How to Setup Multi-Currency

Multi-currency is a feature that comes with Salesforce that is very useful if your company either is multiple countries with different currencies or simply sells in more than one currency. Below I am going to walk you through the basic steps of setting up a secondary currency using GBP (Great British Pound).

  1. Go to Setup –> Company Information
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  2. Click on the Edit button
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  3. Check the Activate Multiple Currencies box and click Save
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  4. You will now see an extra button called Currency Setup, click it
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  5. By default, Advanced Currency management will be off
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  6. By default Parethentical Currency Conversion will be on – this is what you will see on any currency field when your default currency and the currency of the record you are on do not match.
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  7. In the Active Currency section, click New
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  8. Select your Currency Type, add your conversion rate, and set your decimal places (used for rounding the Parenthetical value)
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    1. Conversion rates in Salesforce are controlled by you; it is possible to purchase third-party products on the AppExchange if you need something more sophisticated for obtaining the values if Google does not work for you.

Other buttons/features

Change Corporate Currency – this allows you to change the default currency for the company as a whole.
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Edit Rates button – this allows you to change the rates associated with your currencies
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Edit on the Active Currency line – this allows you to change the decimal places associated with the currency
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That’s it for you basic multi-currency setup. Stay tuned for more.

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