Manage Multiple Currencies

The multi-currency support in Zoho CRM helps you to handle business transactions in the global marketplace easily. If you regularly deal with international clients and vendors, then Multi-Currency will facilitate international buying and selling. With Multi-Currency support in Zoho CRM, you can:

Estimate the value of an opportunity using the currency you deal in and also in the customer's local currency.
Generate and view reports in your organization's currency.
Import a single file that contains data with values in multiple currencies.

Overall benefits of using multi-currencies

Improved customer experience: Customers can make payments in their preferred currency, which enhances their experience and boosts customer satisfaction.
Increased sales: By enabling customers to make purchases in their local currency, businesses can expand their reach and gain new customers, resulting in increased sales and revenue.
Global reach: Businesses can expand their operations globally, allowing them to sell products or services to customers in different currencies. Accepting payments in multiple currencies removes barriers to entry and enables businesses to tap into new markets.
Accurate pricing: Ensures that pricing is accurate and consistent across different currencies, preventing confusion and errors in pricing that can negatively impact sales.
Currency conversion: Automatically converts currencies, making it easy for businesses to manage payments without having to convert currencies manually or use a third-party tool.

Terminologies in currencies feature

Home Currency

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 has offices in Japan, India, and Spain, but its headquarters are in the US. So, the financial figures of this company are expressed in terms of US Dollars. In the example, the Home Currency is US dollars.

Active Currency

These are the currencies in which your organization does business. Only active currencies can be entered in deals and other fields.

Inactive Currency

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.

Exchange Rates

It is the rate at which one currency can be exchanged for another. In your CRM account the exchange rate is used to convert an amount in one currency to the home currency used by your organization.

Record Currency

This is the currency for each record. All the currency values for a record will be based on the selected record currency.

Now that we are familiar with the terminologies of currencies management in Zoho CRM, let us look at how to use it.

Availability

Available across all paid editions of Zoho CRM.

Permissions:

The permission setting required to access the Currencies tab is available in the admin-level permissions settings. Users with Manage Currencies permission in the Admin Level Permissions can Add, Activate, Deactivate, and Customize currencies.

Choose Home Currency and Add Multiple Currencies

You can select your home currency through the currencies tab, and we'll recommend a value based on your choice in the currency locale option during signup.

The suggested home currency will be based on the chosen option, and users can either confirm it or make changes as needed using the Currencies tab. Users with manage currencies permission can access the currencies tab. The permission setting required to access the Currencies tab has been added to admin-level permissions settings.

To set home currency

Go to Setup > General > Company Settings.
In the Company Settings page, go to the Currencies tab.

Note: This Home Currency value is the option you choose in "Currency locale" during the initial CRM setup.
Do one of the following:

Click Change Home Currency if you want to change the currency which you had initially set during CRM setup.

Change the currency and its format.
Note: Once you change the home currency by choosing a currency from the dropdown, an alert message will appear to remind you that the home currency cannot be changed further, and the currency code will be applied to all existing records and the values will remain unchanged.
Click Yes, Confirm Home Currency to proceed with the change.

Click Confirm Home Currency if you want to continue using the same home currency.

Note: Based on the currency that you select, the currency Format will be populated.

If required, click Edit to change the following:
Select the Code/Symbol from the drop-down list.
Select the Digit Separator from the drop-down list.
Select the Decimal Places from the drop-down list.
Click Save.

Add Multiple Currencies

Automatic exchange rate updates are being rolled out in phases and are currently available only for orgs in specific data centers. Learn more.

After choosing the home currency, users with permission to access the currencies tab can add other currencies that company uses for business. Other users will then be able to select these currencies to use them as a record's currency while creating leads, contacts, deals, etc.

Note

The Currency field will be available in the records only if a currency is added.
The system-defined fields - Currency and Exchange rate can be removed from the layout if there are no Currency type fields in the layout. At any point if a Currency type field is added to the layout, automatically the system-defined fields - Currency and Exchange rate will be added.

To add multiple currencies

Go to Setup > General > Company Settings > Currencies.
Click the Add Currency button.
In the Add Currency pop-up box, do the following:

Select a Currency from the drop-down list that will be the newly added currency.
Modify the format options like Code/Symbol, Symbol Position, Digit Seperator, Decimal Places, etc. from the respective drop-downs.
Set the Exchange Rate Update Type to Automatic or Manual.
Click Save.

On activation:

You cannot deactivate this multi-currency feature.
You cannot delete the currency; you can only deactivate the currency.
All the users with administrator profile will receive an email, informing them that the multi-currency feature is activated in the organization's CRM account.
The Currency and Exchange Rate fields will be added to the module.
Reports may not work properly if currency fields from different modules are used to compare values in filters.

Active and Inactive currencies

Once you add multiple currencies, you can set them as active or inactive currencies. You also have the option to filter them out.

Currency details and logs

When you click a currency—which is displayed as a hyperlink—the details of the currency will displayed with three tabs.

Info: Displays the currency's details.
Exchange Rate Trends: Each additional currencies that are set up (apart from the home currency) includes an exchange rate history graph that shows how exchange rates have changed over time against the home currency.

The exchange rate trends data is sourced from Open Exchange Rates. It represents the historical exchange rate data provided by the service provider and does not reflect the exact exchange rate values that were automatically applied to records in CRM.

The following statistics are displayed for the selected period:

Highest
Lowest
Average

Available date filters

You can view exchange rate trends using the following filters:

Max
Last 365 Days
Last 180 Days
Last 120 Days
Last 90 Days
Last 60 Days
Last 30 Days
Last 7 Days
Custom Date Range

Notes:

If a currency’s exchange rate update type is set to Automatic, exchange rate trends are shown for automatic updates.
If a currency’s exchange rate update type is set to Manual, exchange rate trends are shown for both automatic and live updates.

Logs: Captures any changes made to the currency, such as the following:

Home currency confirmation
Symbol and symbol positioin changes
Digit separator changes
Decimal places changes
Exchange rate changes
Currency activation and deactivation
Manual and Automatic exchange rate updates

Notes:

The history will be accessible for changes made within the past six months.
Exchange rate trends reflect market movement based on data from the service provider.
Reports, analytics, and forecasts use the exchange rate value that was applied to records based on the configured update behavior.
The maximum time span available for exchange rate trends is two years.

Edit the Exchange Rate

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 other currencies are added, the home currency will be set as the record currency for all the existing records.

Note: Changing the exchange rates will not affect the existing records by default.

To change exchange rate

Go to Setup > General > Company Settings > Currencies.
Click on the currency for which you want to change the exchange rate.
In the Edit [Currency] pop-up, modify the Exchange Rate for the currency.
Click Save.

Update Exchange Rates

Exchange rates are specified while adding multiple currencies. Each record has a system-defined field named Exchange Rate, which stores the conversion value based on the record currency. By default, the exchange rate applied at the time of record creation is used for calculations.

You can manage how exchange rates are updated using manual or automatic update methods, based on your business requirements.

Exchange rate update types

You can choose how exchange rates are updated for each currency:

Manual
When a currency is set to Manual, users with the manage currencies permission can update the exchange rate directly from the Currencies page. The exchange rate remains unchanged until it is edited again.
Automatic
When a currency is set to Automatic, the exchange rate is updated automatically using data from Open Exchange Rates, based on the configured preferences.

Notes:

Automatic exchange rate updates are supported at the currency level.
Exchange rates will not be updated automatically for deactivated currencies.

Exchange Rate Preferences

Exchange rate update behavior is configured from Exchange Rate Preferences in the Currencies settings.

From this section, you can define:

How frequently exchange rates are updated for currencies
How exchange rates are updated for records

These preferences apply only to currencies that are set to automatic update.

Exchange rate update frequency for currencies

For currencies configured for automatic updates, you can choose how often the exchange rate is updated:

Live Update
Exchange rates are updated roughly every 30 minutes.
Daily Update
Exchange rates are updated once a day at the selected time, based on your organization’s timezone.

All automatic exchange rate updates are captured in the currency logs.

Exchange rate update for records

You can control how exchange rates are updated at the record level using the following options.

1. Manual refresh for records

Manual refresh allows users to update the exchange rate applied to a record whenever required.

This option is controlled at two levels.

First, you can allow manual refresh at the record level by enabling Allow users to refresh the exchange rate of records under the Exchange Rate Update for Records section.
Once this option is enabled, the Refresh Exchange Rate permission becomes available in profile permissions. Users with this permission enabled in their profile can manually refresh exchange rates for the selected profiles.

A refresh icon is shown next to the Exchange Rate field in the record. Using this option updates the exchange rate applied to that record based on the latest available value.

Notes:

Refreshing the exchange rate at the record level is treated as a field update and can trigger workflows and other automations.
To manually refresh the exchange rate at the record level, users must have the Refresh Exchange Rate permission enabled in their profile. Only users with this permission can refresh the exchange rate for a record.

2. Automatic update for records

Exchange rates can be updated automatically for records based on defined preferences. This allows the exchange rate applied to a record to change dynamically, instead of remaining fixed to the value captured at the time of record creation.

Automatic updates are configured at the module level. You can choose the modules for which exchange rates should be updated automatically and define the conditions that determine when the update should occur. Only modules that contain at least one currency field are available for selection.

Based on the configured preferences, the exchange rate for a record can be updated:

When a record is edited
When a picklist field is updated to any value
When a picklist field is updated to specific values

This ensures that the exchange rate applied to a record reflects the most relevant value at the appropriate stage of the record’s lifecycle, without requiring users to manually refresh it.

Deactivate Currency

When your organization no longer uses a currency for business, then you can deactivate it from your CRM account. On deactivating a currency:

The currency will not be deleted as you can only deactivate them.
New records cannot be created using the deactivated currency. However, you may be having existing records that use the deactivated currency.
The deactivated currency will be available under the list of currencies you have added.

To deactivate currencies

Go to Setup > General > Company Settings > Currencies.
Toggle the Status button to inactive state on the currency that the organization no longer uses.
Click Yes, Deactivate.
A notification confirming successful deactivation is displayed.

Activate Currency

Activate the inactive currencies added in your CRM account whenever you want.

To activate currencies

Go to Setup > General > Company Settings > Currencies.
Toggle the Status button on the currency that you want to activate.

The following table shows the outcome of deactivating a currency at different action points.

Impact Areas	When a currency is deactivated
New record creation	Displays a validation error requesting the user to choose an active currency.
User preferred currency	Reverts to the home currency
Portal-user preferred currency	Reverts to the home currency
Create record actions in Workflow Rules and CommandCenter	Reverts to the home currency and the currency field values are also converted.
Record conversion	Records that are converted with inactive currencies will be replaced with the home currency and the currency field values will also be converted based on the exchange rate. During deal creation, a validation error will be shown requesting the user to choose an active currency if the currency field is present in the form; otherwise, the deal will be created with the home currency.

Using Multiple Currencies

Before you start using this feature, the Administrator in your organization's CRM account needs to add the Home Currency and multiple other currencies. Only then, other profile users can start using the currencies in creating opportunities, quotes, invoices, etc.

Multiple currencies are used to:

Specify Record Currency while creating records.
Create quotes and invoices in the currency
Import records that have value in various currencies.

In Records

Records in Zoho CRM will have a Currency field where you can select the currency available in your organization's CRM account. This field will be available only after the multi-currency feature is enabled. All the amount fields in a record will have the value in the record's Currency, followed by the amount in Home Currency in parenthesis.

Note: The Currency field will be available in the records only after the multi-currency is activated.

To specify a record's currency

Click the [Module] in the sidebar.
Click New [Record].
In the New [Record] page, enter the details and select the record's Currency from the drop-down list.
Only active currencies will be listed in the drop-down field.
Click Save.

In Quotes, Invoices, Sales Orders and Purchase Orders

Like any other record, you can set the Currency field for quotes and invoices also. The line items that you select will be in the home currency. They will be converted into the record's currency that is selected for the quote or invoice.

In Reports

By default, the value in a report will be displayed in Home Currency.

In List View

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 potentials that are closing this week. 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.

While Importing

In Zoho CRM, you can easily import records with multiple currencies.

When a record's Currency field is not mapped, the Home Currency will be set as the Currency.

When a Record Currency field is mapped but the value differs in the import file and CRM, the Home Currency will be set as the Currency.

While Specifying Criteria

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.

In Dashboards

The Dashboard in Zoho CRM, 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 sales, marketing, etc. The amount in the dashboard components will be displayed in the Home Currency.

In Find and Merge

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.

In Web Forms

There are two cases for using the Currency field in your web form:

You create a web form with the Currency field. The visitor, completing the form, will select the currency and specify the amount and the same will be added in Zoho CRM.
You create a web form with the Currency field and modify the HTML code to hide the field and provide a single value for the Currency field. For example, you generate a web form with a hidden field, Currency, whose value is specified as INR. When the form is published and a visitor fills the form, the amount will be take as INR and will be added in Zoho CRM.

Note: If the Currency field is not added in the web form, the amount will be considered in Home Currency.

In Forecasts

Multiple Currencies support is not available in the Forecast module. The amount in forecasts will be listed in Home Currency.

In Lead Conversion

Each lead record will have a record currency in your account. When a lead is converted, an account, contact and potential is created. These new records will have the converted lead's currency.

Points to Remember

When a user transitions from a paid edition to a trial edition, they can utilize currencies up to the limits of their original paid edition without disabling any added currencies. However, upon moving to an edition with lower limits, the constraints of the lower edition will apply, potentially preventing the addition or activation of currencies if the limit is exceeded.
The free edition does not support multiple currencies. Downgrading to the free edition results in the deactivation of all previously added currencies. Upon upgrading to a higher edition, users must manually activate currencies to resume their use.

SEE ALSO
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