How to enable multiple Currencies in Salesforce
In Salesforce.com, we can manage multiple currencies in salesforce, we can edit dates exchanges rates in salesforce, we can edit currency conversion rates and also we can make currency exchange rates available in formulas.
How to enable multiple currencies in Salesforce.com?
To enable multiple currencies in Salesforce.com we have to enable manage multiple currencies. Follow the steps given below.
- Go to Setup=>Administration Setup=>Company Profile=>Manage Currencies.
- After enabling multiple currencies in Salesforce then we have to set up “Corporate currency”.
- Click on allow support to activate multiple currencies check box.
Corporate Currency is that which reflect the currency used by the Corporate Company Headquarters. Every Salesforce user must have their “personal currency”. This personal currency is used when a user create new record, the user’s personal currency will be automatically selected.
When administrators change an existing conversion rate, all currency amounts are immediately updated with the new rate across the entire Org. This includes all conversions within opportunities, forecasts, and other amounts that use the current conversion rate. Previous conversion rates are not stored and you cannot track revenue gain or loss based upon currency fluctuations. If currency changes severely impact your company, then we have to investigate using Dates Exchange Rates.
Advanced Currency Management in Salesforce.com
In Salesforce, Campaign Opportunity Field uses dated exchange rates when calculating the amount in the campaign currency. Advanced currency management allows you to manage dated exchange rates for opportunities. Dated exchange rates allow you define a conversion rate for a specified currency’s date range.
For example, a company’s exchange rate in the 3rd quarter and 4th quarters are 1 USD to .50 EUR and 1 USD to .65 EUR, respectively. All opportunities that close in the 3rd quarter use the 3rd quarter exchange rate (1 = 0.5) while those that close in the 4th quarter use the 4th quarter rate (1 = 0.65). This retains the historical conversion rates and tends to be very beneficial to most large companies.
Force.com supports multiple currencies and advanced support for multiple currencies for opportunity management, forecasting and reporting. With multi-currency enabled each international division can track, forecast and report on opportunities in local currencies, while providing enterprise-wide forecasting and reporting in a single common currency.
Static conversion rates instead of dated exchange rates, are used in forecasting, currency fields in other objects and currency fields in other types of reports. When advanced currency management is initially enabled, your existing static exchange rates automatically become your first set of dated exchange rates. These rates are valid until you define another set of exchange rates.
When advanced currency management is enabled, Visualforce inputField and outputField components cannot display currency fields. If you enable advanced currency management, you cannot create roll-up summary fields that calculate currency on the opportunity object. Enabling multi currency may have some unintended consequences regarding SOQL queries and aggregate functions. Be sure to check the documentation for the implications of enabling multi currency.