How to change exchange rate in Sage CRM

How to change exchange rate in Sage CRM is a common question that is asked by users of the software.

Having an up-to-date exchange rate in CRM is important, especially for companies who sell outside of the UK.

 

There are many benefits to keeping the exchange rate up-to-date, including the ability to have an accurate view of prospect sales and determining which currency is best for a particular sale.

 

A new component is available to allow exchange rates to be updated daily . The exchange rates are provided by themoneyconverter.com. The rates for over 80 different currencies are downloaded every day, giving an accurate view for all users.

 

How to change exchange rate in Sage CRM – Downloading the component:

The exchange rate component is available for Sage CRM 7.2 or later. In order to install this, users will need to prepare their CRM database by following the instructions below:

 

How to change exchange rate in Sage CRM – Preparing the database:

If the user’s CRM database uses currency symbols instead of Currency ISO codes, then these settings will need to be updated before the tool can be used.

  • While logged into Sage CRM 7.2 or later, go to Administration | Data Management | Currency
  • Click on each currency and replace the symbol with their ISO code equivalent (e.g. € -> EUR / $ -> USD / £ -> GBP etc)
  • Remember to change your base currency code as well:
    • Switch your base currency (Administration | Data Management | Currency Configuration) to one you’ve already updated so you can edit the base currency
    • Return to Administration | Data Management | Currency and update your base currency’s symbol to the ISO Code
    • When that’s done, return to Administration | Data Management | Currency Configuration and change the base currency back

Your currencies should now look something like this:

01-currencies-png-550x0

03-base-rate-png-550x0

How to update exchange rate in Sage CRM -Updating the rates

Now your database is ready to use the currency rate updater tool, it’s just a matter or clicking the “update rates” button on the right hand side of the Currency screen.

button

You will be brought to a new screen which will download the rates compared to your base currency. Both the original rate and the newly updated rate in CRM will be displayed.

02-setting-rates

If a new currency has been added to CRM, then the screen will set the rate as before, and also add a new caption so its full title is available to users.

4667-new-rate-added

If a currency is stored in CRM is not one of the 80 currencies supported by themoneyconverter.com, then you will get a message informing you.

rate-not-found

The live rates can only be downloaded once per day from themoneyconverter.com – however, you can still set the rates for newly added currencies as many times as you like in one day, as all 80 currency rates for that day will be stored locally on the CRM server.

When you click the “continue” button, you’ll be brought back to the currency screen where you’ll see your newly updated rates:

finished-rates

 

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