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Sell Globally with Multiple Currencies

Zoho CRM | March 29, 2012 | 2 min read

Picture these real-time business scenarios,

  • A big company from Japan is ready to buy your products in bulk, but can pay only in Japanese Yen and not in your local currency.
  • Your supplier (say diamond or gold mining company) from South Africa insists you to raise the Purchase Order only in Rand.
  • You’ve a large sales organization spanning across several countries with head quarters in United States. And in each country you’ve agreed do business in the local currency while obtaining license from the government agencies.
  • You’re running a B2C e-commerce portal to sell designer women’s brands, jewellery and accessories not only to the US customers but to an international audience.
  • You’re in a highly competitive segment and all your competitors are selling products in different currencies to acquire the market share.

Whether Small, Medium or Large, your company will experience one or many of the above scenarios either due to Government regulations or by your business model. Hence your CRM and Accounting software must support the sales transactions & receivables/payable in multiple currencies. Keeping in mind the business needs of companies who deal with such scenarios, we at Zoho CRM offer complete support for multiple currencies to all users of Enterprise Edition.

Let’s quickly take a look at some of the key features of multi-currency support,

As an Administrator you can,

  • Choose the Home Currency for your company.
  • Activate a list of currencies for your sales reps.
  • Update currency conversion rates periodically.

As a Sales rep you can,

  • Use the desired currency while entering amount field in potential or other modules.
  • Generate quotes, sales orders, invoices and purchase orders in different currencies.
  • View sales pipeline report in your home currency.

For detailed description, refer our online help. To make the multi-currency roll-out easier for your company, we’ve also published implementation guide and compiled a few FAQ.

Eating your own dog food: Multi-currency at Zoho Corp.

Zoho Corporation has offices in United States, India, Japan, China, and Singapore selling both on-premise and online software to tens of thousands customers in more than 150 countries. Even though our fiscal currency is USD, customers from India, Japan, China and Singapore, buy products only in Indian Rupee (INR), Japanese Yen (JPY), Chinese Yuan (CNY) or Singapore Dollar (SGD) respectively. As our Sales team across regions use a single Zoho CRM account to track sales activities, implementing multi-currency became very important.

As soon as this feature was ready for the Beta testing, we activated it in our company’s CRM account. Previously, our regional sales managers were manually converting the quoted amount to USD whereas the Finance team were raising invoices in local currency. Now, all of them are directly entering the amount only in the local currency. We also track the consolidated sales pipeline in home currency at the organization-level.

We hope that you’ll find this new feature very useful to go global & grow your business. Please give it a try and let us know your business scenarios, suggestions, and experiences in the Comments box. We will be happy to improve this feature further based on your feedback.

Happy Selling!

  1. Alma Herrera

    Hi, right now my problem with currencies is that I can’t set the currency in the products module, as I manage products that are sold with USD prices and others with MXN prices, I want to define the prices since the beginning. Is there a way to do it? or a suggestion of how could I do it different?
    I hope someone could tell me.

  2. Gopal

    @Christophe Méndez, Robert”My current main concern is that we cannot edit the currency for existing records.”In today’s update, we have enabled Edit currency option for the existing records. Please give a try and let us know your suggestions and comments.Thanks,

  3. Jai Ganesh

    Hi All, We understand the priority of changing the Currency and Exchange Rate field values of existing records. We are thoroughly analyzing the use cases involved while changing the Currency & Exchange Rate field values. We promise that the option to edit those fields will be provided soon.Please check the progress and details of this implementation in the following URL https://forums.zoho.com/topic/… .Regards,
    Jai Ganesh

  4. Robert

    Multiple currency option is not available in the trial version, even not in the enterprise trial. Here are some negative points for potential enterprise option buyers, just to be warned:1. You cannot change the currency after saving record.
    This includes leads or contacts imported from email! Such records are saved with your main company’s currency. When you convert a lead into account/contact, you cannot change the currency too.2. You cannot change the exchange rate in the selling process.
    If the exchange rate between qoutation and invoice changes significantly, you have to accept inaccuracy in your reports. 3. Your product prices are maintained in the main currency and the list prices are calculated using exchange rate.
    This is not typical selling scenario. Usual you have one set of prices per currency and changing the exchange rate changes your revenue, not the target list price. If you have fixed price lists for each currency, you have to look up the list price and modify each item by hand.

  5. Michael

    Love the new feature, but still need the tax rate to be greater that two decimal points, Hawaii state tax is 4.712%.

  6. Ulyana Bashkina

    (from https://zohocrm.wiki.zoho.com/
    This field will be available only after the multi-currency feature is enabled and its value can be specified only while creating a record. 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.
    ===========So, for the all all records we’ve made before, this feature is unavailable. All currencies in existing opportunities, lead, accounts, etc. are set to home currency and there is no way to change them except by making new records (and thus loosing all attached notes, emails, etc.).
    Multi-currency feature — that’s good, but the fact that it’s not available for existing records — that’s very sad. The purpose of CRM is to make users’ life easier, and half-available features do not serve this purpose quite good. Is there a _really_invincible_ obstacle to making currency editable in existing records?And one more wrong thing: I found that the exchange rate for a record is set when the record is created and cannot be changed either. That completely conflicts with real life. Between the start of negotiations and the finish of them can pass several months, and during this time exchange rates will change appropriately (sometimes dramatically). It’s only when the contract is won or lost that we can (and need) to fix the exchange rate and since then to have it unchangeable for reporting. Same about quotes and invoices. The exchange rate should be changeable until the quote/invoice/etc. is actually sent.I’m sure that all above-mentioned is implementable and will make the feature much more useful for real life.

  7. Ulyana Bashkina

    Oh my, that’s completely great!
    We were missing this feature so much that I implemented it manually 🙂
    Hope now, when it’s included into standard functionality, it will be dramatically more convenient to use 🙂
    Thank you!

  8. Samuel Sigaud

    Multiple currencies is really the feature that we were missing in Zoho CRM, so we were pretty excited learning it finally came out. We were ready to switch to the entreprise edition just for this feature. But the current implementation is rather disappointing. We need to be able to assign and change currencies for existing accounts. And we need more than 10 active currencies. So as it stands, we cannot use this feature, and we’ll keep working with other softwares for accounting and invoicing. Pity.

  9. Christophe Méndez

    Hello team,I have been testing this feature during the beta. This is definitely a great addition to the product!My current main concern is that we cannot edit the currency for existing records. This is therefore impacting your current Zoho Enterprise customers. I personally want to modify the currency of some of my existing customers but this is not allowed. What should I do: delete them and create them from scratch to get the correct currency? What about the sales record which is the purpose of the CRM? You need to come up with a solution for your existing Enterprise customers who have been paying for the service and have been waiting for this for a long time.I have replied to your team about the reasons for this choice. I believe there should be a solution.Many thanks for taking into consideration this request.Best regards,