Appendix 5 - Multi-Currency Functionality

Multi-Currency Functionality in Deskflow Enterprise

Introduction

Deskflow Users that operate Projects internationally have the ability to track currency values for fees, executive salaries and all compensation benefits where currency is involved.

System Settings

Two system-wide currency types, called Main Currency and Secondary Currency, are defined using the Deskflow Administrator. The Main Currency is used as the default currency assigned to a new Project or Event. However, the User that creates a new Project can select any other Currency type from the drop down list. The currency type for a proposed position may be different from the fees to be billed

Main Currency

The Main Currency type depends on the country in which the head office of a multi-national executive search firm operates. The Deskflow database defines the Main Currency as having a Currency Exchange Rate = 1.

If the head office is located in the UK, then the Main Currency type would be defined as GBP.

Local Currency

Any branch of an International executive search firm may elect to use any currency, such as the Euro for example.

When a new Project is created, the Position Currency Type can be changed from the default of say GBP to EUR. Similarly, the Fees Currency Type can be changed from the default of say GBP to US$.

User Currency

Each Deskflow User can be assigned a default currency, which can be different from Project Fee currency or Project Position Currency.

The User Currency is only used to convert and display Local currency values when the User's mouse hovers over them. The benefit to the User is the ability to temporarily display currency values in the User's preferred currency.

Exchange Rates

For each Deskflow User, a table of currency exchange rates relative to the Main Currency is provided. Whenever a salary value is entered for a candidate or for an open position, the Local currency is used and the Main Currency value is automatically calculated from the exchange rate in effect in the month when the Local Currency value is entered.

The table of exchange rates is based on historical mid-market rates in effect for each month of the year.

A Deskflow utility is provided to maintain the Exchange Rate table, and add mid-market exchange rates on a monthly basis.

The standard report for displaying or printing the Exchange Rate table is called: UL100 Currency Exchange Rates

Currency Fluctuations

Deskflow does the conversion of local currency to Base Currency at the time that data is entered, so the historical exchange rate is saved with the local currency value. Then if a change is made to a local currency value, the Base Currency value can be re-calculated with the exchange rate originally in effect. The date of the currency exchange rate is also archived. In effect, a snap-shot of values is archived.

Billing Data

In Deskflow Projects, billing agreements with Clients are noted in Local Currency, with the mid-market exchange rate and date captured from the master Exchange Rate table. Because average monthly mid-market exchange rates would not be known till month-end, the actual Main Currency rates used will always lag by one month.

Data that is exported from Deskflow to a back-office billing system will have Local and Main currency amounts.

Reports

Reports that show salaries of Candidates and Project positions can display both Local and Main Currency columns.

Deskflow Screens

Screens that display currency values are:

•Project Main tab – proposed salaries and benefits

•Project Billing tab – proposed billing fees and Joint venture amounts

•People Employment tab – Employment records of salaries and rates.