Multiple Currency Settings in Salesforce

by | Nov 30, 2022 | Salesforce, Salesforce Admin

Introduction

Salesforce has a solution for everything! You’ll know what I’m talking about soon.

For example, the headquarters of a Tech Company, ABC Tech, is situated in San Jose, but they’re setting up offices worldwide. This would mean that the office in India would need their currency setting to be in Indian Rupees (INR) and not USD, as this can lead to a lot of confusion later.

Let’s find out how we can accommodate ABC Tech’s office in India.

Managing Currencies

By default, every Salesforce org uses a single currency, and that makes sense if their operations are limited to a particular area. But, as in the case of ABC Tech, a global expansion means configuring the org to have a list of currencies.

As the Admin of an org, we can set up a Corporate Currency, i.e., the currency of the corporate headquarters. In addition, we can also set up a listing of active currencies and their conversion rates with respect to the corporate currency. (More on that soon.)

How to Activate Multiple Currencies

Before activating multiple currencies, familiarize yourself with the implications of enabling them.

1. From Setup, enter the Company Information within the Quick Find Box. Thereafter select Company Information.

2. Click Edit.

3. Check Activate Multiple Currencies.

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4. Click Save.

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Activate Currencies

Once we’ve activated Multiple Currencies, we can define which currencies are supported by activating or deactivating them.

1. From Setup, type Company Information within the Quick Find Box. Thereafter click Company Information.

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2. Click Currency Setup to find the list of active and inactive currencies.

3. From Active Currencies, click New.

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4. Enter the following for New Currency:

  • Currency Type: INR – Indian Rupee
  • Conversion Rate: 80.55 (More on this soon.)
  • Decimal Places: 2

5. Click Save.

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Corporate Currency

We can change the corporate currency as soon as the new currency is set up. Let’s find out how.

1. From Setup, type Company Information within the Quick Find Box. Thereafter, select Company Information.

2. Click Currency Setup.

3. From the Active Currencies list, click Change Corporate.

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4. Select the New Corporate Currency from the drop-down list.

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5. Click Save.

 

Update Conversion Rates

It’s imperative to ensure that all the currency value conversion rates are up to date, as this affects all deals.

1. From Setup, enter Company Information within the Quick Find Box. Thereafter, select Company Information.

2. Click Currency Setup.

3. From the Active Currencies or Inactive Currencies list, click Edit Rates.

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4. Edit the Conversion Rates between each currency and the corporate currency.

5. Click Save.

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Enable Advanced Currency Management

Advanced currency management allows us to manage dated exchange rates within opportunities.

Date Exchange Rates allow us to plot a particular exchange rate to a specific date range.

For Example:

  • On April 1, we updated the conversion rate to 1 USD = 80 INR
  • On May 1, we updated the conversion rate to 1 USD = 80.55 INR

So what rate is used for our opportunities?

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Follow along to enable Advanced Currency Management is our orgs:

1. From Setup, type Company Information within the Quick Find Box, and click Company Information.

2. Click Currency Setup.

3. Enable Advanced Currency Management.

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4. When asked to select Yes, I want to enable Advanced Currency Management and click Enable.

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Personal Currencies

Once multiple currencies are enabled, currencies are set up and activated, and conversion rates are edited, Users in our org can set up their personal currencies.

1. Click on your profile icon in the top-right corner of your org and click Settings.

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2. Enter Languages in the Quick Find Box, and then select Language & Time Zone.

3. Change the value of Currency to INR – Indian Rupee.

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4. Click Save.

That’s it! Finally, our Users in India can set up their personal currency to INR. This removes unnecessary hurdles such as needing a calculator next to them 24/7 and makes work much more effortless.

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