Multi-Currency Configurations
Salesforce Setup to turn on the Multi-Currency feature
Warning - When you have activated the Salesforce multi-currency, you CANNOT deactivate it. It is recommended to test this feature in a trial/DEV org, or a sandbox before activation.
The Multi-Currency feature is not enabled when you install the Base GoldFinch ERP Package in Salesforce. Execute the following to turn on the Multi-Currency feature.
Confirm Authority - The person requesting multi-currency must have the required authority to enable multi-currency and has considered the implications of enabling multi-currency. See Salesforce Help to read about important considerations for enabling multi-currency.
All relevant pages and reports must be reviewed to ensure that calculation is done on the fields having the same currency.
For example, you cannot add the sum of a USD amount and a EURO amount to get the total amount of sales.
Enable Multi-Currency - Navigate to Setup > Company Settings > Company Information > Edit.
Enable Multi-Currency Settings - Ensure that your selected currency locale is the default currency to be used for current and future records.
Confirm that you have enabled Advanced Currency Management.
Navigate to Setup > Settings > Company Settings > Manage Currencies.
Click Enable in Advanced Currency Management.
Confirm that you have disabled Parenthetical Currency Conversion.
Navigate to Setup > Settings > Company Settings > Manage Currencies.
Click Disable in Parenthetical Currency Conversion.
The following appears after you have executed the steps.
Configure the required currencies and exchange rates in the Dated exchange rates table.
Execute the following to Add Currencies:
Login to Salesforce and navigate to Setup, and then navigate to Manage Currencies.
Select Company Settings (Company Profile in Classic Interface), and then click Manage Currencies.
Click New to add each currency used by your business.
Execute the following to Add Exchange Rates:
After configuring the currencies, navigate to the Manage Currencies page and click Manage Dated Exchange Rates.
You can manually enter the exchange rates for each currency that is configured. Click New Exchange Rates and enter the current rates.
Notes
You can use Google to search for the current exchange rate for the currencies used and enter the details for the respective currency, or you can enter any number and remember to edit it later (see Step b for details).
The corporate currency checkbox can be used in other areas of the Salesforce application. You can periodically update your exchange rates for a specific date.
The exchange rates provided will be active for the entire period until they are updated.
For example, if exchange rates are provided on October 25th, updated on November 5th, and billing is processed on October 31st, then the associated exchange rate for the billing done on October 31st will be the rate that was provided on October 25th in the Manage Dated Exchange Rates list.
If you do not want to manually update the exchange rates, there are three apps on AppExchange that update currencies automatically. These are Currency Updater, Global Currency Updater, and Currencies on Demand.
GoldFinch Currency Setup
After enabling the Salesforce Multi-Currency feature and defining active Currencies, the Currency Codes in GoldFinch must be defined using the identical Currency Code that was previously defined in Salesforce.
Active Currencies in Salesforce | Currencies in GoldFinch |
|---|---|
 |  |
GoldFinch Company Setup
On the Company Setup page, define the default Currency as your company's base currency.
GoldFinch Account Setup
On the Account page, define the default Currency for each customer and vendor.
GoldFinch Sales Transactions
On the Sales Order page, the Order Date is used to retrieve Exchange Factor.
Currency Code is used as a criterion to retrieve Unit Price for a Sales Order.
All amounts and costs are converted using the Currency Factor. A set of fields starting with GL (such as GL Line Amount, GL Line Cost, GL Discount, and so on) are used to track the amount, discount, and cost in the base currency. GL Amount and GL Cost are used to post GL Entries and Inventory Cost Entries.
When creating a Sales Invoice, the Invoice Date is used to retrieve the effective Exchange Factor.
GoldFinch Purchase Transactions
On the Purchase Order page, the Order Date is used to retrieve Exchange Factor.
Currency Code is used as a criterion to retrieve the Unit Cost for a Purchase Order.
All costs are converted using the Currency Factor. A set of fields starting with GL (such as GL Line Cost, GL Discount, and so on) are used to track costs in the base currency. GL Cost is used to post GL Entries and Inventory Cost Entries.
When creating a Purchase Invoice, the Invoice Date is used to retrieve the effective Exchange Factor.
GoldFinch Customer Receipts and Vendor Payments
On the Customer Receipt and Vendor Payments, the Document Date is used to retrieve Exchange Factor.
Multi-Ledger Currency Factor Calculations
If you have Multi-Ledger turned on in the system, Exchange Factor is calculated using the transaction Currency Code’s Exchange Rate / GL Ledger’s Base Currency Code.
For example, if the Corporate Currency is USD for an instance:
Exchange Rate for CAD for 1.32
Exchange Rate for EURO for 0.89
If the Base Currency for a GL Leger is CAD, then for EURO transactions for that ledger, the Currency Factor is
0.89/1.32 = 0.067424
Multi-Currency GL Accounts Setup
You can share the same GL Accounts among multiple GL Ledgers as long as the Base Currency is the same for those GL Ledgers.
Read Foreign Currency Bank/Credit Card Accounts to understand how to configure Foreign Currency Bank Account.
GoldFinch Work Orders and Item Journals
All inventory transactions use the company’s Base Currency Code.
If a GL Ledger is entered, inventory transactions will use the GL Ledger’s Base Currency Code.
No Exchange Factor is needed.
Exchange Rate Gain/Loss
Set up the Account Exchange Gain/Loss on the Company Setup.
When posting applications for Customer Receipts and Vendor Payments, and if the Currency Factors are different between Receipts/Payments and Invoices/Credit Memos, Exchange Rate Gain/Loss will automatically be recognized in Customer Detailed Entries, Vendor Detailed Entries, and GL Entries.
