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GCP Coordinate Precision

I am trying the GCP/MTP Manager for the first time to enter some GCPs.  However when I go to enter the LAT/LON (X/Y) coords it only shows three digits of precision.  I measured the GCPs with CM level accuracy so I need a lot more decimals than that!  This can’t be right?

 

Hi Jeff,

The coordinate system in the software with X, Y, Z is in meters. Therefore, only 3 decimal digits are allowed and taken into consideration because we cannot reach a precision higher than 1 mm.

Could it be that your measurements are not X, Y but rather Latitude, Longitude coordinates? 
In this case, you should instead select WGS 84 for the GCP reference system