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I'm trying to enable multi-currency support for multiple organizations that I manage. I'm wondering if it's possible to solely rely on the DatedConversionRate table without having to pull down CurrencyType as well.

Is there any difference between using the value from DatedConversionRate with a next_start_date of 12-31-9999 and the value from the CurrencyType table? For clients with just 'simple' currency support, does the DatedConversionRate still get populated, but just with the current currency values?

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It just happens that I was reading some reference material tonight and ran across the answers to your questions.

Once multiple currencies have been enabled for your orgs by salesforce, you'll need to set up a "corporate currency" for your org that reflects the currency it does business in. You can then create a list to maintain of multiple currencies in which the company also does business in. Every user must also have their 'personal currency' configured for them (they can override it when creating new records).

As an aside, an opportunity's currency cannot be modified once it's been created using the default currency. You'll need to remove all records first before you can modify the opp's currency.

Next, the exchange rate is something that your org supplies based on readily retrievable data as the exchange rates vary daily. Since its something you can change, I doubt that SF will present you with a default value. At least that's not indicated from what I just read.

The difference between using Standard Currency Exchange Rates and Dated Exchange Rates is that the former has no history associated with it. However, when your org makes changes to a Dated Exchange Rate, the history is preserved for tracking. This is especially helpful when exchange rates fluctuate significantly. When a change is made to the Standard Exchange Rate, there's no history logged of what the previous rate was. This change affects all opportunities, forecasts and other amounts that use the current conversion rate; something which can significantly affect profit projections based on opportunities currently in the system. This is likely of more importance to large, multi-national companies than to small businesses.

Specifically, dated exchange rates are used in conjunction with opportunities, opportunity products, opportunity product schedules, campaign opportunity fields and reports related to those objects/fields.

A few caveats to be aware of:

  1. When Advance Currency Mgmt is enabled, VF input and output fields cannot display currency fields.

  2. If enabled, you also cannot create roll-up summary fields that that calculate currency on the opportunity object.

  3. Enabling multi-currency may have some unintended consequences regarding SOQL queries and aggregate functions. The material I was reading suggests you check the documentation for more about the implications of enabling multi-currency.

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An extra caveat (to emphasize point#3) - Dated Conversion Rates do not apply to custom objects. So, if you have a custom object that displays a currency field, the converted value (in corporate currency) will always be based on the current exchange rates, not on the applicable exchange rates based on some date field within that custom object.

We ran into this with a custom object called a 'Sales_Order__c' (coming from Oracle Financials) that through APEX resulted in a closed-won Opportunity. The Sales Order value in EUR (converted to USD) would not match the Opportunity USD value for all Sales Orders prior to the current set of dated conversion rates.

  • So true. This is why there's so much demand for disabling the automated conversion shown on the standard UI (coming in summer 13!): it's values are using non-dated rates and are pretty much always a lie. – ca_peterson Apr 29 '13 at 23:36

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