The Home Currency feature allows customers with international operations to report in a single currency. Users can input an exact currency conversion rate (up to four decimal places) using the Bank Spot Rate, ensuring precise financial reporting down to the last cent, pence, yen, etc.
This feature is available for every placement and invoice, and the data integrates with the Actual Fee Dashboard, enabling accurate reconciliation with General Ledger accounting systems.
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🗝️ Key Benefits
With Home Currency, you can:
Ensure Accurate Financial Reporting – Maintain precision with up to four decimal places.
Streamline Multi-Currency Operations – Convert foreign currency transactions effortlessly.
Improve Accounting Reconciliation – Align with your General Ledger for error-free reporting.
⭕ How to Use Home Currency
Set Up Default Home Currency
Navigate to Settings > Pay & Bill Settings > Home Currency.
Select the desired home currency for reporting.
Save changes.
Hide Home Currency
If you do not require the Home Currency feature on placements or invoices:
Go to Settings > Pay & Bill Settings > Home Currency.
Disable the toggle.
Save changes.
⭕ How Home Currency Works
The Home Currency feature ensures that profits generated in different currencies can be converted and reported in a unified currency throughout the system. It is primarily used in Analytics for accurate financial insights.
Important Note:
If you change your home currency frequently, you must update the Bank Spot Rate for previous placements and invoices.
⭕ Home Currency in Placements:
You can see the Home Currency in the Placement within Dates and Calculations section located on the right-hand of the screen.
From here you can manually adjust some figures below:
Set up Home Currency: Enables exact FX rate reporting
Add Bank Spot Rate: Apply per placement or invoice (up to four decimal places)
🤔 Q&A Section (Troubleshooting & FAQs)
Q1: Can we change the currency of a placement once it's been invoiced?
Yes. To change the currency of a placement:
Click the Placed Chevron.
Select the placement to open it.
Edit the currency.
Save changes.
Q2: Can we change the currency of an invoice?
Yes. Follow these steps:
Go to Show More > Pay & Bill > Invoices Tab.
Click on the invoice to open it.
Edit the currency.
Click Save.
Click Actions > Send the invoice to the client.
Q3: The currency changed, but the figure remains the same. What should I do?
If the amount does not update after changing the currency:
Ensure that the Producer job linked to the placement is open.
If the job is closed, reopen it to make the required changes.
Alternatively, start fresh by:
Deleting the invoice linked to the placement.
Undoing the placement.
Editing the currency and value.
Saving changes and reprocessing the placement.
By following these steps, you can efficiently manage Home Currency settings across placements and invoices, ensuring seamless financial operations.
Happy Recruitment #TheVinnyWay🤩