The Multi-currency support feature enables you to create and handle deals in different currencies. This is particularly helpful if your business operates across various geographies.
But before you go ahead and set-up the multi-currency feature, we would recommend reading this article.
1. How to set up the Multi-currency feature?
Before setting up the multi-currency feature, there are a few pointers to remember. Please refer to this article to know more.
Setting up base currency:
In Admin settings , scroll down to Other SFA Settings and click on Currency. This opens the page for currency settings.
On the currency settings page, click on the dropdown underneath Base currency and select a Base currency of your choice.
Note: The Base currency for your account can be set up only once and cannot be changed once you add more than one currency. Hence, make sure that you set the base currency appropriately. Read these considerations before opting for a Base currency.
Adding more currencies: Once your base currency is set in place, you can proceed to add all the different currencies you want to create deals in.
In Admin settings , scroll down to Other SFA Settings and click on Currency. This opens the Currencies page.
Click This opens a ‘ADD CURRENCY’ dialog box that allows you to set different currencies. .
Click on the dropdown under ‘Select currency’. Choose the currency you want to add.
You can opt between automatic or manual conversion rate. If you are opting for Manual conversion rate, enter the conversion rate for the currency. This conversion rate will be fixed until you opt to change.
After adding the conversion rate, click .
For example, let’s set Euro as our currency.
Note: The conversion rate entered will be used to convert the deals to base currency while performing aggregations.
2. How to add deals/contacts in different currencies?
Note: Make sure the currency field is present in the quick-add form. This will make the field visible in the quick-add form. To learn how to do this, refer this article.
You will see a new field called Currency in Contacts & Deals. You can use this field to set the currency of the particular deal. All the currencies added in the drop-down will appear here.
3. How to edit the conversion rates?
Go to the Currency page and click on the Edit button for the currency whose conversion rate you wish to modify. This opens the ‘EDIT CURRENCY’ dialog box. Make the changes to the conversion rate and click Save.
The new conversion rate will only be used for all the deals that will be created or closed in future. Any past deals that were closed (or created) before changing the conversion rate will continue to have the same base currency value.
4. How to view past conversion rates?
On your currencies page, scroll down to the currency of your choice and click on the View past rates button. This opens a dialog box that carries the entire history of conversion rates for that currency.
5. Will my deal value change every time I alter the conversion rate?
NO. It will not.
It is important to remember that the conversion rate will be applied for a deal only twice along the life-cycle of the deal-
- When the deal is created
- When the stage of the deal is changed
- When the deal is closed
If that isn’t clear you can use this example to get a better idea:
Suppose you have set up USD as your base currency and have added EUR as an additional currency.
Let us assume that you created a deal on the 10th of September in the currency EUR.
Now, the conversion rate on this day was 1 USD = 0.88 EUR.
Now, if the conversion rate is changed after this day (say on 30th of September) to 1 USD=0.92 EUR, the deal value in base currency will remain unaffected until you change the stage of the deal or close the deal.
However, once change the deal stage, say on 12th of November, the deal value in base currency will be calculated using the exchange rate on the day the deal was closed.
Note: The deal value in the deal currency (i.e, Euro in above case) will remain unchanged irrespective of the conversion rates. Only the deal value in base currency will change