Microsoft Dynamics® CRM Training
Adding a Currency
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Adding a Currency
Hi, and welcome to the Success Portal by xRM.com.
CRM Online supports multiple Currencies. You can conduct business internationally by issuing Quotes, Orders, and Invoices in various Currencies. Before you can use a Currency, it must be added and given an exchange rate from your Base Currency.
In this video, we will add the Mexican Peso to our Currencies, and set its exchange rate from the US Dollar, which is our Base Currency. We’ll then create an Account record and set the Peso as its Currency.
The task of adding a Currency requires a Security Role of System Administrator or System Customizer, or equivalent privileges.
We begin by navigating to Settings > Business > Business Management and then clicking Currencies.
In the toolbar, click New.
The Currency form opens with the temporary name of “New”.
Let’s start filling out the information in the General area. In the Currency Type field, we are able to choose between System and Custom. If we select System, we can use the lookup icon in the Currency Code field to choose one of the predefined Currencies in CRM Online. If we select Custom, we can create a Currency that does not yet exist in CRM Online. This is useful if you need to perform transactions in a Currency unique to your business, such as Microsoft Points, which are used in the Xbox Live Marketplace.
The Mexican Peso is a system Currency, so let’s select System.
In the required Currency Code field, click the lookup icon.
The Look Up Record dialog opens. Scroll down and select the line that begins with Mexico. Then click OK, thus closing the dialog.
Back in the Currency form, notice that the required fields, Currency Code, Currency Precision, Currency Name, and Currency Symbol, are now filled in. The Currency Precision field determines the number of decimal places to display for this Currency. We could modify some of those fields, but let's leave them as they are.
Moving down the form to the Currency Conversion section, we must enter the exchange rate from the Base Currency, which is the US Dollar in this example, to the Currency we're defining, the Peso.
The Base Currency is the default Currency in which our organization conducts business. Any transactions performed in other Currencies are automatically converted to the Base Currency using the exchange rate defined in this field. The Base Currency must be defined when your CRM Online organization is first created.
Exchange rates are constantly changing, so it is good practice to appoint someone to routinely update the exchange rate Currencies. At the time of this tutorial, the exchange rate from the US Dollar to the Peso is “13.14”, which is what we will type in the USD 1.00 = MXN field.
All of the necessary fields have been filled in; let’s click Save and Close, thus closing the form.
We can now see "Peso" in the View of Active Currencies. We can now use the Peso in Accounts, Contacts, Invoices, Orders, Products, and Quotes.
To test that, let’s quickly create an Account record, and set its Currency to “Peso”.
Navigate to Workplace > Customers > Accounts. Click New in the ribbon.
The Account form opens with the temporary name of “New”.
Let’s type “Another Store (sample)” in the Account Name field.
Now, let’s scroll down to the Billing Information section of the Details area. Notice that the Currency field defaults to "US Dollar" because that is the Base Currency. To change the Currency to the Peso, click the lookup icon in the Currency field.
The Look Up Record dialog opens. Select “Peso” and click OK, which closes the dialog. Now, click Save & Close to close the Account form.
That's how you add a Currency in CRM Online and use it in a record.
Thanks for watching.