CRM Help

Implementing Multiple Currencies

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.

Availability

Profile Permission Required: Users with the Administrator profile can set up the feature.

Terminologies

Home 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.

Active Currency

These are the currencies in which your organization does business. Only active currencies can be entered in opportunities and other items.

Inactive Currency

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.

Exchange Rates

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.

Record Currency

This is the currency for each record. All the currency values for a record will be based on the selected record currency.

Important Notes

Please go through the following before you start using the multi-currency feature.

  • Only users with an Administrator profile can activate this feature and add currencies.
  • Once activated, this feature cannot be deactivated.
  • The Administrator can add multiple currencies but only 10 currencies can be active in the CRM account.
  • A record's Currency once set, cannot be modified.
  • You cannot mass update the record's currency (i.e. Currency field) for the records.
  • The Multi-Currency feature is not supported in the Forecasts module.

Scenario

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.

Administrator Functions

Only the users with the Zoho defined Administrator profile can perform the following in the organization's CRM account:

Activate Multi-Currencies & Add Home Currency

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:

  • The system will take a few minutes (based on the number of records in your account) to apply Home Currency as the record's Currency for all the existing records in the CRM account.
  • The exchange rates for the existing records will be set as 1.
  • An email will be sent to all the users with the Zoho defined Administrator profile.
  • The Currency Locale field will not be available under the Setup > Organization Settings > Company Details.

To activate multi-currency & add home currency

  1. Click Setup > Organization Settings > Currencies.
  2. In the Currencies page, select the Home Currency from the drop-down list.
    Note that the home currency cannot be changed. The format of the selected currency will be shown.
  3. Click the Customize link to change the following:
    • Select the Thousand Separator from the drop-down list.
    • Select the Decimal Places from the drop-down list.
    • Select the Decimal Separator from the drop-down list.
    • Click OK.
  4. Click Confirm.

Add Multiple Currencies

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.

Note

  • The Currency field will not be available once you add the home currency. It will be available only if you add another currency other than the Home Currency.

To add multiple currencies

  1. Click Setup > Organization Settings > Currencies > Add Currency.
  2. In the Add Currency pop-up box, do the following:
    • Select a Currency from the drop-down list that will be set as the home currency.
      Based on the currency that you select, the currency Format will be populated.
    • Click the Customize link to change the currency format.
    • Select the Thousand Separator, Decimal Places and Decimal Separator.
    • Enter the Exchange Rate for the currency that you are adding.
  3. Click Save.

User Functions

  • Specify Record Currency while creating records.
  • Create quotes and invoices in the currency
  • Import records that have value in various currencies.

Usage of Multi-Currency in Zoho CRM

In Records

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.

Note

  • The Currency field will be available in the records only after the multi-currency is activated.

To specify a record's currency

  1. Click the [Module] tab.
  2. Click New [Record].
  3. In the New [Record] page, enter the details and select the record's Currency from the drop-down list.
    Only active currencies will be listed in the drop-down field.
  4. Click Save.

In Quotes, Invoices, Sales Orders and Purchase Orders

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.

In Reports

By default, the value in a report will be displayed in Home Currency.

In List View

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.

While Importing

In Zoho CRM, you can easily import records with multiple currencies. There are two import options: Import My Records and Import My Organization Records.

  • When a record's Currency field is not mapped, the Home Currency will be set as the Currency.
  • When a Record Currency field is mapped but the value differs in the import file and CRM, the Home Currency will be set as the Currency.

While Specifying Criteria

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.

In Dashboards

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.

For Find and Merge

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.

In Web Forms

There are two cases for using the Currency field in your web form:

  1. You create a web form with the Currency field. The visitor, completing the form, will select the currency and specify the amount and the same will be added in Zoho CRM.
  2. You create a web form with the Currency field and modify the HTML code to hide the field and provide a single value for the Currency field. For example, you generate a web form with a hidden field, Currency, whose value is specified as INR. When the form is published and a visitor fills the form, the amount will be take as INR and will be added in Zoho CRM.

Note

  • If the Currency field is not added in the web form, the amount will be considered in Home Currency.

In Forecasts

Multiple Currencies support is not available in the Forecast module. The amount in forecasts will be listed in Home Currency.

In Lead Conversion

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.

FAQ

1. Can I mass update the Currency field for the records?

2. How can I delete the currencies that I am not using?

3. Can I change the Home Currency for my organization's account?

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