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Currencies

Currencies

Currencies enable a business to invoice and accept payments from its contacts in their local currencies.

THE ESSENTIALS

Your business is assigned a default Currency when you sign up to the CRM.COM platform that must be changed to the main currency in which your business transacts before starting to create Accounts and issuing financial transactions.

Additional currencies can be enabled, along with their exchange rate over your base currency if your business accepts payments in multiple currencies. Moreover, when operating in multiple countries, you can specify each country’s accepted currency.

Your business’s Pricing, Promotions, Pass Plans and Reward Offers can be set up per enabled Currency. Your business rules however can only be set in your base currency and whenever rules are applied, CRM.COM used exchange rates to convert accordingly.

CRM.COM holds a transaction’s amounts in the account’s/wallet’s currency and in your business’s base currency, allowing you for itemised and aggregated analytics and reporting.

Let’s explain some basic terms of Currencies.

Conversion Rates

Conversion rates is the rates at which the base currency can be exchanged for another. When enabling more currencies that your business transacts, establish the rates for each enabled currency in relation to the base currency.

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

Accounts

Each Contact may have multiple Accounts but each Account must be related to a different Currency.

CRM.COM Wallet

The CRM.COM Wallet is a multi-pocket wallet, having each pocket’s transactions related to a currency:

  • Cash Pocket: contacts can transact in 3 currencies; EUR, USD and GBP.

  • Business and Commerce Pockets: have a single currency, the one selected when contacts register and selected based on their country of agreement and the enabled currencies of your business. The currency of these pockets cannot be changed.

Managing Currency

To view or create Currencies, navigate to Settings > Platform > Generic > Currencies.

Base Currency

The Base Currency is set to a default one your Business sign-up and can be changed as long as no accounts or financial transactions have been created yet.

Additional Currencies

If you business accepts payments in multiple currencies, then enable them and for each one define its exchange rate over the base currency.

Exchange rates are managed manually and are effective immediately.

Rate History

Select the History option for the relevant currency to view the currency exchange rate history.

Reference Material

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

Contacts

​https://crmdevelopment.atlassian.net/wiki/spaces/CRM/pages/424247365

Product Catalogue

​https://crmdevelopment.atlassian.net/wiki/spaces/CRM/pages/1397656045

Pricing

​https://crmdevelopment.atlassian.net/wiki/spaces/CRM/pages/1478361517

Financials

​https://crmdevelopment.atlassian.net/wiki/spaces/CRM/pages/1412235485

Generic Settings

https://crmdevelopment.atlassian.net/wiki/spaces/CRM/pages/1435795459/Generic+Settings#%5BinlineExtension%5DCountries-of-Agreement

CRM.COM Wallet

https://crmdevelopment.atlassian.net/wiki/spaces/CRM/pages/1938882561

 

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