Salesforce Multi-Currency pt. 1

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Salesforce Multi-Currency pt. 1

In this three-part blog series, I will be going over Salesforce’s Multi-Currency and Advanced Currency Management.  The three parts of this series will include:

  1. What is Salesforce’s Multi-Currency and Advanced Currency Management?
  2. Use cases for Multi-Currency in the SaaS, Venture Capital and Private Equity sectors
  3. How to implement Multi-Currency and advanced currency management alongside Salesforce CPQ

Today, we will be going over what Multi-Currency is in Salesforce as well as Advanced Currency Management.  If you are a company that operates and has employees in multiple countries, it’s important to leverage the Multi-Currency and Advanced Currency Management settings.

 

Salesforce Multi-Currency

Enabling Salesforce Multi-Currency does the following (note: once you enable Salesforce Multi-Currency, it cannot be reverted):

  1. Allows you to set a Corporate Currency
  2. Allows you to add in more currencies once you have set your Corporate Currency
  3. Enable Parenthetical Conversion which will show the Corporate Currency and the converted currency side by side in Salesforce
  4. Allows you to set currencies as the record, user, and org levels

In order to activate Salesforce Multi-Currency, navigate to Setup -> Company Information -> Activate Multiple Currencies.  You’ll see in the screenshot below that I have not activated it yet.

Activate Multiple Currencies

After you have Activate Multiple Currencies enabled, you will have a button called “Currency Setup”.

Currency Setup

You can then navigate to the Currency Setup menu. The Currency Setup menu will allow you to change corporate currency, update exchange rates, and add new currencies.

Currency Setup Menu

 

Salesforce Advanced Currency Management

Once you have Multi-Currency enabled and configured, you can then explore Advanced Currency Management.  Advanced Currency Management allows you to have historical or “dated” conversion rates in your org. You can then correlate those dated conversion rates to a range of dates.

For example, you have 1 GBP to 1.55 USD from July 1 through July 31. Then starting August 1 you could have 1 GBP to 1.58 USD.  This allows you to have the flexibility to view and convert currencies as their values change.  One note about dated exchange rates is that there is no limit to the upper end for amount of time (i.e. a dated range can be all time) and can flex down to as small as daily.

If you do not have Advanced Currency Management enabled then all exchange rates will be based on the static conversion rate.  These can be adjusted here.

One final note about dated exchange rates in Advanced Currency Management is that dated exchange rates are only used for Opportunity Products, Opportunities, Opportunity Product Schedules, Campaign Opportunities, Opportunity splits and any reports that are related to the mentioned fields and objects.  Dated Exchange rates will not work with formula fields or if you have a formula that returns a currency value.

 

Continue learning about Multi-Currency and Advanced Currency Management in “Salesforce Multi-Currency pt. 2.”

 

Additional Resources

Cover Photo by John McArthur on Unsplash

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