Profile Permission Required: Users with the Administrator profile can set up the feature.
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 may have offices in Japan, India, and Spain, but its headquarters office is in the US. So, the financial figures for this company are expressed in terms of US Dollars. Here, the Home Currency is US dollars.
These are the currencies in which your organization does business. Only active currencies can be entered in opportunities and other items.
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.
It is the rate at which one currency can be exchanged for another. In your Recruit account, the exchange rate is used to convert an amount in one currency to the home currency used by your organization.
This is the currency for each record. All the currency values for a record will be based on the selected record currency.
Please go through the following before you start using the multi-currency feature.
The company headquarters is located in Canada. There are hiring and development offices in Canada, Mexico, Japan, China, India, Singapore, and Australia. Offices in each country have their respective Recruiting Managers and also Recruiters who work for specific regions and report to their respective Regional Recruitment officials.
The CEO and Senior Vice President of recruitment in Canada receive monthly reports from their offices across the world. They run reports in Canadian Dollars (Company's Home Currency) that help them estimate the profit and loss in terms of recruitment. The VP of recruitment in Asia works from the Japan office. He/She consolidates data from offices in China, India, Singapore, and Japan to run a report in Canadian Dollars. Similarly, the VP in Australia and Mexico collects the data and reports it in Canadian Dollars too.
Only the users with Zoho defined Administrator profile can perform the following in the organization's Recruit account:
Users with an Administrator profile need to first activate this feature and then add the home currency. Please note that once activated, you cannot deactivate this Multi-Currency feature. Once activated:
To activate multi-currency & add home currency
After activating the feature by adding the home currency, the administrator can add other currencies that the company uses for business. Other users will then be able to select these currencies to use them as record currency while creating candidates, contacts, job openings etc.
To add multiple currencies
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: Changing the exchange rates will not affect the existing records.
To deactivate currencies
Activate the inactive currencies added in your Recruit account whenever you want. Only a maximum of 10 currencies can be active in your company's Recruit account.
To activate currencies
To specify a record's currency
By default, the value in a report will be displayed in Home Currency.
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 candidates. 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.
In Zoho Recruit, you can easily import records with multiple currencies. There are two import options: Import My Records and Import My Organization Records.
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.
The Dashboard in Zoho Recruit 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 recruitment. The amount in the dashboard components will be displayed in the Home Currency.
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.
There are two cases for using the Currency field in your web form:
Multiple Currencies support is not available in the Forecast module. The amount in forecasts will be listed in Home Currency.
Each candidate record will have a record currency in your account. When a candidate is converted, an interview, contact, and job opening is created. These new records will have a converted candidate's currency.
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