CRM – Single or Multiple Currency?

Within a CRM System, you can choose weather you want to use a single currency or multiple currencies.

Why would you want to use multiple currencies?

To give you an example of where Multiple Currencies would be hopeful would be in the sales process in CRM. It might be the case that you deal with clients overseas, so by using the multi currency option you will be able to workout how much an opportunity is worth to your client in there local currency, while keeping a record of what it is worth to you, in the currency you deal in.

To set this up is very simple, go to Administration>Data Management>Currency Configuration. From here you will have 2 fields to configure, Base Currency and Is Single Currency. The Base Currency will be the currency you will use as your default option, e.g. £, and the Is Single Currency is where you would select Yes or No depending if you wanted to use a single currency within your CRM system. If it is set No, then this activate the multiple currency settings in Forecasts, Products, Quotations, Orders, Reporting and Data upload.

There will be some considerations if you want to use multi currencies, these include the following.
- Deciding when and by whom the currency rates will be maintained against the Base Currency
- The value of an Opportunity remains the same in the database record regardless of changes in the exchange rate. Changes in exchange rate will only be displayed in reports, if the exchange rate has changed.
- The default Currency for a user is held in there preference settings.
- Converted values of Currency fields are calculated using Triangulation.

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