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Manage Multiple Currencies

B
Bindu Rekha Babu
18 Sep, 2020 - Updated 6 months ago

Introduction

Help your Organization do business in local and foreign currencies using Record level currency feature. 
 

Key Currency terms

  1. Base currency
    This is the corporate currency used for reporting by the Organization headquarters. This also serves as the base for all currency conversion rates. Base currency is set initially during sign up process to the user’s geolocation currency. For example, Base Currency of the user signing up to Vtiger from the USA region is set to USD.

  2. Record currency
    This is the transaction currency of the record and set to the user preferred currency by default. Only one record currency can be set for all currency fields in a record. The conversion rate of the record currency with respect to Base currency is stored at the record level.

  3. Preferred currency
    In addition to base currency, each user gets to choose his preferred currency which is used for showing report, sales insights and forecast aggregates.

  4. Inactive currency
    This is the deactivated currency. Admin can mark any currency as inactive if an Organization no longer does business. However, existing records with inactive currencies are untouched.

Edition Required

This feature is available in Sales Enterprise and Vtiger One Enterprise editions.

Managing international sales teams

Consider Grasspods Inc as an Organization with its headquarters in the USA, and branches in Australia, India, Japan, and Germany.

The sales rep in India can create Opportunities in Rupees, and Sales rep in Japan can create Opportunities in Yen. CEO present in the USA can view Opportunities created by all the Sales Reps both in local currencies(Rupees, Yen, etc) as well as in his/her preferred currency (US Dollars).

Getting Started with currencies

In this section, we will walk you through how to Change Base Currency, add multiple currencies and select My Preference (user preferred) currency.

Change Base currency

Base currency is set initially during sign up process to the user’s geolocation currency. The administrator can change the base currency already chosen during the signup process.

Follow the below steps to change base currency:

  1. Click on the User Menu on the top right corner of the screen.
  2. Click Settings
  3. Click on Configuration > Currencies
  4. In the Currency page, click on Change Base Currency button
  5. Go through the Warning message and click Yes if you agree to proceed
  6. In the Change Base Currency pop-up window, select the currency from the drop-down list
  7. Click Save.

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Adding multiple currencies

Follow few simple steps to add new currencies

  1. Click on the User Menu on the top right corner of the screen.
  2. Click Settings
  3. Click on Configuration > Currencies
  4. Click  Add Currency in the top right corner
  5. In the create view of new currency, you’ll need to fill up the following fields

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  6. Click Save

Currency record details

Sl.No. Field Name Description
a. Currency Name Select desired currency from the drop-down
b. Currency Code The currency code of the selected currency is automatically populated
c. Symbol The symbol of selected currency is automatically populated
d. Conversion Rate Provide conversion rate of selected currency in accordance with your base currency. For instance, 1 USD = 0.5 EUR
e. Status Enable the check-box to make currency active

Note! Only active currencies will appear for selection in a Currency field.

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We will consider INR as a sample Record Currency, EUR as My Preference Currency and USD as Base Currency for examples used in this article.
Sample conversion rates used for INR To USD and EUR to USD conversions.
1 USD = 0.5 EUR
1 USD = 60 INR

Selecting your preferred currency

Vtiger allows user to view currency fields in a record in his preferred currency with a simple configuration available in My preferences > Currency and Number Field
Only when the record currency is different from the user’s preferred currency, the currency value in user preferred currency appears in shown.

Follow few simple steps to configure My preference currency

  1. Click on your user icon in the top right corner
  2. Click My Preferences
  3. In the Currency and Number Field Configuration block, locate Currency field and select the desired currency.

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  4. Show amounts in preferred currency checkbox.

    • If the checkbox is enabled, then it displays currency value along with the value converted to My preference currency.
    • If the checkbox is disabled, then it displays only currency value, which user has created.
  5. Click Save.

Note! Vtiger Currencies also supports Bitcoin Currency.

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Multiple currencies in Inventory records (Quote, Invoice, PO, SO, Subscription, Product, Service)

  1. Product Unit Price and Service Price can be set in multiple currencies, by ignoring conversion rates.

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    • When a Product is added to a Quote, the unit price in Quote currency is copied to the line item. Currency values in a quote are always displayed in the Quote currency, regardless of user’s preferred currency.

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  2. For Quote, line item values will only be shown in Quote currency. The same is true for Subscription, Invoice, PO, and SO.

  3. For Payment records, the Payment currency will change to the Invoice currency, after the Invoice is selected. The same is true if a Payment is linked to a Purchase order.

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Record level currency in non-inventory records

All the currency values in a non-inventory record (ex: Opportunity), share a common currency. If the currency of one currency field is changed in a record, the currency of the other fields in the same record will also be updated.

For each currency values, the following information is stored in the database

  1. The value in the record currency (ex: INR 10,000)
  2. The value in base currency (converted using the conversion rate at the time of saving the record) (USD 16.67)
  3. Conversion rate at the time of saving the record (stored at record level) (1 USD=60)

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If a user’s preferred currency is different from the record currency, then the value in the user’s preferred currency is shown on the side.

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Note! Customers who signed up for Vtiger before Nov 25th, 2016 should contact Vtiger support team to enable Record level currency feature. The process requires migration of data during which the system should not be used.

Currency Handling in other areas

Learn how to handle currencies in

  1. Conditions of List views, Workflows, and Reports
  2. Displaying currencies in Detail view, List view, Report details, Report Aggregates, and Charts
  3. Importing Currency values

Conditions of List views, Workflows, and Reports

If you have a condition that says Amount = Rs 10,000, then the value is converted to base currency at the time of saving the filter (if the exchange rate is Rs 100=$1, then the filter is saved as Amount > $100).

When a user views the list, the system will search all records that match the above condition. After conversion, the values are displayed in record currency and the user’s preferred currency. Even after the conversion rate has changed, the filter list remains the same.

Note!
1. If “equals” is used in a condition, it might be possible that a condition such as an Amount equals Rs 10,000 might not return records with value = Rs 10,000, if the conversion rate changed between the time of creating the filter and the time the record is saved. This usually could happen, when you do listview search.

  • When searching within listview (by specifying a value in the column), the value is converted from user’s preferred currency to base currency using current conversion rate, and records that match this base currency value will be displayed.

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    1. In Workflows conditions, the currency values specified will be in base currency, while in list views, reports, and advanced search, email campaigns, the currency values are specified in the user’s preferred currency.

Detail view, List view, Report details, Report Aggregates, and Charts

  1. List view and Record Detail view show values in the record’s currency. If the record currency is not the same as the user’s preferred currency, then the value in the user’s preferred currency is shown on the side.

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  2. In Detail Report, and when exporting Lists or Reports, Currency values will be in record currency. Currency code and conversion rate (to base currency) columns will also be exported.

  3. In Report Summary, or Pivot Report, or Charts wherever values are aggregated (Ex: SUM, AVG), the computation is done on the value stored in base currency for records that are not in user’s preferred currency, and then converted to user’s preferred currency at the time of displaying, using current conversion rate. For records whose record currency is the same as the user’s preferred currency aggregation is done on the user currency values.

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  4. In Insights and Forecasts, the computation is done on the value stored in base currency (even if record currency is user’s preferred currency it is ignored), and then converted to user’s preferred currency at the time of displaying.

Importing Currency values

Record Import supports Record Currency by default, provided your CSV files contains these 3 fields - Currency field(Eg, Opportunity Amount), Record Currency(INR, USD, EUR, YEN) and Record Conversion Rate.

If record currency and record conversion rate are not provided in the CSV file, then Vtiger will consider the current user’s preferred currency and its latest exchange rate.

Consider the following 4 cases while you import a CSV file with assumptions as

  1. User’s My Preference currency as Euro
  2. Base Currency as USD
  3. Conversion Rate as 1 USD = 0.5 EUR
  4. Default Conversion rate for INR, 1 USD = 60 INR
Case Amount Record Currency Conversion Rate Result
1. 500 INR 50 Amount = INR 500(Record Currency), Conversion rate, 1 USD = 50 INR, for the record
2. 500 - 50 Amount = EUR 500(Record Currency set to User’s preferred currency), Conversion rate, 1 USD = 0.5 EUR(configured conversion rate)
3. 500 INR - Amount = INR 500(Record Currency), Conversion rate, 1 USD = 60 INR(configured conversion rate)
4. 500 Currency not present in Vtiger or Incorrect Currency code 50 Amount = EUR 500(Record Currency set to User’s preferred currency), Conversion rate, 1 USD = 0.5 EUR(configured conversion rate)

Note! During Import, if you select an action to merge the duplicate record or merge records, multi-currency fields is not be available in the duplicate field criteria.

Making a currency inactive

An administrator can mark a currency as inactive if they are no longer doing business in this currency. However, this does not impact the records that are already present in the old inactive currency.

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You can edit the currency field value but not the currency type.

For example, Consider an Opportunity Amount = INR 500. If the Euro is made inactive by the admin, the Currency India, Rupees(INR) is freezed. Thus, you can only change the Amount value from INR 500 to INR 1000.

Note! If a user’s preferred currency is set to an inactive currency, the user preference currency is automatically reset to the base currency.
 

How to Delete Currencies?

  1. Click the User Menu on the top right corner of the screen
  2. Click Settings
  3. Click Configuration
  4. Click Currencies
  5. Click on  icon beside the currency record to delete it.
  6. Confirm by clicking on Yes button.
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