International Organizations: Using Multiple Currencies

If your company attracts customers, suppliers, partners, vendors users from all over the world then you are going to deal with multiple currency on a day to day basis. No matter how big your organization is, the need to set up multiple currency is increasing day by day.Salesforce provides advanced multiple currency support for opportunities, forecasts, reports, quotes, and other currency fields. Using this feature you can perform international transactions easily. 

Use Case

SFDC 123 Corp is a United States based company and it has various locations in Asia pacific and Europe. Opportunities and forecast of each region is tracked by VP of sales. For every organization we have active currency and personal currency. Users in orgs irrespective of the region enter the opportunities in their personal currency which is used as default currency in their own quotas, forecasts, opportunities and reports. 

Take an example, users in India enter opportunities in terms of rupees, similarly UK in euro, China in yuan and Russia in ruble. When VP of sales in USA wants to track the sales of each region the reports are reconciled into US dollars. Similarly forecast can be tracked on granular level for region in US dollars.

In SFDC 123 Corp. administrator has set the ““corporate currency,” as US dollars. List of active currencies, rupees, euro, yuan, ruble and their conversion rates are also maintained relative to US dollars.Objects like lead, account, contact, opportunity, and case has a field which specify the currency that can be used for the amount. 

Once you enable multiple currency for your org, you cannot disable it. I have described various types of currencies in salesforce  in the above screenshot. After you enable this feature all the existing records will change to default currency code. Secondary currency will be displayed in parentheses next to primary currency on records. You will notice an ISO code before the amount. For example $1000 has $ as an ISO code for US dollar currency. Using advanced currency management feature you can set the conversion rates for the opportunity amount in salesforce. 

In this blog we studied an overview of multiple currencies in salesforce. Try to enable this feature in your developer org and explore it. This is the recommended topic for salesforce.com sales cloud examination.