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Feature Availability

Vtiger Editions: One Professional | One Enterprise | One AI

Introduction

If your business operates across multiple countries, your teams may need to work with different currencies. Vtiger CRM supports multiple currencies, allowing users to create and manage records in their local currency while giving managers and executives a consolidated view in their preferred currency.

With multi-currency support, organizations can:

• Create records using local currencies.
• Set a preferred currency for each user
• Automatically convert currency values using exchange rates.
• View records in both local and preferred currencies.

​​

Consider a global organization headquartered in the United States with offices in Australia, India, Japan, and Germany.

Mark Hale, the CEO, uses US Dollars (USD) as his preferred currency. The sales representatives in different regions work in their local currencies:

• Arjun Varma, the sales representative in India, creates deals in Indian Rupees (INR).
• Liam Manson, the sales representative in Japan, creates deals in Japanese Yen (JPY).

When Mark reviews these deals in Vtiger CRM, he can view the original deal values in INR and JPY, along with their converted values in USD. This allows regional teams to work in familiar currencies while enabling leadership to monitor business performance using a single reporting currency.

Key Currency Terms

• Base Currency​​​​: This is the corporate currency used for reporting by the Organization's headquarters. This also serves as the base for all currency conversion rates. The Base currency is set initially to the user’s geolocation currency during the sign-up process. For example, the base currency of the user signing up to Vtiger from the USA region is set to USD.
• Record Currency: This is the transaction currency of the record and is set to the user's 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 the base currency is stored at the record level.
• Preferred Currency: In addition to the base currency, each user can choose their preferred currency, which is used for reports, sales insights, and forecast aggregates.
• Inactive Currency: This is the deactivated currency. An admin can mark any currency as inactive if an Organization no longer does business. However, existing records with inactive currencies are untouched.

Adding a Currency

If your company does business in multiple regions across the world, then you can add currencies in Vtiger CRM for each region.

Follow these steps to add a currency:

1. Log in to the CRM.
2. Go to the main Menu.
3. Click Settings. The Settings page opens.
4. Look for the Configuration section.
5. Select Currencies. The Currencies page opens.
6. Click +Add Currency.
7. Enter the following information:
   1. Currency Name: The region the currency belongs to
   2. Currency Code: This is selected by default and cannot be changed
   3. Symbol: This is selected by default and cannot be changed
   4. Conversion Rate: The conversion rate of the currency with respect to the base currency
   5. Status: The status of the currency
      1. Active if the currency is being used
      2. Inactive if the currency is not being used
8. Click Save.

The newly created currency is available in the Currencies page, and you can use it across the CRM.
Vtiger also supports Bitcoin currency. You must select Bitcoin under Currency Name and enter the Conversion Rate to use it.

Note: 

• Only Admin users can add currencies. 
• There is no limit on the number of currencies that can be added.
• Only Active currencies are shown for selection in a currency field.

​Changing Base Currency

The Base currency is set initially during the sign-up process to the user’s geolocation currency. You, as an admin, can change the base currency that is already chosen during the sign-up.
Follow these steps to change the base currency:

1. Log in to the CRM.
2. Click on the User Menu in the top right corner of the screen.
3. Click Settings. The Settings page opens.
4. Click on Configuration > Currencies. The Currencies page opens.
5. Click Change Base Currency. A warning message pops up.
6. Click Yes to proceed.
7. In the Change Base Currency pop-up window, select the currency from the drop-down list
8. Click Save.

​Multi-Currency

The Multi-Currency feature enables global teams to create records in their local currencies and lets managers view converted values in their preferred currency.
If your edition doesn't support the multi-currency feature, you can install a Booster Pack from the Add-ons page.

Follow the steps below to install the Booster Pack for Currencies Add-on:

1. Log in to the CRM.
2. Go to the main Menu.
3. Click Add-ons. The Add-ons page opens.
4. Search for Booster Pack for Currencies.
5. Click Buy. The confirmation message pops up.
6. Click Yes to confirm.

You can now add multiple currencies on the Configuration > Currencies page. When adding a currency, you must set the conversion value to the base currency.

Note: The multi-currency booster pack is available for $4/user/month for the One Professional edition and is free for the Learning, Developer, & One Enterprise editions.

Adding Multiple Currencies

Follow these steps to add currencies:

1. Log in to the CRM.
2. Go to the main Menu.
3. Click Settings. The Settings page opens.
4. Click on Configuration > Currencies. The Currencies page opens.
5. Click Add Currency in the top right corner.
6. In the create view of the new currency, you’ll need to fill in the following fields
7. Click Save.

Currency Record Details

The following are the currency record field information:

• Currency Name: Select the desired currency from the drop-down.
• Currency Code: The currency code of the selected currency is automatically populated.
• Symbol: The symbol of the selected currency is automatically populated.
• Conversion Rate: Provide the conversion rate of the selected currency in accordance with your base currency. For instance, 1 USD = 0.5 EUR.
• Status: Enable the check-box to make the currency active.

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

​Multiple Currencies in Inventory

Inventory transactions often involve customers, vendors, and suppliers from different countries. Vtiger CRM's multi-currency support enables you to create inventory records in different currencies while maintaining a single base currency for accounting and reporting.

When you create an inventory record, such as a Quote, Sales Order, Purchase Order, or Invoice, you can select the currency for that transaction. All prices, taxes, discounts, and totals in the record are calculated and displayed in the selected record currency.
The exchange rate applicable at the time the record is created is stored with the record. This ensures that the transaction value remains unchanged even if exchange rates are updated later.

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

• 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 the user’s preferred currency.
• For Quote, line item values will only be shown in Quote currency. The same is true for Subscription, Invoice, PO, and SO.
• 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.

Currency in the Non-Inventory Records

All the currency values in non-inventory records 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 value, the following information is stored in the database.

• The value in the record currency (For example, INR 10,000)
• The value in base currency (converted using the conversion rate at the time of saving the record - USD 16.67)
• Conversion rate at the time of saving the record (stored at record level - 1 USD=60)

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.

Currency in Other Areas

Learn how to handle currencies in the following areas:

• Conditions of the List views, Workflows, or Reports.
• Displaying currencies in Detail view, List view, Report details, Report Aggregates, and Charts.
• Importing Currency values.

Conditions of the List views, Workflows, and Reports

If you have a condition that says Amount = INR 10,000, then the value is converted to base currency when you save the filter (if the exchange rate is INR 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.

Note: 

• Even after the conversion rate is changed, the filter list remains the same for the conditions set previously.
• If the equals operation is used in a condition, it might be possible that a condition such as Amount equals INR 10,000 might not return records with value = INR 10,000 if the conversion rate changed between the time of creating the filter and the time the record is saved. This usually happens when you do a List View search.
• When searching within a List View (by specifying a value in the column), the value is converted from the user’s preferred currency to the base currency using the current conversion rate, and records that match this base currency value will be displayed.
• In Workflow Conditions, the currency values specified are in base currency, while in the List Views, Reports, advanced search, and Email Campaigns, the currency values are specified in the user’s preferred currency.

Detail View, List View, Report Details, Report Aggregates, and Charts

 

• List View and Record Details 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.
• 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.
• In Report Summary, Pivot Report, or Charts wherever values are aggregated (SUM, AVG), the computation is done on the value stored in base currency for records that are not in the user’s preferred currency, and then converted to the user’s preferred currency at the time of displaying, using the 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.
• In Insights and Forecasts, the computation is done on the value stored in the base currency (even if the record currency is the user’s preferred currency, it is ignored), and then converted to the user’s preferred currency at the time of display.

Importing Currency Values

Record Import supports Record Currency by default, provided your CSV files contain these 3 fields: Currency field(for example, 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:

• User’s My Preference currency as Euro
• Base Currency as USD
• Conversion Rate as 1 USD = 0.5 EUR
• Default Conversion rate for INR: 1 USD = 60 INR

During Import, if you select an action to merge the duplicate record or merge records, multi-currency fields are not 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.

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 frozen. 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's preferred currency is automatically reset to the base currency.

​Selecting Preferred Currency

Vtiger allows users to view currency fields in a record in their 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 does the currency value in the user's preferred currency appear.

Follow the steps below to set up preferred currency:

​

1. Log in to the CRM.
2. Click the User Menu in the top right of the screen.
3. Click My Preferences. The My Preferences page opens.
4. Click Edit.
5. Scroll down to the Currency and Number Preferences section.
6. Select your desired currency from the drop-down menu.
7. Click Save.

The currency field values are displayed in the record currency and your preferred currency.

​Deleting a Currency

Follow the steps below to delete a currency:

1. Log in to the CRM.
2. Go to the main Menu.
3. Click Settings. The Settings page opens.
4. Click Configuration > Currencies. The Currencies page opens.
5. Hover over the desired currency and click the delete icon beside it.
6. Click Yes to confirm.

The deleted currency is no longer available to use in CRM records.

References

• Inventory - Tax Management