TIP OF THE WEEK: Enabling Salesforce Multi-currency
Here are some tips on how Multi-currency works
Once multi-currency is enabled, you will have the features:
- You will be able to assign a base currency
- Your base currency will be used for all reporting and forecasting
- All the transactions from other currencies will be converted to the base currency
- As required you can create new currencies in your Salesforce instance
- You are able to specify a rate for each currency
The currency conversion rate in the market fluctuates every day. One question customers ask us is “Can you provide a different rate for different currency for a different day?” The answer is Yes!, you can do this by enabling the Advanced Currency Management.
Once you’ve enabled Advanced Currency Management, you can control the rates each day via the Dated Exchange Rates table – which is shown below.
By using this feature, the conversion rate for other currency will be calculated based on the rate you specify within a range.