Multiple currencies is a feature generally used by global companies which do business in different locales around the world.
The ‘corporate currency‘ is the currency that the corporate headquarters uses. ‘Active currencies’ represent other currencies in which the company does business.
Multiple currencies must be enabled. This is done in the company information page in setup.
Each user has a personal currency, shown on their personal information page. This is used as the default currency for many objects. However, other active currencies can also be selected using the currency field. If a different currency to personal currency is used, then the personal currency will be displayed in parentheses.
Multi-currency in reporting:
- Primary currency is either corporate currency or record’s selected currency
- Secondary currency (in parentheses or column? Is this the same as converted amount?) is either the user’s personal currency or the report’s specified currency
Currencies cannot be deleted once added, but they can be deactivated.
Conversion rates are defined manually. These are what the converted amount use.
Advanced currency management allows use of dated exchange rate(by date range).