Managing Currencies

THE

ESSENTIALS

First of all, let’s explain some basic terms used throughout the software when referring to Currencies.

Base Currency

The main currency of the system , is used for defining product prices, rewards offers, promotions , discounts etc. All financial transactions generated by the system will be in the base currencyetc, and most importantly, the core business rules.

Conversion Rate

If other currencies will are also be accepted by the business , besides the base currency, then conversion rates will need to be set (and maintained manually) per currency , against the base currency (base currency : currency rate). These rates are used to facilitate conversion in cases where transactions are performed in currencies other than the base currency.

ISO4217 is used for the representation of to represent currency codes and decimal places in the system.

Country of Agreement

Each business should have at least one country of agreement defined in the system known as the base country,; this is the country where the business normally operates. The selected base country is also used to determine the base currency of the system.

When setting up a multi-country (multi-regional environment), a business can define multiple countries of agreement (i.e. additional countries where it operates), where each country of agreement can have one or more supported currencies.

Upon contact registration, the contact selects their country of agreement (i.e. the country where they are located), and the contact’s account is created in the currency of that country. When a contact places an order (for ordering businesses), they will see product prices in the currency of their selected country of agreement.

Account Currencies

Each contact in the system has an account and a wallet, the account operates using a single currency. A contact however, can might have multiple accounts, each one with a different currencyone for each enabled currency, and the CRM.COM Wallet. The CRM.COM Wallet’s Business Pocket and Business Commerce Pocket have a single currency which is set once and cannot be modified.

Getting Started

Even though all financial transactions are performed in the base currency of the system, the product catalogue is one area which allows multi-currency pricing. Navigate to the product and select the Pricing tab to setup setup prices in the base currency as well as other acceptable system currencies.

Currency Settings

To view or create Currencies, navigate to the Platform Settings screen - click on your logged-in user name in the top right-hand-corner of the screen select Settings > Platform > Generic > Currencies.

Anchor
base-currency base-currency

Base Currency

The base currency of the business is set on the Business sign-up and can be changed so long as no financial transactions have been performed for the business yet.

Additional Currencies

If the business will be operating in more than one country , and/or in currencies other than the base currency, then the accepted currencies must be defined, and the conversion rate set against the base currency.

The conversion rates are managed manually and are effective immediately.

Rate History

View the currency exchange rate history by selecting the History option for the relevant currency.

Reference Material

You may also find it useful to refer to the following manuals for further reading in relation to about Currencies.

Contacts

​Contacts

Product Catalogue

​Product Catalogue

Pricing

​Pricing

Financials

​Financials

Generic Settings

https://crmdevelopment.atlassian.net/wiki/spaces/TFDv2CRM/pages/1435795459/Generic+Settings#[inlineExtension]CountriesSettings#%5BinlineExtension%5DCountries-of-Agreement

Wallets

CRM.COM Wallet