Manage Multiple Currencies

Manage Multiple Currencies

 Cloudtool Technologies Pvt Ltd

The multi-currency support in Zoho CRM helps you to handle business transactions in the global marketplace easily. If you regularly deal with international clients and vendors, then Multi-Currency will facilitate international buying and selling. With Multi-Currency support in Zoho CRM, you can:

  1. Estimate the value of an opportunity using the currency you deal in and also in the customer's local currency.
  2. Generate and view reports in your organization's currency.
  3. Import a single file that contains data with values in multiple currencies.
Availability
Permission Required
Users with the admin-level permissions can set up this feature.


Points to Remember
  1. When a user transitions from a paid edition to a trial edition, they can utilize currencies up to the limits of their original paid edition without disabling any added currencies. However, upon moving to an edition with lower limits, the constraints of the lower edition will apply, potentially preventing the addition or activation of currencies if the limit is exceeded.
  2. The free edition does not support multiple currencies. Downgrading to the free edition results in the deactivation of all previously added currencies. Upon upgrading to a higher edition, users must manually activate currencies to resume their use.
Overall benefits of using multi-currencies
  1. Improved customer experience: Customers can make payments in their preferred currency, which enhances their experience and boosts customer satisfaction. 
  2. Increased sales: By enabling customers to make purchases in their local currency, businesses can expand their reach and gain new customers, resulting in increased sales and revenue. 
  3. Global reach: Businesses can expand their operations globally, allowing them to sell products or services to customers in different currencies. Accepting payments in multiple currencies removes barriers to entry and enables businesses to tap into new markets. 
  4. Accurate pricing: Ensures that pricing is accurate and consistent across different currencies, preventing confusion and errors in pricing that can negatively impact sales. 
  5. Currency conversion: Automatically converts currencies, making it easy for businesses to manage payments without having to convert currencies manually or use a third-party tool. 
Terminologies in currencies feature

Home Currency
It is the primary currency that your organization uses for its business. Often this is the currency used to generate annual reports and calculate the company's income. The Home Currency is most relevant for multinational companies that do business in multiple currencies. For example, a company has offices in Japan, India, and Spain, but its headquarters are in the US. So, the financial figures of this company are expressed in terms of US Dollars. In the example, the Home Currency is US dollars.

Active Currency
These are the currencies in which your organization does business. Only active currencies can be entered in deals and other fields.

Inactive Currency
These are the currencies that your organization no longer uses. Once deactivated, these currencies will not be deleted. They will still be listed under Currencies.

Exchange Rates
It is the rate at which one currency can be exchanged for another. In your CRM account the exchange rate is used to convert an amount in one currency to the home currency used by your organization.

Record Currency
This is the currency for each record. All the currency values for a record will be based on the selected record currency.

Now that we are familiar with the terminologies of currencies management in Zoho CRM, let us look at how to use it.

Profile-based permissions

The permission setting required to access the Currencies tab is available in the admin-level permissions settings. Users with this permission can add, edit, activate, and deactivate currencies.


Choose Home Currency and Add Multiple Currencies

You can select your home currency through the currencies tab, and we'll recommend a value based on your choice in the currency locale option during signup.


The suggested home currency will be based on the chosen option, and users can either confirm it or make changes as needed using the Currencies tab. Users with manage currencies permission can access the currencies tab. The permission setting required to access the Currencies tab has been added to admin-level permissions settings. 

To set home currency
  1. Go to Setup > General > Company Settings.
  2. In the Company Settings page, go to the Currencies tab.


    Note: This Home Currency value is the option you choose in "Currency locale" during the initial CRM setup. 

  3. Do one of the following:
    1. Click Change Home Currency if you want to change the currency which you had initially set during CRM setup. 
      1. Change the currency and its format.
        Note: Once you change the home currency by choosing a currency from the dropdown, an alert message will appear to remind you that the home currency cannot be changed further, and the currency code will be applied to all existing records and the values will remain unchanged. 
      2. Click Yes, Confirm Home Currency to proceed with the change.
    2. Click Confirm Home Currency if you want to continue using the same home currency.

      Note: Based on the currency that you select, the currency Format will be populated.
  4. If required, click Edit to change the following:
  5. Select the Code/Symbol from the drop-down list.
  6. Select the Digit Separator from the drop-down list.\
  7. Select the Decimal Places from the drop-down list.


  8. Click Save.

Add Multiple Currencies

After choosing the home currency, users with permission to access the currencies tab can add other currencies that company uses for business. Other users will then be able to select these currencies to use them as a record's currency while creating leads, contacts, deals, etc.
Note
  1. The Currency field will be available in the records only if a currency is added.
  2. The system-defined fields - Currency and Exchange rate can be removed from the layout if there are no Currency type fields in the layout. At any point if a Currency type field is added to the layout, automatically the system-defined fields - Currency and Exchange rate will be added.


To add multiple currencies
  1. Go to Setup > General > Company Settings > Currencies.
  2. Click the Add Currency button.
    Note:
    On adding a new currency:
    - You cannot delete the currency; you can only deactivate the currency.
    - The Currency and Exchange Rate fields will be added to the module.
    - Reports may not work properly if currency fields from different modules are used to compare values in filters. 

  3. In the Add Currency pop-up box, do the following:
    1. Select a Currency from the drop-down list that will be the newly added currency.
    2. Click Yes, Continue to continue adding the currency.

    3. Select the Symbol, Digit Separator, and Decimal Places from the respective drop-downs.
    4. Enter the Exchange Rate for the currency that you are adding and click Save.

On activation:
  1. You cannot deactivate this multi-currency feature.
  2. All the users with administrator profile will receive an email, informing them that the multi-currency feature is activated in the organization's CRM account.
  3. The exchange rates for the existing records will be set as 1.

Active and Inactive currencies

Once you add multiple currencies, you can set them as active or inactive currencies. 



You also have the option to filter them out.



Currency details and logs

When you click a currency—which is displayed as a hyperlink—the details of the currency will displayed with two tabs: Info and Logs.



Info: Displays the currency's details.
Logs: Captures any changes made to the currency, such as the following:
  1. Home currency confirmation
  2. Symbol changes
  3. Digit separator changes
  4. Decimal places changes
  5. Exchange rate changes
  6. Currency activation and deactivation
Note: The history will be accessible for changes made within the past six months.

Edit the Exchange Rate

The exchange rate is specified while adding multiple currencies. Each record will have the Zoho defined field named Exchange Rate with the conversion value based on the record currency. This is added to keep a note of the rate of conversion at the time of record creation. When the other currencies are added, the home currency will be set as the record currency for all the existing records. As a result, the exchange rates for the existing records will be set as 1.

Note: Changing the exchange rates will not affect the existing records.
To change exchange rate
  1. Go to Setup > General > Company Settings > Currencies.
  2. Click on the currency for which you want to change the exchange rate.
  3. In the Edit <<Currency>> pop-up, modify the Exchange Rate for the currency.

  4. Click Save.

Deactivate Currency

When your organization no longer uses a currency for business, then you can deactivate it from your CRM account. On deactivating a currency:
  1. The currency will not be deleted as you can only deactivate them.
  2. New records cannot be created using the deactivated currency. However, you may be having existing records that use the deactivated currency.
  3. The deactivated currency will be available under the list of currencies you have added.
To deactivate currencies
  1. Go to Setup > General > Company Settings > Currencies.
  2. Toggle the Status button to inactive state on the currency that the organization no longer uses.
  3. Click Yes, Deactivate.

  4. A notification confirming successful deactivation is displayed.

Activate Currency

Activate the inactive currencies added in your CRM account whenever you want.
To activate currencies
  1. Go to Setup > Organization Settings > Company Settings > Currencies.
  2. Toggle the Status button on the currency that you want to activate.
The following table shows the outcome of deactivating a currency at different action points.

Impact AreasWhen a currency is deactivated
New record creationDisplays a validation error requesting the user to choose an active currency.
User preferred currencyReverts to the home currency
Portal-user preferred currencyReverts to the home currency
Create record actions in Workflow Rules and CommandCenterReverts to the home currency and the currency field values are also converted.
Record conversionRecords that are converted with inactive currencies will be replaced with the home currency and the currency field values will also be converted based on the exchange rate. During deal creation, a validation error will be shown requesting the user to choose an active currency if the currency field is present in the form; otherwise, the deal will be created with the home currency.

    Using Multiple Currencies

    Before you start using this feature, the Administrator in your organization's CRM account needs to add the Home Currency and multiple other currencies. Only then, other profile users can start using the currencies in creating opportunities, quotes, invoices, etc.

    Multiple currencies are used to:
    1. Specify Record Currency while creating records.
    2. Create quotes and invoices in the currency
    3. Import records that have value in various currencies.

    In Records

    Records in Zoho CRM will have a Currency field where you can select the currency available in your organization's CRM account. This field will be available only after the multi-currency feature is enabled. All the amount fields in a record will have the value in the record's Currency, followed by the amount in Home Currency in parenthesis.
    Note:  The Currency field will be available in the records only after the multi-currency is activated.

    To specify a record's currency

    1. Click the [Module] tab.
    2. Click New [Record].
    3. In the New [Record] page, enter the details and select the record's Currency from the drop-down list.
      Only active currencies will be listed in the drop-down field.
    4. Click Save.

    In Quotes, Invoices, Sales Orders and Purchase Orders

    Like any other record, you can set the Currency field for quotes and invoices also. The line items that you select will be in the home currency. They will be converted into the record's currency that is selected for the quote or invoice.

    In Reports

    By default, the value in a report will be displayed in Home Currency.

    In List View

    The List View filters out and displays records in a module based on criteria. For example, you can create a list view to filter out and see the potentials that are closing this week. While specifying criteria, using a currency field, the value can be specified only in the home currency.
    The columns in these list views can be customized to add the currency fields.  See Also  Customize Columns in List View. When you click on the currency column header in a list view, the records with different currencies will be sorted in ascending or descending order based on the Home Currency value.

    While Importing

    In Zoho CRM, you can easily import records with multiple currencies.
    When a record's Currency field is not mapped, the Home Currency will be set as the Currency.
    When a Record Currency field is mapped but the value differs in the import file and CRM, the Home Currency will be set as the Currency.

    While Specifying Criteria

    In features like List View, Workflow Rules, Reports, etc, you have the option to specify the criteria. While using multi-currency, the criteria using the currency fields can be set only in Home Currency.

    In Dashboards

    The Dashboard in Zoho CRM, is where you can add pictorial representations of your custom reports which gives a real-time snapshot of your organization's key metrics. It will also help you easily visualize the patterns, and trends in sales, marketing, etc. The amount in the dashboard components will be displayed in the Home Currency.

    In Find and Merge

    When you have 2 or 3 similar records with different Currency, then you can use the Find and Merge feature to merge the duplicate records. The Master record's Exchange Rate and Currency field values will be taken and the selected amount from other records will be converted accordingly to be merged as one record.

    In Web Forms

    There are two cases for using the Currency field in your web form:
    1. You create a web form with the Currency field. The visitor, completing the form, will select the currency and specify the amount and the same will be added in Zoho CRM.
    2. You create a web form with the Currency field and modify the HTML code to hide the field and provide a single value for the Currency field. For example, you generate a web form with a hidden field, Currency, whose value is specified as INR. When the form is published and a visitor fills the form, the amount will be take as INR and will be added in Zoho CRM.
    Note: If the Currency field is not added in the web form, the amount will be considered in Home Currency.

    In Forecasts

    Multiple Currencies support is not available in the Forecast module. The amount in forecasts will be listed in Home Currency.

    In Lead Conversion

    Each lead record will have a record currency in your account. When a lead is converted, an account, contact and potential is created. These new records will have the converted lead's currency.


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