Feature Overview
When your system was initially set up, the 'Base' currency would have been defined. Mercury leverages the core Dynamics features for currency management, allowing you to add any additional currencies along with their exchange rates relative to your Base Currency.
To address scenarios in the recruitment industry—where a Placement might involve differing currencies for Pay and Charge—Mercury incorporates a table called FX Spot rates. This table converts Pay into the Charge currency, ensuring accurate Gross Profit calculations.
To this end, the monetary fields in Mercury, such as Pay rates, Charge rates, Gross Profit, and Fees, have additional fields with "Normalised" appended to the name. These display the amounts alongside the currency symbol. Similarly, fields labelled "Normalised (Base)" convert the value into your Base Currency using the current exchange rate. The Exchange Rate recorded on a Placement is specific to that moment in time. If the currency's exchange rate is later updated, the new rate will only apply to future Placements and will not retroactively affect historical Placements.
Purpose
Currency Exchange rate > Using the 'Normalised (Base)' fields when reporting, will ensure that you are reporting on like for like values in your Base currency.
FX Spot Rates > For placements where Pay and Charge are in different currencies, FX Spot Rates are used to normalise rates to a single currency, so Mercury can calculate accurate reporting figures..
Defaults and Considerations
By default, only Mercury Administrators can add currencies, modify exchange rates, and update FX Spot rates. To ensure regular updates to your exchange rates, consider granting these permissions to your Finance team. Different exchange rates can not be used when migrating data, all currency fields will use the exchange rate provided/set at the time of migration.
To Enable or Amend this Feature
Your PC will ask you what additional currencies you do business in and what exchange rates back to Base currency you would like to use as part of the project.
Please let your PC know the following by raising a case on the portal.
- Any additional users that will require access to update Currency exchange rates or add new currencies.