Zoho CRM Manage Multiple Currencies

Zoho CRM Manage Multiple Currencies

The multi-currency support in Zoho CRM helps you to handle business transactions in the global marketplace easily. If you regularly deal with international clients and vendors, then Multi-Currency will facilitate international buying and selling. With Multi-Currency support in Zoho CRM, you can:

  1. Estimate the value of an opportunity using the currency you deal in and also in the customer's local currency.
  2. Generate and view reports in your organization's currency.
  3. Import a single file that contains data with values in multiple currencies.
Availability
Permission Required
Users with the Administrator profile can set up this feature.

Benefits
  1. Eliminate the complexities in multinational businesses.
  2. Easily consolidate financial data from company's multiple locations.
  3. Minimize manual conversions and bring in automated efficiency.
  4. Generate & share insightful reports of multi-currency transactions.
  5. 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 has offices in Japan, India, and Spain, but its headquarters are in the US. So, the financial figures of this company are expressed in terms of US Dollars. In the example, 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 fields.
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.
Points to remember
Please go through the following points before you start using the multi-currency feature.
  1. Only users with Administrator profile can activate this feature and add currencies.
  2. Once activated, this feature cannot be deactivated.
  3. The Administrator can add multiple currencies.
  4. You cannot mass update the record's currency (i.e. Currency field) for the records.
  5. Multi-Currency is not supported in the Forecasts module. Forecasting is available only in the Home Currency.

Activate Multi-Currencies & Add Home Currency

Users with Administrator profile need to first activate this feature by adding the home currency. Please note that once activated, you cannot deactivate this Multi-Currency feature.

On activation:

  • The system will take a while to apply Home Currency as the record's Currency for all the existing records in the CRM account.
  • All the users with the Zoho defined Administrator profile will receive an email, informing them that the multi-currency feature is activated in the organization's CRM account.
  • The exchange rates for the existing records will be set as 1.
  • The Currency Locale field will not be available under the Go to Setup > General > Company Settings.

To activate multi-currency & add home currency

  1. Go to Setup > General > Company Settings.
  2. In the Company Settings page, go to Currencies tab
  3. Select the required Home Currency from the drop-down list.
    Note that the home currency cannot be changed. The format of the selected currency will be shown.
  4. 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.
  5. 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 a record's currency while creating leads, contacts, deals, etc.

Note
  1. The Currency field will be available in the records only after the multi-currency is activated.
  2. The system-defined fields - Currency and Exchange rate can be removed from the layout if there are no Currency type fields in the layout. At any point if a Currency type field is added to the layout, automatically the system-defined fields - Currency and Exchange rate will be added.

To add multiple currencies

  1. Go to Setup > General > Company Settings > Currencies.
  2. Click the Add button.
  3. 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 Symbol, Thousand Separator, Decimal Places and Decimal Separator from the respective dropdowns and click OK.
  4. Enter the Exchange Rate for the currency that you are adding and click Save.

Change the Exchange Rate

The exchange rate is specified while adding multiple currencies. Each record will have the Zoho defined field named Exchange Rate with the conversion value based on the record currency. This is added to keep a note of the rate of conversion at the time of record creation. When the multi-currency feature is activated, the home currency will be set as the record currency for all the existing records. As a result, the exchange rates for the existing records will be set as 1.

Note
  1. Changing the exchange rates will not affect the existing records.

To change exchange rate

  1. Go to Setup > General > Company Settings > Currencies.
  2. Click on the currency for which you want to change the exchange rate.
  3. In the Edit Currency pop-up box, modify the Exchange Rate for the currency.


  4. Click Save.

Deactivate Currency

When your organization no longer uses a currency for business, then you can deactivate it from your CRM account. On deactivating a currency:

  • The currency will not be deleted as you can only deactivate them.
  • New records cannot be created using the deactivated currency. However, you may be having existing records that use the deactivated currency.
  • The deactivated currency will be available under the list of currencies you have added.

To deactivate currencies

  1. Go to Setup > General > Company Settings > Currencies.
  2. Toggle the Status button to inactive state on the currency that the organization no longer uses.


Activate Currency

Activate the inactive currencies added in your CRM account whenever you want. Note that only 10 currencies can be active in your company's CRM account.

To activate currencies

  1. Go to Setup > Organization Settings > Company Settings > Currencies.
  2. Toggle the Status button on the currency that you want to activate.

Using Multiple Currencies

Before you start using this feature, the Administrator in your organization's CRM account needs to add the Home Currency and multiple other currencies. Only then, other profile users can start using the currencies in creating opportunities, quotes, invoices, etc.

Multiple currencies are used to:
  1. Specify Record Currency while creating records.
  2. Create quotes and invoices in the currency
  3. Import records that have value in various currencies.

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. 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.
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 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.

In 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

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