Author: Peggy Schael | Salesforce Trainer | WeLearnSalesforce
Identify The Correct Exchange Rate
If you’ve been travelling, for personal or business reasons, to countries using a different currency than the one you grew up with, you’ve probably faced a conversion rate challenge.
Our brains are wired in a way that it’s easier if we are able to convert a foreign currency into our own currency, so we can better determine the value of an item or a service we’re about to pay for, or get paid for.
How do you know what exchange rate to use at the time you want to make or receive the payment? It’s as easy as hopping online and googling for “currency converter”, or using an app on your phone.
I’m not affiliated with any of these converters, but here are the ones I’ve enjoyed using:
It really doesn’t matter which one you use, just double-check you’re converting into the right direction. For example, from USD to EUR, or from EUR to USD.
🌶 TIP: When identifying the conversion rate you should understand which currency is your org’s default currency (=corporate currency) that you are converting to. This is relevant when you already have a few currencies set up in your org and you need to identify which one is the corporate currency.
Add a New Currency and it’s Exchange Rate
Once you’ve determined the exchange rate, you can go ahead and add your new currency to your Salesforce org.
If you haven’t added any currencies to your Salesforce org other than the Default Currency, remember to activate the Multi Currency feature in the Company Profile first.
Upon activation, you will find a new menu item in your Setup, the “Manage Currencies” item:
Therefore, if you can’t see the “Manage Currencies” item in your Setup, it means that you don’t have it activated yet.
Under the “Manage Currencies” menu item, you can add any currency your Salesforce users need to be able to access.
Choose Relevant Currency on Salesforce Records
When Salesforce users create a new Opportunity or other record containing a currency field, Salesforce will auto-populate the default currency of the user.
However, once you’ve added more currencies, the user can now open the picklist and choose any other currency relevant to this particular record.
Let’s create a new currency together and find out how the exchange rate is applied to Salesforce records containing a currency field. You can follow along from your own Trailhead Playground or Developer Org. Simply click the gear icon ⚙️ in the upper right corner to jump into the Setup.
VIDEO TUTORIAL WALK-THROUGH SCRIPT
- Go to Setup/Company Settings/ Manage Currencies
- Click New
- Select GBP
- Enter Conversion Rate: [use your preferred currency converter]
- Click Save
- Click Edit Rates
- Go to Sales/Opportunities tab
- Click New
- Opportunity Currency – based on User’s Personal Default Currency
- Expand the drop down – other currency now available too
Advanced Currency Management
You’ve probably been asking yourself how you can possibly manage the ever changing exchange rates for each currency? Very good point! We’ll discuss this in the next blog article. So stay tuned for more!
Let me know in the comments which currencies your Salesforce org(s) have been dealing with. I’d love to know!
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