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).
- Go to Setup –> Company Information
- Click on the Edit button
- Check the Activate Multiple Currencies box and click Save
- You will now see an extra button called Currency Setup, click it
- By default, Advanced Currency management will be off
- 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.
- In the Active Currency section, click New
- Select your Currency Type, add your conversion rate, and set your decimal places (used for rounding the Parenthetical value)
- 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.
Change Corporate Currency – this allows you to change the default currency for the company as a whole.
Edit Rates button – this allows you to change the rates associated with your currencies
Edit on the Active Currency line – this allows you to change the decimal places associated with the currency
That’s it for you basic multi-currency setup. Stay tuned for more.