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How to enable Salesforce Multi-currency, and what are its implications?
Hey folks!
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:
Single-Currency (default) | Multi-Currency | |
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Setup Currency:
- Go to company Profile – Manage Currency:
- Click on New. Enter the Currency, and the conversion rate.
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