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Multi-Currency

Overview

Multiple currency functionality for OroCRM Enterprise edition is a useful tool for companies that do business internationally and negotiate deals in various currencies.

Currency configuration allows to:

  • Create and manage the list of currencies that will be available for selection in multi-currency fields (e.g. opportunity budget).
  • Designate one currency as base.

Think of a US-based business that is shipping certain goods to the UK. Its base currency is US dollars, which means that this is the currency that its business’s turnover is usually in. The contract between the US and the UK companies, however, is to be signed in British pounds for the total value of £20 000. When creating a new opportunity for the mentioned contract, a sales manager of the US company would need to add the Budget Amount in pounds rather than dollars.

With OroCRM Enterprise multi-currency feature, the system can make the necessary recalculations of this budget amount into the base currency for you. This means that if you enter the amount of £20 000 into the Budget Amount field, this value will be converted into your base currency and constitute $25 050, as illustrated in the screenshot below. This conversion is calculated according to the currency rate, determined beforehand.

../../_images/budget_recalculated.png

With this example in mind, let us have a look at how you can configure your currencies and rates.

Note

So far, opportunity is the only OroCRM entity to have received multi-currency functionality out of the box.

Currency configuration helps you:

  • Add and remove currencies from the allowed currencies list.
  • Set the base currency.
  • Specify the conversion rate to and from the base currency.
  • Define the order used when the currencies are displayed to the storefront and management console users.
  • Toggle between the currency display formats (currency code, e.g. USD, and currency symbol, e.g. $).

Note

The organization-level configuration for base currency and display format has higher priority and overrides the system setting. However, to enable a currency on the organization level, you should add it to the list of allowed currencies at the system level first.

To change the default global currency settings:

  1. Navigate to System > Configuration in the main menu.

  2. Select System Configuration > General Setup > Currency in the menu to the left.

    Note

    For faster navigation between the configuration menu sections, use Quick Search.

Currency Settings

The following sections are available within the Currency tab:

../../_images/currency.png
Name Description
Allowed currencies

Allowed currencies list allows you to select some of all available currencies to enable them in OroCRM.

To add the allowed currency, select it from the list and click Add.

The new row is added to the allowed currencies options table, where you can configure the exchange rates for the newly added currency and may set it as a base currency. See Allowed Currencies Options for more information.

Display format

This setting controls how the currencies will be displayed within the system, as a 3-letter ISO code (e.g. GBP) or as the currency symbol (e.g. £).

To customize the Display Format:

  1. Clear the Use Default check box next to the option.
  2. Select the new option value (either Currency Code or Currency Symbol).

Note: Not all currencies might have symbols. For such currencies, ISO codes are used instead.

The order subtotal when the display format is set to Currency Code:

../../_images/currency_code.png

The order subtotal when the display format is set to Currency Symbol:

../../_images/currency_symbol.png
../../_images/allowed_currencies_dropdown.png ../../_images/display_format.png

Allowed Currencies Options

The information about the allowed currencies options is grouped in the following columns:

Name Description
Base A flag helps you to select the base currency. Base currency is used by default to display totals, budgets, and amounts.
Currency Name International name of the currency that follows ISO 4217 standard (e.g. US dollar).
Currency Code International currency code that follows ISO 4217 standard (e.g. USD).
Currency Symbol Graphical symbol that is used to denote a currency (e.g. $).
Rate From The conversion rate from the selected currency to the base currency. Used to calculate transaction amounts (e.g. opportunity budget) in the base currency if they were entered in other currencies. Maximum precision is 10 digits.
Rate To The conversion rate from the base currency to the selected currency. Used to calculate new exchange rates when the base currency is changed. Maximum precision is 10 digits.
  1. To change the base currency, click the Base option in the corresponding row.

    Before:

    ../../_images/currency_base1.png

    After:

    ../../_images/currency_base3.png

    Important

    Changing base currency requires manual update of the money values (budgets, totals, revenues, etc.). You will be prompted to confirm the change.

  2. To modify the currency exchange rate to and from the base currency, edit the Rate To and Rate From values in the corresponding row.

  3. To add a currency to the allowed currencies list:

    1. Select the currency from the Allowed Currencies list and click Add next to it.

      ../../_images/currency_add.png

      The currency is appended to the top of the list.

      ../../_images/currency_add3.png
    1. Fill in the exchange rate to and from the base currency.
  4. To delete a currency from the allowed currencies list, click the Delete Currency icon at the end of the corresponding row.

    Note

    Deleting base currency is restricted. To unblock delete action for the currency that is set as base, switch to a different base currency.

  5. To change the currency sort order, click and hold the Sort icon, and drag the currency up or down the list.

  6. To roll back any changes to the currency settings, click Reset on the top right.

  1. Click Save Settings.

Similarly to the the global currency configuration, you can specify currency settings for the organization.

Note

The organization-level configuration for base currency and display format has higher priority and overrides the system setting. However, to enable a currency on the organization level, you should add it to the list of allowed currencies at the system level first.

To change the default currency settings for organization:

  1. Navigate to System > User Management > Organization in the main menu.

  2. For the necessary organization, click the More Options menu at the end of the row, and then click the Configure icon to start editing the configuration.

  3. Select System Configuration > General Setup > Currency in the menu to the left.

    Note

    For faster navigation between the configuration menu sections, use Quick Search.

Currency Settings

The following sections are available within the Currency tab:

../../_images/currency.png
Name Description
Allowed currencies

Allowed currencies list allows you to select some of all available currencies to enable them in OroCRM.

To add the allowed currency, clear Use system box, select the currency from the list and click Add.

The new row is added to the allowed currencies options table, where you can configure the exchange rates for the newly added currency and may set it as a base currency. See Allowed Currencies Options for more information.

Display format

This setting controls how the currencies will be displayed within the system, as a 3-letter ISO code (e.g. GBP) or as the currency symbol (e.g. £).

To customize the Display Format:

  1. Clear the Use System check box next to the option.
  2. Select the new option value (either Currency Code or Currency Symbol).

Note: Not all currencies might have symbols. For such currencies, ISO codes are used instead.

The order subtotal when the display format is set to Currency Code:

../../_images/currency_code.png

The order subtotal when the display format is set to Currency Symbol:

../../_images/currency_symbol.png
../../_images/allowed_currencies_dropdown.png ../../_images/display_format.png

Note

Currently, to allow a sales manager to manage rates, the admin needs to give them access to manage organization records when configuring user roles. This, however, is subject to change. Therefore, the following guide on accessing Currency at organization level is temporary and will be actualized shortly.

For the sales manager to be able to manage currencies, they would need to:

  • Navigate to System>User Management>Organizations.
../../_images/temp_system_user_management_organizations.png
  • Click on their organization in the grid.
../../_images/organization.png
  • Click Configuration in the top right corner.
../../_images/temp_configuration_org_level.png
  • Open Currency tab from the menu on the left.

As you can see in the screenshot below, Use System is ticked which means that at this point system currencies and rates are activated.

For the sales manager to be able to change the rates, they would need to unlock the grid by unticking Use System.

../../_images/use_system.png ../../_images/use_organization_level_highlighted.png

Managing Currencies

Changing Currency Rate

To change the currency rate manually, the sales manager needs to enter the numbers in the corresponding field of the Rate From/To columns.

For example, if the rate of US dollar to British pound is 0.8016, a sales manager would enter 0.8016 in the Rate From field. The system will automatically calculate the Rate To value for US dollars which will constitute 1.2525.

../../_images/rate_recalculation.png

The base currency rate is always 1 to 1 and cannot be changed.

Adding and Deleting Currency

A sales manager cannot add the currency that is not set at the system level.

For example, if at the system level the admin has set up 3 currencies – US dollars, Canadian dollars and British pounds, then at the organization level the sales manager will be able to see no more than these 3 currencies. In other words, it is possible to remove unnecessary currencies but not add new ones (which are not set at the system level).

If you delete a currency at organization level, it would appear in the Allowed Currencies field, so it would be possible to add it back if necessary.

../../_images/delete.png ../../_images/deleted_currency_in_dropdown.png

Note

You cannot delete the currency that is already in use. In later releases, if you wish to delete the currency that is used by an entity, you would have an option of converting it into a different currency.

To add the deleted currency back, select it from the Allowed Currencies dropdown menu and click Add.

Changing Base Currency

The base currency can be changed. This will lead to reconversion of all multi-currency data to the new base currency, and all values will be re-converted according to the current rates.

Note

Historical rates for closed deals will not be preserved.

In the example below, the base currency is British pounds but the budget of the deal is in US dollars. In the following screenshot, you can see how this is displayed for opportunities:

../../_images/example_base_and_us_budget.png

You can change the base currency in system configuration by selecting the currency in the Base column of the grid, as shown in the screenshot below. In the screenshot, the base currency is switched from British pounds into Canadian dollars. Changing the base currency in the grid automatically recalculates the rates of other currencies to the new base currency.

Important

When you close a deal (determined by opportunity status), the exchange rate for it becomes locked and will no longer take rate changes into account.

../../_images/Rate_recalculation.gif

Changing the base currency results in currency change for entities:

../../_images/base_currency_selected.png ../../_images/example_budget_changed.png

Note

Dashboard widgets with monetary values (e.g. Forecast) and monetary metrics work in the base currency irrespective of the currency that the deals were made in.

../../_images/widgets_base_currency.png

Visualization

When the rates are configured, you can use them to record multi-currency sales and utilize exchange rates.

  • Currencies are switched with a dropdown control next to the amount entry field in all multi-currency fields, such an Opportunity budget or Close Revenue.
  • When you change the amount currency, the converted value in base currency appears below the control.
  • Both Opportunity budget and Close Revenue can be entered in non-base currencies and these currencies might not match. This can be useful if you discuss budgets with overseas clients in their currency, but the actual deal is specified in your currency.
../../_images/mc_visualization.gif
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