Work with currencies
In Creatio, you can store monetary values in multiple currencies. The values that you enter will be automatically converted to different currencies according to the exchange rates. These functions are available in products with the Products, Orders, Invoices, and Contracts sections.
The currencies are used in special “currency fields”.
Select currency
In Creatio, you can enter monetary amounts in the special currency fields. For example, you can specify a product price in a “currency” field.
Currency fields store both the monetary amount and the currency in which this amount is specified. Click a currency field title to view the list of available currencies. The list contains currencies that are available in the Currency lookup (Fig. 1).
If the Currency lookup contains only one record, the list of currencies in the currency field will be unavailable.
If you change the currency in a populated currency field, the amount will be automatically converted to the new value according to currency exchange rates.
Read more about how Creatio converts currencies in a separate article.
Clicking the button in the currency field displays an additional edit window (Fig. 2).
In this window you can:
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View the equivalent of the specified monetary amount in the base currency in the Amount field. This is a non-editable field.
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Change the currency of the monetary amount (will be recalculated automatically).
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Edit the exchange rate of a currency to the base currency, the amount will be recalculated automatically. The new rate will be in effect only for the current record.
Use the Base currency system setting to specify the “base currency”. All exchange rates will be calculated according to the base currency.
- View the value of the multiplicity ratio between the specified currency and the base currency when determining the exchange rate.
When you select the base currency, the Rate field is automatically filled in with the “1” value and becomes grayed-out.
To save changes in the additional window, click the Apply button or anywhere outside of the currency field edit window.
Work with currency conversion
You can work with various currencies in Creatio. The conversion is performed automatically, taking into account the conversion currency exchange rate to the base currency and multiplicity ratio.
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The base currency is the currency based on which the rate for all other currencies is set. Use the Base currency system setting to select a base currency.
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The conversion currency is any other currency to which the money is converted.
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The exchange rate determines the conversion currency amount in the base currency.
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The multiplicity ratio indicates how many monetary units of the base currency correspond to the set exchange rate.
The exchange rate and ratio of the currency are specified in the Currencies lookup (Fig. 3).
The exchange rate of the conversion currency is specified in terms of the base currency taking into account the ratio. Currency rates are automatically re-calculated according to their base currency exchange rates and ratio.
For example, if the Yen is the base currency and the USD will have the 56537.3 exchange rate value for the 1000 ratio in the Currencies lookup, the exchange rate will be displayed in the additional window of the currency field as 17.6874 USD for 1000 Yen.
The Currencies lookup structure is described in a separate chapter. Use the “Base currency” system setting to select a base currency.
Set up exchange rates
Set up the exchange rates for proper currency conversion towards the base currency. To do this:
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Open the Currencies lookup.
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Set the “1” value for the rate of the base currency.
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Select the currency to set up the rate (for example, euro). Click .
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On the opened currency settings page, set the ratio, for example, “1000”.
noteFor a more accurate calculation of prices during conversion, specify a high ratio for currencies, for example, “1000”.
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Specify the exchange rate between the current currency and the base currency in the Rate field, considering the ratio. Save the changes.
noteIf the base currency is yen and the euro to yen ratio is 63.9655, specify the “63965.5” as the exchange Rate and “1000” as the Ratio.
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Repeat steps 3 through 7 for all currencies specified in the lookup.
Update all data in the lookup if the exchange rates are changed,
Calculate exchange rates using a ratio
The following formula is used for calculating exchange rates in Creatio:
Rate = Amount in conversion currency * Ratio / Amount in base currency
1000 Japanese yen is worth 0.84 US Dollars. Yen is selected as the base currency and the dollar ratio is 100. The actual conversion is as follows:
Rate = 19.40*100/1000=1.94
Thus, when the ratio is 100, the US dollar exchange rate to yen is 1.94
Currency conversion
When converting monetary amounts from the base currency into another currency, use the following formula:
Amount in conversion currency = Rate * Amount in base currency / Ratio
For example, 1,000 yen must be converted to US dollars. Yen is selected as the base currency, the USD / yen exchange rate is 1.94 and the ratio is 100. The actual conversion is as follows:
Amount in conversion currency = 1.94*1000/100=19.4
Thus, the amount of 1000 yen is equal to 19.40 USD.
When converting monetary amounts from one currency to another, calculations are made based on the base currency. The following formula is used:
Amount in conversion currency(2) = Amount in conversion currency(1) * Ratio(1) * Rate(2) / Ratio(2) * Rate(1)
For example, USD 100 must be converted to euro Yen is selected as the base currency. The dollar/yen exchange rate is 1.94, with a ratio of 100, and the euro/yen exchange rate is 1.73, with a ratio of 100. The actual conversion is as follows:
Amount in euro = 100*100*1.73/100*1.94=89.2
Thus, USD 100 is converted to EUR 89,20.
Calculate product price in an order
Let's see how the product price is calculated in order.
The order currency is yen. Add a product with the price is specified in US dollars to the order. The base system currency is the yen, the ratio of the US dollar is 100, the product price is USD 14.6.
Click on the Products detail to add products to the order. On the product selection page, all products are priced in the currency used for the order (Fig. 4). In this case, “yen”.