Managing Currencies

Each business has a base currency which is the primary currency when setting up pricing policies and setting up business rules. However, CRM.COM is also a multi-currency system, meaning that additional currencies can be enabled, and that the business allows dealings in other currencies too.

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 etc, and most importantly, the core business rules.

Conversion Rate

If other currencies are also accepted by the business besides the base currency, then conversion rates 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 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 might have multiple accounts, one 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 set up prices in the base currency as well as other acceptable system currencies.

Currency Settings

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

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 about Currencies.

Contacts

Product Catalogue

Pricing

Financials

Generic Settings

Generic Settings | [inlineExtension]Countries of Agreement

Wallets

CRM.COM Wallet

TABLE OF CONTENTS

1 Managing Currencies
- - 1.1.1 THE ESSENTIALS
    - 1.1.1.1 Base Currency
    - 1.1.1.2 Conversion Rate
    - 1.1.1.3 Country of Agreement
    - 1.1.1.4 Account Currencies
- 1.2 Getting Started
2 Currency Settings
- 2.1 Base Currency
- 2.2 Additional Currencies
- 2.3 Rate History
3 Reference Material
- 3.1 Contacts
- 3.2 Product Catalogue
- 3.3 Pricing
- 3.4 Financials
- 3.5 Generic Settings
- 3.6 Wallets