by Snazek Beydoun 
Does your organisation operate in multiple Countries? Do users need to be able to view opportunities and quotes in their local currency?
If you answered yes, then the multiple currency feature in Salesforce might be something you want to look into!
Enabling multi-currency allows international organisations to use multiple currencies. For example, in opportunities, forecasts, reports, quotes and any other currency fields. The Salesforce Admin sets the “Corporate currency”. This is the currency of the corporate headquarters. And then maintains the list of active currencies. As well as their conversion rates. The active currencies represent the countries in which the organisation does business. Only active currencies can be used in currency amount fields. Users can set their personal currency. This is used as default when they create quotes, opportunities, reports and quotas. However they still have the option to use other active currencies as well.
The two main aspects of Multiple Currency are:
1. Enable Multiple Currency
This feature allows you to set a corporate currency. As well as adding additional currencies with their exchange rates. These currencies can then be used in many place. For example at org level, user level and record level. There is also the option to enable Parenthetical Currency Conversion. It displays converted currency amounts to users whose personal currency is different from the record currency.
Things to consider:
- The Multiple Currency feature cannot be switched off once it has been enabled.
- Existing records are stamped with the Corporate Currency after enablement.
- You should only set up currencies you plan to eventually use in your organisation. You can only deactivate currencies not delete them.
- The number of decimal places defined in a custom currency field is ignored once multiple currencies has been enabled. To manage this, set decimal places per currency through “Manage Currencies” in set up.
2. Advanced Currency Management
The conversion rates for currencies needs to be set and updated manually. And by default all converted amounts rely on the current conversion rates defined for your organisation. When changing the exchange rate, it automatically updates converted amounts on all records. This includes opportunities that are closed. This is why we would recommend using advanced currency management. It allows you to maintain a list of exchange rates by date range. Additionally you can track historical exchange rates within opportunities. Here’s one thing to bear in mind. The converted currency amounts on opportunities display based on the specified closed date. If the close date changes to a date that falls within a different exchange rate period. It will have an impact on the converted amounts.
Unsure as to whether you need to enable this? See if this would be a suitable feature for your business. And get in touch with our team.