In this Salesforce tutorial, we will learn to enable currencies within a Salesforce org. The feature of enabling currencies is available in Salesforce Lightning and Salesforce Classic editions. If we enable currencies in Lightning then we don’t have to enable them in Classic separately and vice versa.
Currencies in Salesforce
In Salesforce, we have a feature of Currencies that allows organizations to work with multiple currencies within the Salesforce organization. With Multiple currencies, we can manage businesses that operate internationally or deal with customers and transactions in different currencies.
It also helps in maintaining accurate financial records and enhances the user experience for international users and customers.
Considerations for Enabling Currencies in Salesforce
When we enable the currencies in the Salesforce org. it makes permanent changes in the company setup and for that, we should be aware of the considerations to enable currencies in Salesforce
- Once we enable currencies in the organization, it cannot be disabled.
- The currencies cannot be deleted from the setup created once but we can deactivate those currencies.
- Standard and custom objects, such as Account, Lead, Case, Opportunities, Opportunity Products, Opportunity Product Schedules, and Campaign Opportunities, have currency fields that support multiple currencies.
- After adding a currency, the number of decimal places defined in a custom currency field is ignored. Instead set decimal places per currency through Manage Currencies in Setup. eg. If we set decimal as 2 and the currency value is 23.295 then it will take the value as 23.30
- In the currency setup, if parenthetical currency conversion is enabled, the personal default currency is displayed as the secondary currency amount.
Enable Currencies in Salesforce Lightning
To enable currencies in Salesforce Lightning, navigate to the Setup page of Salesforce Lightning and follow the below steps.
1. On the Setup page of Salesforce Lightning, go to the Quick Find box, and search then select Company Information.
2. In the Company Information setup window, click on the Edit button in the Organization details section.
3. In the setup window of Organization details, go to the section Currency Settings and first select the currency in the Currenct Locale field.
After this, enable the checkbox Activate Multiple Currencies, and then click on the Save button.
As we click on the Save button the selected currency will be activated and in the Company Information Setup we can see currency is added in the field Corporate Currency.
Since we cannot delete the selected corporate currency, it can be replaced by a new currency.
4. Now to add a new currency click on the button Currency Setup in the company information setup window.
5. In the Manage Currencies window, disable Parenthtical Currency Conversion for a better Price book experience.
6. In the same window, go to the section Active Currencies, and click on the New button.
7. In this window, we will enter the following information for the new currency. Once we add this currency, it will not be deleted.
- In the Currency Type field, select the new currency from the available list of currencies. In this example, I have selected the Euro as the Currency Type.
- In the Conversion Rate field, enter the conversion rate from your corporate currency to this new currency.
- In the Decimal Places select the decimal places to display data of new currency. The decimal number should be between 1 to 6.
- After entering the above fields, click on the Save button.
As we click on the Save button, the new currency field will be added to the Active Currencies of the org and we can also replace the new currency with the default corporate currency.
In this way, we have successfully enabled currency in Salesforce Lightning with the help of the above steps.
Enable Currencies in Salesforce Classic
To enable Currencies in Salesforce Classic, first log in to your Salesforce account, and after switching to the Salesforce Classic version, follow the steps below.
1. On the Home page of Salesforce Classic, click on the Setup tab that is on the upper right side of the screen.
2. Go to the Quick Find box on the Setup page, and search then select Company Information.
3. In the Company Information Window, click on the Edit button.
4. In the Edit page of Company Information, go to the section Currency Settings, and select the currency. The currency you select here will become the default corporate currency of your organization.
After this enable the field Activate Multiple Currencies and click on the Save button.
5. On enabling the currencies, on the Company Information page click on the button Currency Setup.
6. For a better experience in the Price book disable the Parenthetical Currency Conversion.
In the section Active Currencies click on the New button to add a new currency.
7. In this step, we will enter the required fields to add a new currency to the active currencies.
- In the Currency Type field, select the new currency from the available list of currencies. In this example, I have selected the Australian Dollar as the Currency Type.
- In the Conversion Rate field, enter the conversion rate of the selected as compared to the default corporate currency of your organization.
- In the Decimal Places select the decimal places to display the number of digits after the decimal point in the new currency. The decimal number should be between 1 to 6.
- After entering the above fields, click on the Save button.
As we click on the Save button, the new currency will added to the list of active currencies, and from here we can also deactivate or set this currency as corporate currency.
In this way, we have successfully enabled and created currencies in Salesforce Classic with the help of the above steps.
In this Salesforce tutorial, we have learned about enabling the Currencies in Salesforce, and in addition to that, we also learned to add a currency in the org. We successfully enabled and added currencies in Salesforce Lightning and Salesforce Classic editions with the help of the above steps.
Along with this we also learned about the Currencies and Multiple Currencies in Salesforce. We also discussed the considerations that we should be aware of while enabling currencies in Salesforce.
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