Soffront multi currency helps users to easily handle transactions in the global market. Users can support sales transaction in preferred currencies with automated conversion rates and facilitate to close more deals easier and faster.
What is default currency?
Generally the default currency is the currency of the Companies headquarter or primary location for any organization.
What are active Currencies?
Active currencies represent the currency types in other locations in which this organization does business or making any financial deals. User’s currency depends on the business location of the user.
How does it work?
- Any Organization can setup multi currency.
- The organization’s administrator can sets up the default currency.
- Admin also maintains the list of active currencies and their conversion rates relative to the default currency.
- Any active currency can be set as default currency.
- Every user has a personal currency setup. The currency value for leads, accounts, opportunities or any other business objects are displayed or saved in the selected currency type.
Admin Setup
Setup permission to Manage Multiple Currency.
To manage multiple currencies, a user group should have special permission.
Follow the steps below to setup Permission to Manage Multiple Currency.
- On Home page click on Setup under Links
- On Setup page select Users & Groups Setup.
- Then select User Groups to open the list of all User groups.
- Select the group you want to grant permission to, and then click on
- Currency is under special privileges. Click on Special button to open special privileges list.
- Select Currency from Special Privileges list the click on Add button to add it to the Granted Privileges list
- Once you have made all the changes click on Save.
Now Manage Multiple Currency option is available under Setup -> Company Profile -> Manage Multiple Currency.
Manage Multiple Currency
To start using multiple currencies in Soffront user has to first enable multi currency.
- Click on Enable to start managing Multiple Currency.
Note: When for the first time multiple currencies are enabled the default currency would be USD. This can be changed to any active currency later.
Multiple Currency Manager displays all the currency types available in the CRM application. Here the user can set default currency for the application and display currency symbols and exchange rates. They can add new currency, modify, activate or deactivate currencies according to their needs.
Note: Multiple currencies can be Activated /Deactivated only by an admin user.
Add New Currency
Click on New to add a new currency.
- Currency Name: Type in the name of the currency. Example: Euro, US Dollar
- Country Name: Type in the name of the country. Example: USA, India
- Decimal Places: This option allows the user to choose the number of decimal places to show after any amount, for the selected currency. By default the value is four.
- Conversion Rate: Conversion rate is the value or quantity of one currency into the relative values or quantities of other currencies. Here Conversion rate of a currency will be compared to the selected default currency of the CRM.
Example: If USD is selected as default currency and the conversion rate is 0.80 for Euro, then 10 USD would value to 8 EURO.
- ISO Code for this currency: Codes for the representation of names of countries and their subdivisions. Example: ISO code for United States Dollar is USD and Euro is EUR.
- Currency Symbol: Acurrency symbol is a graphic symbol used as shorthand for a currency‘s Example: United States Dollar as $.
- Show ISO Code/Symbol?: Selecting Yes will show ISO code for the currency and selecting no will display currency symbols. Example: 10 USD will be displayed if the option is selected as Yes and $10 if the option is set to No.
Activate/Deactivate Multiple Currency
Multiple currencies can be Activated /Deactivated only by an admin user. Click on the Activate link to Enable and Deactivate links to Disable a currency. After a currency is enabled or disabled user has to re-login to the application.
User can deactivate a currency when not in use and activate it later on when needed.
Edit Rates:
Conversion rate is the value or quantity of one currency into the relative values or quantities of other currencies.
Edit Rates allows the user to update the conversion rate of a currency with changing economy.
- Select the currency rate that needs to be updated then click on Edit Rates.
- Change the currency rate with respect to the default currency
- Click on save to save the updated rate.
Note: Conversion rate can be updated anytime for any currency type. This is available for both Active & Inactive currency types.
Change Default
Current default currency can be changed to any other active currency type.
Follow the steps below to change the default currency
- Click on Change Default under Step 2
- Under change default dialog box, select New Default Currency from the dropdown list then click on
- When the Default Currency is changed, The Conversion rates changes accordingly for other active and Inactive currencies.
User Setup
Personal Currency Setup
When Multiple Currency is enabled by admin, My Currency link appears for all users in My Setup.
From this link users can change their default currency.
- User will be able to see all active currencies from the dropdown list .
- Select a currency then click on Save to make it Personal Default currency.
If the user doesn’t select a currency type from the dropdown list, then the default currency set by the admin is treated as the users Currency type.
If a currency type is not available in the list, the user can request the admin to add that currency for later use.
Record Detailed view
- Select an opportunity record then go to detail view.
- Ammounts in the currency type fields are displayed in users selected currency type ( If users currency type is not selected then the default currency set by the admin is treated as the users Currency type.)
- Amounts in the currency type fields displayed in red, is the converted amount in Admin’s Default currency.
- Currency set by user: Blue
- Currency set by admin : Red
Record List View
Go to Opportunities list view
- Ammounts in the currency type fields are displayed in users selected currency type ( If users currency type is not selected then the default currency set by the admin is treated as the users Currency type.)
- Amounts in the currency type fields displayed in red, is the converted amount in Admin’s Default currency.
- Currency set by user: Blue
- Currency set by admin : Red
Currency type fields in record entry forms
All Currency type fields such as Opportunity, Forecast, Budget amount etc can be entered using the form shown below
Currency Converter:
Currency Type: This displays the user’s current Currency setting. The user can change the currency setting from the dropdown list if required.
Amount: Users can enter the preferred amount in the field. (The conversion rate is displayed below for the selected Currency Type and the Default Currency type)
Opportunity Amount:
Default Currency: Displays the Default currency set by the user. ( default currency cannot be changed from this field)
Amount: Displays the currency amount for default currency.
Note: Amount values are shown and entered in user’s currency type (if not set up, default currency as set by admin, is treated as user’s currency type). CRM Users are provided with a buddy button beside Current type field to convert any amount from any active currency type (other than default currency type) to user’s currency type.
Create New Quotes
While creating a new quotation user needs to select currency. By default Default would be selected. The default currency is the currency set by user (if not selected this will be the default currency set by admin).
Create and Modify Quotation
Functionality for working in quotation would remain the same as before. Only visible change would be dollar($) symbols would be replaced by the currency selected while creation.