Step By Step Guide to Multiple Currencies in Salesforce

Salesforce Multi Currencies

If your organization is spanned across multiple countries, you may want to  explore and understand the multi currency feature in Salesforce. Along with multiple languages, Salesforce also supports multiple currencies. In a multi currency setup, users in different geographies can use their local currency when working on Opportunities & Quotes, viewing their Forecasts & Quota and analyze data in Reports & Dashboards.

There are two main aspects of multiple currency feature in Salesforce

  1. Enable Multiple Currencies
  2. Use Advanced Currency Management
1. Enable Multiple Currencies

This feature allows you to set a Corporate Currency and then add more currencies with their exchange rates. Once enabled, the currencies then can be set at the org level, user level and record level. You can also enable Parenthetical Currency Conversion which displays converted currency amounts to users whose personal currency is different from the record currency. 

Note: Multiple Currencies in Salesforce once enabled cannot be turned off. So, it is an irreversible action.

2. Advanced Currency Management

This feature allows you to manage Dated Exchange Rates that map a currency conversion rate to a specific date range. Once enabled, you can define the currency exchange rates for specific date range as shown below.

Dated Exchange Rate in Salesforce
Automatic Currency Updater Apps on AppExchange

Although Salesforce supports Multiple Currencies and Advanced Currency Management, both the features require manual updating of currency exchange rates. There are a few apps on AppExchange that update the rates automatically once setup. Hence, it removes the manual intervention and likely human errors dealing with currencies. After all, money matters!

Understanding the nuances of multi currency feature and specifically Advance Currency Management can be a little confusing and overwhelming initially as specific functionalities are available in specific areas only.  And hence this step-by-step guide. After going through the guide, you will learn how to:

  • Enable Multiple Currencies
  • Add New Currencies
  • Analyze the Impact on Various Features in Salesforce
    • User’s Personal Currency
    • Forecasts & Quote
    • Product & Price Books
    • Opportunity & Opportunity Products
    • Opportunity Splits
    • Quotes
    • Reports & Dashboards
    • Custom Objects
  • Enable Advanced Currency Management
    • Manage Dated Exchange Rate
    • Analyze the Impact on
      • Opportunity & Opportunity Products
      • Opportunity Splits
      • Opportunity Reports
      • Custom Objects
      • Forecasts
  • Explore Automatic Currency Updater App on AppExchange

So let’s dive right in …

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