Set Up Multiple Currencies for Sales

You must complete several steps to enable salespeople to select multiple currencies in the applications.

Note: Perform these steps as a setup user (for example, a user with the Application Implementation Consultant job role).

Here are the high-level steps to enable multiple currencies:

Step	Description	Where to Find More Information
Set the default currency profile options.	Set the two profile options that specify default corporate currency and rate type.	See the Set Default Currency Profile Options section in this topic.
Check the setting of the default currency profile option.	Check the setting of the default currency profile option. This currency is the default used for salespeople in the transactional pages. The default currency is also used in a salesperson's forecast.	See the Check Default Currency Profile Option Setting in this topic.
Ensure currencies are enabled and verify precision.	Ensure that all of the currencies you plan to use are enabled for use and verify the precision.	See the Ensure Currencies are Enabled and Verify Precision section in this topic.
Set the multicurrency profile option for opportunities.	By default, one currency is set for an opportunity and its product lines. This default currency is a salesperson's preferred currency. If you want to enable multiple currencies for opportunities, set the multicurrency profile option.	See the Enable Multiple Currencies for Opportunity Product Lines topic in this chapter.
Let salespeople select the currency when editing leads and opportunities.	In the opportunity and lead edit pages, the Currency list of values is read-only by default. If you have enabled multiple currencies, you can let users pick a different currency at the header level by making the Currency field editable.	See the How do I allow salespeople select a different currency in Opportunities and Leads? topic in this chapter.
Enter currency daily rates.	To load daily rates, you can use a spreadsheet or web services.	See the Download the Desktop Integration Installer section in this topic.
Define and maintain daily currency conversion rates and conversion rate types.	The conversion rate is the ratio between two currencies; it shows how much of one money exchanges for another. Conversion rates are also known as foreign exchange rates. You define and maintain different conversion rates between currencies for the same period using conversion rate types.	See the Overview of Defining Daily Currency Conversion Rates section in this topic. Also see the topic, Enter Daily Rates Using the Daily Rates Spreadsheet, in this chapter.
Set up cross rate rules and overrides.	If you want to use combinations of cross rates across many currencies, you must: Enable cross rates and allow cross-rate overrides Maintain cross-rate rules	See the topic, Guidelines for Creating Conversion Rate Types, in this chapter.

After you have enabled multiple currencies, salespeople can set their preferred currency for the transactional pages and for business intelligence. For more information, see the related topic on setting general user currency.

Set Default Currency Profile Options

Your first step in the setup is to specify the default corporate currency and rate type by setting the Corporate Currency Default and Exchange Rate Type Default profile options.

Here's how you set the profile options:

In the Setup and Maintenance work area, go to:
- Offering: Sales
- Functional Area: Company Profile
- Task: Manage Currency Profile Options
On the Manage Currency Profile Options page, click ZCA_COMMON_CORPORATE_CURRENCY and set it to your default corporate currency. The display name for this profile option is Corporate Currency Default. It stores configured corporate currency used across the applications.
Save your changes.
Click ZCA_COMMON_RATE_TYPE and set it to the default currency rate type. The display name for this profile option is Exchange Rate Type Default. It stores the default currency exchange rate type.

Check Default Currency Profile Option Setting

You also need to check the setting of the profile option that specifies default currency for users in the applications. The profile option, Default Currency (FND_CURRENCY), not only specifies the default currency in the transactional pages, it's also used in a salesperson's forecast. By default, the profile option is set to US dollar. You can set this profile option at site level (affecting all users of the environment), at product level, or at user level.

Note: Users can set their own currency preference in the Personalization screens available in the user name menu in the global header. The setting users set for themselves override the settings that you make in the profile options screens at site or product level.

Here's how to check the default currency setting:

In the Setup and Maintenance work area, go to:
- Offering: Sales
- Functional Area: Sales Foundation
- Task: Manage Administrator Profile Values
  
  Note: If you can't find this profile option, search for it from the main Sales offering page, using the search available in the Tasks widget available on the right side of the page.
On the Manage Applications Core Administrator Profile Values page, search for and select the profile option name, Default Currency, or the code, FND_CURRENCY.
Ensure the profile option value is set to your environment's default currency at site level.

To set the profile option for a specific user, create a new row in the table and enter the values as needed.

Ensure Currencies are Enabled and Verify Precision

By default, all currencies are enabled. But it's a good idea to double-check that all of the currencies you plan to use are enabled and that their precision levels are set correctly. Precision is the number of digits placed after the decimal point. For example, set USD to precision 2 to display one dollar as $1.00 in the UI.

Here's how to check:

In the Setup and Maintenance work area, go to:
- Offering: Sales
- Functional Area: Company Profile
- Task: Manage Currencies
On the Manage Currencies page, click Search to search for all currencies, without entering any search criteria.
Check that the Enabled option is set for each currency you plan to use.
Check that the Precision is set consistently for each currency you plan to use.

Note: When setting currency precision, be sure to set it correctly for all currencies you plan to use. This best practice ensures that decimal places are shown consistently in the UI for all the currencies you're using.
If you made any changes, save your work.

Overview of Defining Daily Currency Conversion Rates

You have a few options for defining daily currency conversion rates, and you can maintain daily currency conversion rates between any two currencies. You can also enter daily conversion rates for specific combinations of foreign currency, date, and conversion rate type. The ways you can load currency rates are:

Load them manually using the Create Daily Rates spreadsheet.
Load them automatically using web services.

For more information, see the related topics and the topics later in this chapter.