FAQs: Multiple Currencies

FAQs: Multiple Currencies

What is a home currency in Zoho CRM?

Home currency is the primary currency your organization uses for its business. This is typically the currency used to generate annual reports and calculate the company's income. The home currency feature is most relevant for multinational companies that do business in multiple currencies, like a company with offices in Japan, India, and Spain, but its headquarters is in the US. The financial figures of this company are expressed in terms of US Dollars, so the home currency is US dollars. Simply put, a home currency is the currency used by a company for its financial operations across the globe.


What is multi-currency and why do I need it in my account?

The multi-currency feature in Zoho CRM helps you handle business transactions in the global marketplace easily. If you regularly deal with international clients and vendors, multi-currency will facilitate international buying and selling. For example, if your company does business in Australia, South Africa, Europe, India, Japan, and Singapore, but the company's headquarters is in Britain, your home currency is in GBP, but the transactions are done in the currencies of those other nations.

In your CRM account, you have the option to activate the multiple currencies feature in which your company does business. With the feature, you can choose the exchange rates to make sure all financial information is correct. For your records, this feature can also auto-estimate the value of a deal using your home currency and the customer's local currency.
With multi-currency support in Zoho CRM, you can:
  • Generate and view reports in your organization's currency.
  • Import a single file that contains data with values in multiple currencies.
 
Benefits of using multi-currency:
  • Eliminate the complexities in multinational businesses.
  • Easily consolidate financial data from multiple business locations.
  • Minimize manual conversions and bring in automated efficiency.
  • Generate and share insightful reports of multi-currency transactions.
  • Terminologies related to exchange rates and using multiple currencies.

 

What is an active currrency?

You get an option to add many currencies to your CRM account in which your company does business. The active currency list denotes all currently available currencies in your CRM.

 

 


What is an inactive currency?  

If you stop doing business in a certain currency, you can deactivate the specified currency in your CRM account by toggling their status within the platform. The specified currencies will now be inactive.


 


What is an exchange rate?  

An exchange rate is the current market rate used to change one currency to another. For example, 1 US dollar is equal to INR 82.7*. This means, for 82.7* Indian rupees, you will get 1 US dollar which is the current exchange rate for these two currencies. The exchange rate varies for each currency and it keeps changing according to the market.  
In your CRM account, the exchange rate is used to convert an amount of one currency to the home currency used by your organization.

*The currency exchange rates keeps changing, this information is only for representation.


What is a record currency?  

This is the currency for each individual record. All the currency values for a record will be based on the selected record currency. For example, while creating a deal, you may add any currency to the record in which the business will be done.



How do I activate multi-currency in my account?

Users with an Administrator profile need to first activate this feature by adding a home currency.
Please note that once activated, you cannot deactivate the multi-currency feature.

On activation:
  • The system will take a while to apply your home currency as the record's currency for all the existing records in the CRM account.
  • All the users with an Administrator profile will receive an email informing them that the multi-currency feature is activated in the organization's CRM account.
  • The exchange rates for the existing records will, by default, be set as 1.
  • The Currency Locale field will not be available under the Go to Setup > General > Company Details.
To activate multi-currency and set a home currency:
  1. Go to Setup > General > Company Settings.
  2. On the Company Settings page, go to Currencies tab.
  3. Select the Home Currency from the dropdown list.
    Note that the home currency cannot be changed. The format of the selected currency will be shown.
  4. Click Customize to change the following:
    • Select the Thousand Separator from the dropdown list.
    • Select the Decimal Places from the dropdown list.
    • Select the Decimal Separator from the dropdown list.
    • Click OK.
  1. Click Confirm.
 
 
 
 

 

How do I change the home currency?

The home currency can only be specified when the multi-currency feature is activated and it cannot be changed once it is set.  


   

This is because changing it would have consequences for existing records. However, if you still want to change your home currency please note that:  
  • The currency of the existing records will be set to the new home currency. The existing currency values will not be converted, the same value will be maintained but in the new home currency.
  • The currencies configured in the multi-currency feature will be deleted and only the new home currency will be available. Since the exchange rates are defined based on the home currency, changing the home currency makes those exchange rates invalid.
  • If you accept these conditions, send an email to support@zohocrm.com from the primary email address of your Zoho CRM account. We will reset the multi-currency feature from the backend and you can go ahead and set your new home currency in your account.

 

How can I add a currency in Zoho CRM?

You can change the currency as per your organization's needs. By default, the currency is set to US dollar. However, user(s) with the Administrator privilege can follow the steps below to change the currency settings:
  1. Log in to your Zoho CRM account with Administrator privilege.

  2. Go to Setup > General > Company Settings.

  3. On the Company Settings page, go to Currencies.

  1. If you want to add a new currency, click Add and select a currency from the dropdown list.

  2. Customize the format and add the current exchange rate for the currency.

  1. Click Save.

 

You can have up to 50 currencies active at a time with the Ultimate edition of Zoho CRM.
Click here to learn more about features available in different CRM editions.

 


What will happen if I deactivate a currency currently in use?

When you deactivate a currency, it will no longer be available for use. After deactivating:
  • New records cannot be created using the deactivated currencies. However, your existing records can still use the deactivated currency.
  • The currency will not be deleted.
  • The deactivated currency will be available under the list of currencies you have added.


 

What happens to the Currency Locale field under Company Details after I activate the multi-currency feature?

Once you activate the multi-currency feature, the Currency Locale field under Company Details will not be available.
It will redirect you to the Currencies tab. The home currency you set when activating the multi-currency feature will be used instead.

 

How do I implement multiple currencies in my web forms?  

You can implement multiple currencies in your web forms in two different scenarios:

1. Currencies as a dropdown list in the web form. 
The visitor can select the required currency while filling out the webform.
If you're including the currency field in your web form, the website visitor can select the currency, specify the amount, and add this amount to Zoho CRM. Once you've published a web form, the currency field will be available as a dropdown list with all the active currencies.
submitted this form, the currency field becomes available in the record as a drop-down list with all the active currencies added in your CRM account

2. Currencies as a hidden field with a specified value in the web form.
For this, you need to include the currency field while generating the web form. When the hidden value is specified, all the records generated via this web form will have the specified currency in place. In the generated HTML code, you need to replace this code for the currency field:
<select name='Currency'><option value='USD'>USD</option><option value='INR'>INR</option> </select>

Replace it with this code:
<input type="hidden" name="Currency" value="USD"/>.
For this example, we replaced the different currency options with USD. You may choose any currency for which you want the value to be reflected in your records when a web form is submitted.

 

Can I change the currency for the records?  

Yes, you can change the currency of the records in Zoho CRM. However, this is subject to certain conditions.
 
1. If you haven't enabled multi-currency in your CRM account:
You can change the default currency in Locale Information under Setup > General >
Company Settings > Locale Information > Manage Multiple Currencies. Select the currency you want.
 

 

The currency you set will apply to all records across CRM.
 
2. If you have enabled multi-currency in your CRM account:
You can change the currency for an individual record by editing it.
  1. Go to your Module and select a record.
  2. In the record's details page, click Edit.
  3. Select the desired currency from the currency dropdown.
  4. Click Save. 
The currency is now updated for this individual record.

 


Note: You cannot mass update currency for a group of records.

 


I placed a request to change the home currency but it hasn't been confirmed. Why?  

We have restricted making changes to the home currency once it has been set because it affects all your existing records.
 
If the currency of the existing records will be set to a new home currency, the existing currency values in the records will not be changed, only the new records will have this new home currency. If you have requested a change in your home currency for your CRM account and it hasn't been confirmed, it may be a backend or technical issue. To get a better picture of the case, check with the support team by emailing support@zohocrm.com. They will be able to help you.

 

 

How many currencies can be used in Zoho CRM

Administrators can add as many currencies to the organization's CRM account as they want. However, only 50 currencies can be active at a time in the Ultimate edition of Zoho CRM. The number of active currencies in your CRM account varies depending on the paid editions of Zoho CRM.
 

Click here for more details.

 


What are the important things I need to know before activating multi-currency?  

Keep these points in mind before activating multi-currency in your account:
  • The multi-currency feature is available for all paid editions of Zoho CRM.
  • Only users with an Administrator profile can activate this feature and add currencies.
  • Once activated, the multi-currency feature cannot be deactivated.
  • After activation, your locale currency will be changed to your home currency. You can look for it under Setup > Company Details > Locale Information.
  • The administrator can add currencies and activate them in the CRM account depending upon the CRM edition they are using. For example, in the Ultimate edition you may use 50 active currencies at a time. Click here to check the feature availability for each edition.
  • You cannot mass update the currency for the records.
  • Forecasting can be done only in the home currency.
 

How can I delete the currencies I am not using?

You cannot delete the currencies you are not using. As an administrator, you can only deactivate currencies.
 
When you deactivate a currency:
  • New records cannot be created with a deactivated currency. However, you can keep existing records that use the deactivated currency.
  • The deactivated currency will be available under the list of currencies you have added.



We hope that this list of frequently asked questions about multi currency are informative. If you still have questions that haven't been addressed, please let us know here. We will be happy to discuss them with our subject matter experts and add them in the future. And please don't forget to share your rating below!


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