is not related to currency.