As part of my study for the Sales Cloud Consultant certificate, I cam across Multi-currency, how to enable it, how to configure it, the difference between the Corporate currency and the different currencies that you add, what about the conversion? What currency show in the Reports? In the Dashboard?… Lots of stuff to worry about. Initially I thought it was a complex thing, but then after studying it,it is very simple! And here I am, summarizing this topic in this post.
Initially, when you create your Organization in Salesforce, you choose a single currency, and work on your Records using only this currency. This is the standard approach. What if your company has many branches in many countries? What if your company requires multiple currencies? Here comes multi-currency!
Before enabling multi-currency, check the implications of enabling this features:
- After being enabled, multiple currencies can’t be disabled for your organization
- Enabling this feature needs lockout duration that depends on the data space used by your organization.
- The currenct Currency Locale will become the default currency stamp
- Upon enablement, existing records are stamped with a default currency code that you provide in your enablement request
- After enablement, all currency fields display the ISO code of the currency before the amount. For example, $100 displays as USD 100
- If you have only one currency in your multi-currency organization, you can set a preference to display currency symbols instead of ISO codes: Go to “User Interface”, and then select “Show currency symbols instead of ISO codes”
To enable Multi-currency, you should:
- In Setup, select Company Information and click Edit. Ensure that your selected currency locale is the default currency that you want to use for current and future records.
- Check the checkbox “Allow Support to Activate Multiple Currencies”, and then save your changes.
- Open a case with Salesforce support, and mention your Org. ID and your confirmation that you understand the implications of enabling multi-currency
When you enable Multi-Currency:
- Go to company Profile – Manage Currency:
- Click on New. Enter the Currency, and the conversion rate.
- Repeat the same for all the currencies you want to have in the system
- After adding currencies, you can Edit them and change the Exchange rate with your base currency (Corporate)
- Deactivate a currency: click on Deactivate. Note Deactivating a currency does not alter amounts in items that use that currency. However, you can no longer enter new amounts using the inactive currency.
- Deactivating a currency that is set as a user’s personal currency automatically resets the user’s personal currency to the corporate currency.
- Web-to-lead: If you want to capture any currency amount information (for example, Annual Revenue) in your Web-to-Lead or Web-to-Case form, add the Lead Currency or Case Currency field when generating the HTML form. Otherwise, all amounts are captured and put into Salesforce in your corporate currency.
Changing Your Fiscal Year Start Month:
- If you change the start month of your organization’s fiscal year, the fiscal quarters shift and different months are regrouped into new quarters. This can change the forecast currency for each quarter. The new forecast currency for each quarter becomes the currency of the third month in that quarter.
- For example, suppose that before the fiscal year change, you had your Q1 forecast as January-March in U.S. dollars and Q2 as April-June in German marks. After the change, the Q1 forecast is February-April and Q2 is May-July. The forecasts for February and March were in U.S. dollars, but the new forecast currency for Q1 becomes German marks because the third month in the quarter is April, which was previously in German marks.
- When importing accounts and contacts or leads for your organization, you can specify the currency type for amount fields by entering a currency code in the “Currency ISO Code” column in your import file. From Setup, enter Manage Currencies in the Quick Find box, then select Manage Currencies to see a list of codes.
- For accounts and contacts, you can use an active or inactive currency code. You must use an active currency code for leads.
- The Currency ISO Code column applies to both the account and contact. You cannot specify different currencies for associated contacts and accounts.
- During import, you cannot update the Currency field for existing accounts and contacts.
- New records: If you do not use the Currency ISO Code column or fail to map it, any amounts are imported in the corporate currency
- New records: If you enter an inactive currency, any amounts are converted to the corporate currency
- During Update: f the currency code in your import file does not match the existing currency of the record, any amounts will be converted to the currency of the record
- During Update: If you do not use the Currency ISO Code column or fail to map it, any amounts are interpreted as the corporate currency and then converted to the currency of the record
On Salesforce Records:
- Every record has a Currency field that specifies the currency type for amounts in that record. All currency amounts display in the record’s currency and are also converted to the personal currency of the record owner, based on the conversion rates entered by your administrator. Amounts in the user’s personal currency are displayed in parentheses.
- For example, if you do business with Acme, Inc., a German company, you can set the Currency field in the Acme, Inc. account to “EUR – Euro.” Amounts such as Annual Revenue will display in euros as well as in your personal currency.
- You can set the Currency field for a record to any of your organization’s active currencies. If a particular currency is deactivated and it is already in use as a record currency, those records remain untouched. You cannot enter any new amounts using an inactive currency.
- Amounts in reports are shown in their original currencies, but can be displayed in any active currency.
- You can change the currency used for report totals by selecting a currency from Show > Currencies.
- The default value is your personal currency.
- For any amount, you can choose to display the Converted column—for example, Annual Revenue Converted—which shows amounts in the currency you select.
For example, if we have 3 currencies in Salesforce:
Opp in SAR
Opp in USD
OPP in LBP
In the report:
- Every opportunity displays its own currency
- You can use the converted amount, and choose any currency available in the system. Default is yours.
- Also note that the Summarize will be defaulted to the Default Currency:
And as a result, in the Dashboard, the values are converted to the user default value that was used to summarize the Report.
That’s it! 🙂
Is there a way to have auto. convert for currencies that we have?
Excellently covered … keep it rolling!!!
This is a good summary. Thanks!
Excellent Summary . Well structured as well. Thanks !
I would like to know how to maintain the exchange Rate? As the exchange rate gets changed daily is there any way to update it automatically or through any API.
Woah, I never expected Salesforce to be so limited and actually shitty in terms of multi currency. It’s a case for the bin
[…] How to enable Salesforce Multi-currency, and what are its implications? […]
very well covered. Excellent