Currency considerations

Before setting up currencies and currency fields, please note the following:

• Decide on the base currency at the beginning of your implementation and do not change it.
• Decide on a process for maintaining the currency rates against the base currency—how often, and by whom. For some organizations, a quarterly update may be sufficient. Others may decide on daily or weekly.
• Currency fields allow you to specify a value and a currency. The value remains the same on the record regardless of exchange rate changes. If a customer is quoted USD 100,000 for a project, it will remain USD 100,000. This is the value stored in the database. However, a user reporting on the data in another currency may see a change in the project value, if the exchange rates have been changed since the last time the report was run.
• The converted values of currency fields are calculated by triangulation. The monetary value entered by the user is divided by the currency specified to get the value in the base currency, then multiplied by the exchange rate specified for the user's preferred currency.