Multiple Currencies in Zoho CRM will help you manage everything from deals across the globe to invoices, payments and reports in the currency that your organization and partners prefer. You can accurately estimate the value of opportunities and share insightful reports of transactions in your organization's currency.
It is the primary currency that your organization uses for its business. Often this is the currency used to generate annual reports and calculate the company's income. The Home Currency is most relevant for multinational companies that do business in multiple currencies. For example, a company may have offices in Japan, India and Spain, but its headquarters office is in the US. So, the financial figures for this company are expressed in terms of US Dollars. Here, the Home Currency is US dollars.
These are the currencies in which your organization does business. Only active currencies can be entered in opportunities and other items.
These are the currencies that your organization no longer uses. Once deactivated, these currencies will not be deleted. They will still be listed under Currencies.
It is the rate at which one currency can be exchanged for another. In your CRM account the exchange rate is used to convert an amount in one currency to the home currency used by your organization.
This is the currency for each record. All the currency values for a record will be based on the selected record currency.
Please go through the following before you start using the multi-currency feature.
The company headquarters is located in Canada. There are sales and development offices in Canada, Mexico, Japan, China, India, Singapore and Australia. Offices in each country has their respective Sales Manager and also Sales Representatives who work for specific regions and report to their respective Regional Senior Sales Representatives.
The CEO and Senior Vice President of sales in Canada receive monthly reports from their offices across the world. They run reports in Canadian Dollars (Company's Home Currency) that help them estimate the profit and loss in terms of sales. The VP of sales in Asia, works from the Japan office. He consolidates data from offices in China, India, Singapore and Japan to run a report in Canadian Dollars. Similarly, the VP in Australia and Mexico collects the data and reportsit in Cannadian Dollars too.
Only the users with the Zoho defined Administrator profile can perform the following in the organization's CRM account:
Users with an Administrator profile need to first activate this feature and then add the home currency. Please note that once activated, you cannot deactivate this Multi-Currency feature. Once activated:
To activate multi-currency & add home currency
After activating the feature by adding the home currency, the administrator can add other currencies that company uses for business. Other users will then be able to select these currencies to use them as record currency while creating leads, contacts, potentials etc.
To add multiple currencies
Records in Zoho CRM will have a Currency field where you can select the currency available in your organization's CRM account. This field will be available only after the multi-currency feature is enabled, and its value can be specified only while creating a record. The Currency field cannot be edited later. All the amount fields in a record will have the value in the record's Currency, followed by the amount in Home Currency in parenthesis.
To specify a record's currency
Like any other record, you can set the Currency field for quotes and invoices also. The line items that you select will be in the home currency. They will be converted into the record's currency that is selected for the quote or invoice.
By default, the value in a report will be displayed in Home Currency.
The List View filters out and displays records in a module based on criteria. For example, you can create a list view to filter out and see the potentials that are closing this week. While specifying criteria, using a currency field, the value can be specified only in the home currency.
The columns in these list views can be customized to add the currency fields. See Also Customize Columns in List View. When you click on the currency column header in a list view, the records with different currencies will be sorted in ascending or descending order based on the Home Currency value.
In Zoho CRM, you can easily import records with multiple currencies. There are two import options: Import My Records and Import My Organization Records.
In features like the List View, Workflow Rules, Reports etc, you have the option to specify the criteria. While using multi-currency, the criteria using the currency fields can be set only in Home Currency.
The Dashboard in Zoho CRM, is where you can add pictorial representations of your custom reports which gives a real-time snapshot of your organization's key metrics. It will also help you easily visualize the patterns, and trends in sales, marketing, etc. The amount in the dashboard components will be displayed in the Home Currency.
When you have 2 or 3 similar records with different Currency, then you can use the Find and Merge feature to merge the duplicate records. The Master record's Exchange Rate and Currency field values will be taken and the selected amount from other records will be converted accordingly to be merged as one record.
There are two cases for using the Currency field in your web form:
Multiple Currencies support is not available in the Forecast module. The amount in forecasts will be listed in Home Currency.
Each lead record will have a record currency in your account. When a lead is converted, an account, contact and potential is created. These new records will have the converted lead's currency.
No. You cannot mass update the Currency field for the records. However, you can change the currency of the records, one at a time.
You cannot delete the currencies that you are not using. As an Administrator, you can only deactivate the currency. On deactivating a currency:
No. The Home currency can be specified only once when the multi-currency feature is activated.