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Kristin LucasKristin Lucas 

multi currency price books

We will be enabling multi currency in our Org. What is the impact on products and price books?

  • Do I have to create a version of each product for each currency?
  • Do those separate products for each currency have to go into a separate price book?
Syed Y. TalhaSyed Y. Talha
Check this helpful documentation from help about Multicurrecy impact. 

Please read below as some aspects of the multi currency feature needs review before this feature is activated in your organization.  Salesforce will activate this feature for you.  Please open a new support case to start the process.


 

The overall turn around time to activate this feature could take two to several business days as engineering needs to review the technical specifications in your instance before activating this feature.  The support analyst owning the case will be in contact with you.

Please agree and reply on the four items below to the support analyst handling this case OR submit a case comment with the following:

1. Organization ID of the production or sandbox instance needing this feature (Navigate to Setup > Company Profile > Company Information):  

2. What is the default currency stamp on existing and future records (i.e. USD, EUR, GBP):  

3. I understand that once multi currency is activated, it CAN'T be deactivated:  

4. I’m the system administrator authorized on behalf of this organization to request this feature:  

***************************************************************

This process locks the org when we activate Multi Currency (preventing users from logging in or any integrations to process).

**For orgs less than 100 MB of Used Data space size (excluding file size which is attachments), we can activate during the weeknights (after 5pm pacific time zone) and the org lock time will be less than 5 minutes.

**For orgs greater than 100 MB but less than 15 GB, we can only activate during the weekend (after Friday 5pm pacific time zone) and the org lock time can be up to 3 hours.

**For orgs greater than 15 GB, we need to coordinate with you to ensure the proper weekend and estimated time of lockout.
****************************************************************

1. When salesforce.com converts your organization to multi-currency (MC), we must stamp all existing records with one currency code. Therefore, if you've entered Opportunities in MC (for example, MC is not activated and all reps in the US have entered USD and all reps in Europe have entered amounts in EUR) you will need to switch all of these to one currency first. This type of conversion can be supported via a SFDC paid implementation service. 

2. Be aware that when you add a currency to your organization's list of supported currencies, you cannot then delete that currency from the Administrator's screen. This is a purely cosmetic issue. You may deactivate currencies so end users will not see them when creating new Opportunities, etc. However, the Administrator will always see inactivated currencies in the manage currencies list. SFDC recommends keeping this in mind when doing initial configuration. Test with currencies that you will eventually use in the business.

3. All currency fields in SFDC will now display with the ISO code of the currency preceding the number. For example, $100 will change to USD 100.

4. Currencies are automatically updated when conversion rates change.  The rates are not automatically maintained.  They must be updated manually.

5. Primary currency will show up as before but now an additional value in parentheses will show the converted amount in the secondary currency. The primary currency will be the corporate default currency unless overridden per record using fields such as Account Currency, Opportunity Currency, etc. The (converted) amount shown is always your personal default currency. Please note, the fields Account Currency and Opportunity Currency are only available in [New] and [Edit] mode.

6. Objects with converted currency fields include Opportunities, Opportunity Products, Opportunity Product Schedules, Campaign Opportunity fields, and reports related to these objects and fields.  MC fields are on these page layouts by default.

7. By default only your current exchange rate settings in SFDC are used for converting ALL amounts; change an exchange rate, and all records, even closed Opportunities will show updated converted amount for secondary currency. 
**However, you can track historical exchange rates using Advanced Currency Management. When enabled by you, ACM allows maintaining of a list of exchange rates and which date ranges they apply to. Converted "Amount" field on Opportunity - regardless of stage - will display based on exchange rate for the given Close Date. Changing the Close Date will impact (converted) amounts if it changes to a different exchange rate period.  NOTE: Dated exchange rates are not used in forecasting, currency fields in other objects, or currency fields in other types of reports.

8. Opportunity records will have new standard required picklist field called Opportunity Currency visible only in the New and Edit modes. The selected currency for each Opportunity is used for the primary amount field.

9. End users will see a Currency option in Setup | Personal Information which they may Edit and set to determine the currency for converted amounts. Switching that default will change the currency for converted amounts real time as they view or report on records.

10. Reports will show primary amounts per the Opportunity currency for each included record. Reports will show converted amounts in the currency of the user running the report OR the currency set using the picklist in the bottom of the report criteria page.


Kristin LucasKristin Lucas
I've read through all the online information about multi currency, including the information provided by Syed Yasir . What is not clear from the documentation is the requirement for multiple versions of each product, where the Product Currency is set for each one. So you have ProductA with Product Currency set to USD. Then you have another record for ProductA where the Product Currency is GPB. Depending on the Record Currency of the Opportunity, only the matching product is available when adding product line items. Is this really necessary? Seems like a lot of overhead if you have a large number of products and currencies.

It is also not clear what the purpose of adding different Standard Prices, one for each currency, to a product. So if ProductA has a Product Currency of USD, and has a standard price in USD, what is the purpose of adding another standard price in GBP?
Margaret FleischakerMargaret Fleischaker
I don't believe you have to create a duplicate product for the new currency. You can use the different Standard Prices. You just need to be sure to add those to the price books again.

In your example above, you would add another standard price in GBP for ProductA. Then, click "Add to Price Book" and add it again to the Price Books you want the product to be included in. When you go to add the product in an Opportunity, it will choose which price to use based on the Opportunity currency.

Hope this helps.
Jill OliveiraJill Oliveira
I'm confused on this as well.  Won't the USD be converted to GBP if the Opportunity currency is GBP?  What is the purpose of adding the two standard prices when creating the product (USD & GBP)? Don't the conversion rates take care of that?  I would think all products should be added in the default currency, and then depending on the Opportunity currency, the values would be converted to that currency based on the exchage rates defined.  Very confused on this one....any clarification would be greatly appreciated! 
Kristin LucasKristin Lucas
JillyO - I get your confusion, because this took me ahile to get a clear understanding.

The conversion rates entered into Salesforce apply to the pricing information entered into the opportunty. Scenario is a rep in the UK creates an opportunity with currency of GBP, and enters an amount in GBP.  The conversion rate let's users see that amount in USD, or whatever your standard currency is.

Adding additional standard prices for your products in the Price Book lets you set a different standard price in each of your currencies. Typically a company would establish a price for a product in a different currency.

Hopefully this helps. If not I'd be happy to show you our implementation to help connect the dots.


Kristin
Jill OliveiraJill Oliveira
That does help Kristin.  Thanks for the explanation.  Multi-currencies can be very confusing, and there's not a whole lot of documentation out there regarding the Products / Price Books side of it.  Thanks again!

Kapil DuaKapil Dua
Is it possible to add standard and list price for a product in multiple currencies ?
Jon WintersJon Winters
Is there a manual on PriceBooks?  I would like to setup such that the data relates to an account (either Standard book or Custom) and that the data by account could be available for ingestion by an internal BI solution.
Christine ChoufaniChristine Choufani
Hi Kristin,

I have the same requirement but didn't get an answer here.
We have recently activated the multi-currency feature.
Now our standard and custom price books are in USD.
We need to have all our products in DZD now next to USD.
So what should we do now?
1. Create new Custom Price Book and upload all products in DZD for this Price Book
2. Upload Price Book Entries for all products and available price books but with prices in DZD
or another solution..?

Please advise..

Thanks,
Christine
Rebecca HunterRebecca Hunter
A single Pricebook can support multiple currencies for the same product... 
http://salesforce.stackexchange.com/questions/7704/pricebook-and-currency
Kim LittleKim Little
hi, I have a question. we have a multi currency org and also have products with multi currencies associated to them.
here is my issue,
1. Finance follows a currency conversation each month, so I need to keep our org currency accurate. is there an app out there to link with to assist.
2. if my currency rate changes for Eur next month all of my products with a EUR price have to be updated. is there an app out there to assist with this?

i have 100K products currently with multiple currencies so doing it manually monthly would not be ideal.

Any help would be greatly appreciated.

thanks,
kim
Amitabh SharmaAmitabh Sharma
Hi,

For all those who have still not been able to resolve this. Here are the few steps to Sharing Pricebooks across different users.
  • Go to Security Controls -> Sharing Settings -> Price Book (change to No Access)
  • Create Public Groups -> for Users with differnt Price Book Access (could be country wise)
  • Go to Products Tab ->Manage Price Books -> Select Price book -> Click on Sharing -> Add the Group and  the type of Access (View / Use).Hope this solves.

After Summer 14, Price Book has been promoted to a Salesforce Object so any new Fields, Record Types, Page Layouts can be created.

regards,
​Amitabh
Samarjeet KahlonSamarjeet Kahlon
@Kristin Lucas @Syed Y. Talha @Margaret Fleischaker

I had the same issue mentioned above, I wanted to create a single product and then use it in different pricebooks with different currencies at different prices. Initially I was under an impression I will end up creating multiple Products in different currencies BUT THIS IS NOT TRUE.

Solution: 
1. Create a product in any one currency of your choice (preferbly in the base currency of the organisation) ,
2. Add this product to the Standard Price Book in all differenct currencies of your choice (this is creating standard price book entries in different currencies)
3. Then Add this product to the Other Custom Price Books in all differenct currencies of your choice (this is creating custom price book entries in different currencies)

This worked for me
Mark SmitheyMark Smithey
I like Samarjeet's answer but I have yet to see the answer to the question regarding the updates when our conversion rates change.  Whatever price book you are working in will allow you to enter the product in multiple currencies.  The exchange rate for each will be listed there and with calculation for each one and you have completed the entry.  But, you would have to do this each time the currency exchange rate changes for each product in each price book?  Again, that does not seem reasonable.  Since we have the current exchange rates listed right there, why do we have to calculate and list the price for the currency?  Then, when the exchange rates change the multi-currency pricing would change as well.
Mikel MinkmanMikel Minkman
I agree with Mark. We have the same issue. We have enabled multi-currency in our Org with monthly updates. We also have a global price book for a specific Product group segment. Only the EUR prices for these specific products are fixed prices for the fiscal year. All other currencies are dependent of the euro for these products. We can add the products with other currencies in the same price book (one for each currency - see below), but still we have to add a fixed list price for each currency and these are not automatically recalculated based on the monthly rates. Instead you have to do this manually each month.
 
Price Book 1:
  • Product A – EUR fixed list price
  • Product A – GBP fixed list price
  • Product A – ZAR fixed list price
Could these list prices be re-calculated based on monthly rates? If you don't update the list prices you are facing quite a currency risk especially with the larger Opportunity values.
Toni MelismaToni Melisma
@Mikel, sounds to me like you're using global prices and don't need local prices at all. You should just define the EUR prices in the standard (or custom) price books and create all opportunities in EUR. Users' personal default currencies will make it so the opportunities converted amounts are also shown on the opportunity pages. No currency issues!

Only define prices in local currencies for products if there actually are business-decided local prices in local currencies which are independent of the corporate currency. Based on your description, this isn't your situation, so just use the global prices everywhere.