During initial setup of your Membrain account, a Primary Currency will be chosen. Administrators have the option then to add Secondary Currencies to allow for Sales Project values and Sales Analysis reporting to be shown in these currencies, if required.
Adding a secondary currency
All secondary currencies need an Exchange Rate point of reference, which tells Membrain how to convert from the primary currency. The Exchange Rate field is where you will enter how much of this secondary currency equals 1 unit of the primary currency.
Example: Primary currency is US Dollars. Add secondary currency in Euro.
First find the exchange rate from USD to EUR. The easiest way to do this is use Google and search for "1 USD to Euro" This gives you a result of 1 USD = .85 euro.
- Profile Picture - System Settings - System Setup - Currencies
- Click on the New Currency button, top right
- Enter Eur in the Currency Code box
- Enter Euro in the Name box
- Enter .85 in the Exchange Rate box
- Click to use Round off, if you want to round off to the nearest decimal
- Click Save
Maintaining Currency Rates
These secondary exchange rates are static and must be maintained by an administrator of Membrain. Just click on the currency you wish to edit and update the exchange rate to the current rates.
For auditing purposes, Membrain will record the date an exchange rate was amended, what the previous rate was, and who made the change. Change log information is visible below the exchange rate box once a change has been made.
Using multiple currencies
As a user of Membrain, you can now choose which currency you would like to view your Sales Projects in. Read this article about Using Multiple Currencies to learn more.