Multiple Currencies Considerations

Using Multiple Currencies

As many businesses need to handle their sales and marketing in multiple currencies (JMD, USD, EUR, etc), Salesforce comes with a built functionality called currency management, which pretty much allows administrators to set up and manage multiple currencies and their exchange rates efficiently. The administrator sets the “corporate currency”, which reflects the currency of the corporate headquarters. Each user has a personal currency, which is used as the default currency.

Usage

Organizations can use multiple currencies for: - Opportunities - Orders - Forecasts - Quotes - Reports - Custom Objects

Considerations for Enabling Multiple Currencies

1. Once enabled, multiple currencies can’t be disabled for your organization.
2. Field to Field filtering is not supported in currency fields.
3. Upon enablement, existing records are stamped with a default currency code that you provide in your enablement request.
4. After enablement, the number of decimal places defined in a custom currency field is ignored. Instead set decimal places per currency through Manage Currencies in Setup.
5. After enablement, the primary currency displays as usual and, optionally, a secondary currency amount appears in parentheses. The primary currency is typically the default corporate currency, unless it’s overridden at the record level. The amount shown in parentheses is the user’s personal default currency, calculated based on the conversion rate settings defined in your organization. To control whether the converted currency amount appears, enable or disable parenthetical currency conversion from the Manage Currencies page.
6. After a currency is added to an organization’s list of supported currencies, it can’t be deleted from the administrator’s list of currencies, even when it’s deactivated. The presence of inactive currencies in the administrator’s list is a cosmetic issue that doesn’t affect end users. A deactivated currency isn’t visible to end users, but remains visible to administrators. Salesforce recommends that you keep this issue in mind during testing and use only those currencies that you eventually plan to use in your organization.

Advanced Currency Management

Advanced currency management allows you to manage dated exchange rates within opportunities. Dated exchange rates allow you to map a conversion rate to a specific date range. For example, the exchange rate on January 1 was 1 USD to 1.39 AUD, but on February 1, it changed to 1 USD to 1.42 AUD. Your opportunities that closed between January 1 and February 1 use the first exchange rate (1 = 1.39), while opportunities that closed after February 1 used the second exchange rate (1 = 1.42).

NOTE Although dated exchange rates aren’t supported in Lightning Experience and Salesforce app some limited functionality is available.

Advanced Currency Management Considerations

1. Dated exchange rates are available for
   1. Opportunities
      1. Opportunity Products
      2. Opportunity Product Schedules
      3. Campaign Opportunity Fields
      4. Opportunity Splits
      5. Related Reports to these objects and fields
2. Dated exchange rates are not used in
   1. Forecasting
   2. Currency fields in other objects
   3. Currency fields in other types of report
3. Organizations with advanced currency management support roll-up summary fields between two advanced currency management objects. For example, roll-up summary fields are supported from an opportunity line item object to its opportunity object, because both are advanced currency management enabled.
   1. However, if you enable advanced currency management, you can’t create roll-up summary fields that calculate currency on the opportunity object rolling up to the account object. You also can’t filter on the opportunity currency field on the account object.
   2. All existing currency-related roll-up summary fields on the opportunity object that summarize objects that don’t support dated exchange rates are disabled and their values are no longer calculated.
   3. If your organization enables advanced currency management, delete any currency roll-up summary fields using opportunities and accounts or opportunities and custom objects.
   4. Cross-object formulas always use the static conversion rate for currency conversion.
   5. If advanced currency management is enabled, you can’t bind Visualforce pages that use apex:inputField or apex:outputField components to currency fields that support advanced currency management.