Set Up the Exchange Rate

Learning Objectives

In this project, you’ll:

  • Activate multiple currencies with exchange rates.
  • Adjust the exchange rate with advanced currency management.
  • Build a unique home page for specific profiles.
  • Construct a unique list view.
  • Create Chatter groups.

Introduction

Your company, AW Computing, is adopting Salesforce. You’re the administrator of this org. An org is an identifier that represents a customer’s version of Salesforce and its data within an instance. However, you know the org requires some preparation before users start to log in.

In this project, you get hands-on practice preparing your org for end users—from setting up the exchange rate and customizing your users’ home page to creating unique list views and creating public/private Chatter groups.

By completing these steps, you learn various ways to customize your org before your end users start using Salesforce. Anticipating users’ needs before they even log in makes adoption of Salesforce even smoother. Happy end users = happy administrator!

Since AW Computing is an international company, let’s start by turning on the multiple currencies option. Even if your company isn’t international, it is good to know how to work with multiple currencies within Salesforce. You never know where Salesforce can help you take your company in the future!

Enable Multiple Currencies

  1. From Setup, enter Company Information in the Quick Find box and select Company Information.
  2. Click Edit.
  3. Within the Currency Settings section, select the Activate Multiple Currencies box.
  4. Click Save.
  5. From the Company Information page, click the Currency Setup button.
  6. Click New in the Active Currencies section.
  7. Set up the Euro with the following information.
    Field Value
    Currency Type EUR – Euro
    Conversion Rate 1.5
    Decimal Places 2
  8. Click Save.

Test the exchange rate on a new opportunity.

  1. Click App Launcher iconto open App Launcher, and select Sales.
  2. Select the Opportunities tab, then New. Fill in the Opportunity Information.
    Field Value
    Opportunity Name Euro Currency Test
    Account Name United Oil & Gas, UK
    Opportunity Currency Euro
    Close Date (end of current month)
    Stage Close Won
    Amount 10,000
  3. Click Save.

Make a note of the converted amount in the Stage History (shown in parentheses in the Amount field).

Update the Exchange Rate

With multiple currencies turned on, let’s update and test the exchange rate.

  1. From Setup, enter Manage Currencies in the Quick Find box and select Manage Currencies. Note: If Manage Currencies does not appear in your Quick Find search, enter Company Information, and click Currency Setup.
  2. Click Edit Rates, and then edit the Euro to 1.00.
  3. Click Save.

View the opportunity from the earlier exercise and compare the converted amount to the one you noted.

  1. Click App Launcher iconto open App Launcher, and select Sales.
  2. Click the Opportunities tab.
  3. From the Recent Opportunities list, click Euro Currency Test and compare the converted amount to the one you noted earlier.

Congrats! You have successfully added another currency to your org and updated the exchange rate. As we all know, exchange rates change. A set exchange rate may not work for your situation. Let’s learn how to update the exchange rate based on a calendar date.

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