Multi-Currency Terminology
Terminology:
These are some new terms you will want to familiarize yourself with when Multi-Currency is activated for your org. You will encounter these terms throughout documentation on Multi-Currency and in your org.
Term | Definition | Location |
|---|---|---|
Reporting Currency | This Fonteva feature is the currency your org uses for reporting purposes, such as taxes. There can only be one Reporting Currency per Business Group, but you can have multiple Business Groups set up with different Reporting Currencies. You will set the Reporting Currency using the Currency field on your Business Group record. | Business Group Record, Currency Field |
Functional Currency | This Fonteva feature is the currency your customers select for a transaction in the Community Portal. You can have multiple Functional Currencies for your customers to select from. You will set the Functional Currencies available in your Community Portal using the Fonteva Supported Currency CSV field on the Store object. | Store Record, Fonteva Supported Currency CSV Field |
Fonteva Supported Currencies | This field on the Store sets the Functional Currencies for the Business Group the Store is related to. Your customers can select from these currencies in the Community Portal, and your staff members can select from these currencies when making Sales Orders. | Store Record, Fonteva Supported Currency CSV Field |
Active Currency | This is the last currency your customer selected in the Community Portal to make transactions with. The Active Currency field on the Contact record records this value for all of your Contacts and updates it whenever a customer selects a different currency. | Contact Record, Active Currency Field |
Corporate Currency | 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. | Setup, Company Information, Corproate Currency Field Setup, Manage Currencies, Active Currencies Table, Corproate Column |
Reporting Objects | Reporting Objects are created when a functional currency is being used in records such as Sales Orders, Sales Order Lines, Receipt, and Receipt lines. Records from Reporting Objects allow you to see the transactions in your Reporting Currency. Reporting Objects include: Sales Orders (R), Sales Order Lines (R), Receipts (R), and Receipt Lines (R). | Sales Order (R) Object Sales Order Line (R) Object Receipt (R) Object Receipt Line (R) Object |
Conversion Rate | This is the rate at which a currency value is converted to another currency value. You will set up conversion rates on the Currency Conversion Table. Conversion Rate is also a field on some Reporting objects that documents the rate of conversion to the Reporting Currency at the time of purchase. | Sales Order Line (R) Object, Conversion Rate Field Receipt Line (R) Object, Conversion Rate Field Sales Order Line (R) Object, Conversion Rate Field Transaction Line, Conversion Rate Field |
Conversion Gain/Loss | Conversion Gain/Loss is a field on some Reporting Objects that calculates any gains or losses to income from conversions to the Reporting Currency. If a conversion results in more money than the original total for the order, that is a gain. If a conversion results in less money than the original total for the order, that is a loss. | Sales Order (R) Object, Conversion Gain/Loss Field Sales Order Line (R) Object, Conversion Gain/Loss Field Receipt Line (R) Object, Conversion Gain/Loss Field |