Overview
Activating multiple currencies in Salesforce allows your organization to manage business transactions in different currencies. This feature is essential for global organizations dealing with customers, partners, or subsidiaries in various countries. This article will guide you through the steps to activate multiple currencies, discuss key considerations, and ensure you have completed the setup correctly.
Key Considerations
Before you activate multiple currencies, consider the following:
No Looking Back: After enabled, multiple currencies can’t be disabled for your organization.
Data Integrity: Decide how you will handle existing data. Converting existing amounts to the new currencies can be complex.
Currency Management: Determine the default currency and additional currencies you need. Plan for exchange rates and currency conversion.
User Training: Inform your users about the changes and provide training on how to use the multi-currency feature effectively. Users can specify a personal default currency on their personal information page.
Reports and Dashboards: Review and adjust reports and dashboards to ensure they reflect the new currency settings correctly. Upon enablement, existing records are stamped with a default currency code that you provide in your enablement request
Object Implications: Standard and custom objects, such as Account, Lead, Case, Opportunities, Opportunity Products, Opportunity Product Schedules, and Campaign Opportunities, have currency fields that support multiple currencies.
Exchange Rates: By default, all converted amounts in your organization rely on the current conversion rates defined for your organization. Conversion rates must be set and updated manually. Changing the exchange rate automatically updates converted amounts on all records, including on closed opportunities. Advanced currency management allows you to maintain a list of exchange rates by date range.
API and Integration Impact: Check any integrations or API calls that may be affected by currency changes.
Steps to Activate Multiple Currencies
Step 1: Enable Multiple Currencies
Log in to Salesforce
Navigate to Setup:
Click on the Setup gear icon in the upper right corner.
Access Company Settings:
Enter Company Information in the Quick Find box and select Company Information.
Activate Multiple Currencies:
Click Edit.
Check the Activate Multiple Currencies box.
Click Save.
Step 2: Configure Currencies
Navigate to Currencies:
Go to Setup.
Enter Currencies in the Quick Find box and select Manage Currencies.
Add Currencies:
Click Add Currency.
Select the currency you want to add from the list and click Next.
Set Exchange Rates:
Enter the Exchange Rate for the new currency.
Decide whether to use the latest exchange rate or set a custom rate.
Click Save.
Step 3: Set Default Currency
Set Default Currency:
In the Manage Currencies page, select your default currency.
Click Edit next to the default currency and make the necessary changes.
Save Changes:
Ensure all changes are saved.
Step 4: Update User Profiles
Access User Settings:
Go to Setup.
Enter Users in the Quick Find box and select Users.
Edit User Profiles:
Select the user profile you wish to update.
Scroll to the Currency Locale section.
Choose the user’s default currency from the dropdown.
Click Save.
Step 5: Adjust Reports and Dashboards
Review Reports:
Go to the Reports tab.
Edit existing reports to ensure they display currency data correctly.
Update Dashboards:
Modify dashboards to include currency fields and appropriate currency symbols.
Step 6: Test and Validate
Create Sample Records:
Create opportunities, quotes, or any relevant records in different currencies to test the setup.
Verify Data Accuracy:
Check that amounts are correctly displayed in the appropriate currencies.
Ensure exchange rates are accurate and consistent.
Step 7: Communicate Changes
Notify Users:
Send a communication to users explaining the changes and providing training resources.
Provide Training:
Offer training sessions or materials to help users adapt to the new currency setup.
Conclusion
Activating multiple currencies in Salesforce is a critical enhancement for global organizations. By carefully considering data integrity, currency management, user training, and potential impacts on reports and integrations, you can ensure a seamless transition. Following the detailed steps outlined in this guide will help you activate and configure multiple currencies effectively.