How to Setup Currencies in Salesforce (Step-by-Step Guide with Examples)

In Salesforce, managing currency is crucial for organizations operating in multiple countries. Many companies deal with customers, opportunities, and transactions in multiple currencies, such as USD, INR, EUR, and others.

Salesforce provides a feature called Multi-Currency that lets you easily handle multiple currencies within your organization. By properly setting up currencies, you can ensure accurate reporting, forecasting, and business operations.

In this Salesforce tutorial, I will explain how to enable and set up currencies in Salesforce. The method will also be the same if you use the Classic edition.

What is Currency in Salesforce?

In Salesforce, we have a feature called Currencies that enables organizations to manage multiple currencies within their Salesforce instance.

With multiple currencies, we can manage businesses that operate internationally or handle customer and transaction data in different currencies.

Currency in Salesforce represents the monetary value used in records like:

• Opportunities
• Quotes
• Products
• Reports

By default, Salesforce uses a single currency called the Corporate Currency.

For example, if your company is based in India, your default currency may be INR.

What is Multi-Currency in Salesforce?

Multi-Currency allows organizations to:

• Work with multiple currencies
• Convert values automatically
• Manage global business

Once enabled:

• Users can select different currencies
• Salesforce converts values using exchange rates

Considerations for Enabling Currencies in Salesforce

Enabling currencies in the Salesforce org permanently changes the company setup. For that, we should be aware of the considerations when allowing currencies in Salesforce.

• Once we enable currencies in the organization, they cannot be disabled.
• The currencies cannot be deleted from the setup once created, but we can deactivate them.
• 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 the number of decimal places per currency in Manage Currencies in setup. For example, if we set the decimal to 2 and the currency value is 23.295, it will display the value as 23.30.
• If parenthetical currency conversion is enabled in the currency setup, 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 and follow the steps below.

1. On the Setup page of Salesforce Lightning, go to the Quick Find box, search, and then select Company Information.

2. In the Company Information setup window, click 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 Currency Locale field.
   • After this, enable the Activate Multiple Currencies checkbox, then click on the Save button.

When we click the Save button, the selected currency is activated, and in the Company Information Setup, we can see it added to the Corporate Currency field.

Add multiple Currencies in Salesforce

1. To add a new currency, click the Currency Setup button in the company information setup window.

2. In the Manage Currencies window, disable Parenthetical Currency Conversion for a better price book experience.
   • In the same window, go to the section Active Currencies, and click on the New button.

3. In this window, we will enter the following information for the new currency. Once we add this currency, it will not be deleted; it can only be deactivated.

• In the Currency Type field, select the new currency from the available list. In this example, I have selected the USD (US dollar) as the Currency Type.
• In the Conversion Rate field, enter the conversion rate from your corporate currency to this new currency. Here, 1 AUD = 0.66 USD, so I have entered the conversion rate as 0.66.
• In the field Decimal Places, select the decimal places to display data on the new currency. The decimal number should be between 1 and 6.
• After entering the above fields, click on the Save button.

When we click the Save button, the new currency field will be added to the org’s active currencies. We can also replace the new currency with the default corporate currency.

Change the Corporate Currency in Salesforce

To change the corporate currency in Salesforce, ensure that the new currency you want to replace as corporate currency is activated.

Now, follow the steps below to change the corporate currency in Salesforce.

1. Navigate to the Company Information > Currency Setup and click the Change Corporate button.

2. In this window, click on the dropdown New Corporate Currency and select the currency you want to set as a corporate currency for your org.
   • After that, click the Save button to apply the changes.

3. Now, in the org’s active currencies, you will see that the Corporate checkbox is selected for the newly selected corporate currency.

Update Currency Conversion Rate in Salesforce

Given the changing exchange rates of other currencies relative to the corporate currency, we need to update the currency conversion rates to ensure the currency fields reflect the correct values.

Follow the steps below to update the currency conversion rate in Salesforce.

1. Navigate to the Company Information > Currency Setup and click the Edit rates button.

2. Enter the conversion rate between each currency and your corporate currency.
   • After this, click on the Save button to apply the changes.

The currency amounts will be updated in your org using the new currency rates.

Implement Advanced Currency Management in Salesforce

In Salesforce currencies, the standard conversion rate updates the currency rate for closed and current deals. To maintain an accurate record of previous deals, it’s best to avoid affecting the value of closed deals.

Advanced Currency Management for currency fields on opportunities and opportunity products allows you to manage exchange rates for specific dates.

Follow the steps below to set up advanced currency management in Salesforce Lightning.

1. On the setup page, go to the Quick Find box and search, then select Manage Currencies.

2. In the currency setup, click on the Enable button of Advanced Currency Management.

3. When we click the enable button, an alert window will appear. Select ‘Yes, I want to enable Advanced Currency Management‘ and click the Enable button.

4. Click the Manage Dates Exchanged Rates button to set exchange rates based on dates.

5. In the section Active Currencies, you can set the dates for the previous and next exchange rates.

You can enable and set up currency in your Salesforce instance by following the above steps.

Frequently Asked Questions

Conclusion

Setting up currencies is crucial in a Salesforce org because all deals and business will depend on them. In this Salesforce tutorial, we learned how to enable and set up currencies in a Salesforce org.

We have also learned how to add multiple currencies, change corporate currencies, and update the currency rate.

Now that you’ve learned about all the required currencies and company settings configuration, you can tackle currency management efficiently.

You may also like to read:

• Create a Currency Field Type in Salesforce
• Deactivate the Salesforce Developer Edition Org
• Standard and Custom Fiscal Year in Salesforce
• Query Multi-Currency Fields in Salesforce SOQL

Bijay Kumar

I am Bijay Kumar, the founder of SalesforceFAQs.com. Having over 10 years of experience working in salesforce technologies for clients across the world (Canada, Australia, United States, United Kingdom, New Zealand, etc.). I am a certified salesforce administrator and expert with experience in developing salesforce applications and projects. My goal is to make it easy for people to learn and use salesforce technologies by providing simple and easy-to-understand solutions. Check out the complete profile on About us.