Salesforce’s Multiple Currencies only allows for one default currency: Corporate Currency. This forced users to create duplicate Business Groups, Items, Events, and other records to support multiple currencies in one org.
Fonteva’s Multi-Currency allows you to set one default Reporting Currency per Business Group and multiple Functional Currencies for each Store, providing you more flexibility and improving reporting for your staff and accountants. Your users will select which currency they want to use (Functional Currency) and you will select the currency your org will use for reporting purposes (Reporting Currency). Using configured conversion rules, the system will convert Functional Currency to Reporting Currency for your accounting records.
This guide will take you through enabling Multi-Currency for your org, configuring currencies and conversion rates, new fields and objects related to Multi-Currency, and new behaviors some features and records will exhibit.
Before you begin, please make sure you understand the requirements of Multi-Currency. Enabling Fonteva Multi-Currency requires Salesforce’s Multiple Currencies functionality to be enabled. This cannot be disabled once it has been enabled. Likewise, Fonteva Multi-Currency cannot be disabled once it is enabled. Please make sure you understand these changes and the implications for your org by reading Salesforce’s Considerations for Enabling Multiple Currencies and the documentation in this guide.
Salesforce And Fonteva Currency Types:
Let’s take a moment to learn about the different categories of currency you will work with. There are three different types you need to be aware of:
This is the designated default currency used inside your Salesforce org. Corporate Currency is basic currency functionality within Salesforce. This is set with Salesforce’s Multiple Currencies. It does not affect your Community Portal.
Company Information, Manage Currencies
This is the currency selected for a transaction. For example, a customer in the Community Portal would switch to their country’s currency in order to make a transaction. Sales Orders using Functional Currencies trigger the creation of Reporting Object records for reporting purposes.
Store, Sales Orders, Sales Order Lines, Receipts, Receipt Lines
This is the currency used for reporting purposes. Typically, this is the currency your company reports to government entities for tax purposes.You will designate your Reporting Currency on your Business Group. Your Functional Currencies will be converted into your Reporting Currency on Reporting Object records.
Business Group, Reporting Objects
You will first need to enable Multi-Currency for your org. You can start with Enabling Multi-Currency, where we walk you through the pre-requisites for Multi-Currency, how to activate the critical update that enables Multi-Currency in your org, and adding new fields to your page layouts and reports following enablement.
Salesforce’s Multiple Currencies cannot be disabled once it is enabled and will introduce permanent changes in your organization. Please make sure you understand these changes and the implications for your org.
The currencies you want available in your org and Community Portal must be configured along with conversion rates. Functional and Reporting Currencies will also need to be configured on your Store and Business Group Records, respectively. Configure Multi-Currency will guide you through the steps to ensure multiple currencies are ready for action in your org and Community Portal.
Multi-Currency In The Staff View:
Staff users will want to hit the ground running once Multi-Currency is enabled and configured in your org. Multi-Currency In The Staff View walks staff users through the new objects, fields, and behavior available so they can quickly become familiar.
Multi-Currency In The Community Portal:
Multi-Currency In The Community Portal teaches you how Community Portal users can change to their desired currencies, including steps on how currency change affects the Order Summary Builder on the Profile page.
Familiarize yourself with new Multi-Currency Terminology so you can better understand the new changes in your org.