Dear Friends,
when an exchange rate is updated;Base currency value is being recalculated, with the updated exchange rate, only when Actual currency value in the UI is updated?
Can we automate this so that whenever exchange rate get updated , base value gets recalculated automatically.What is the best possible solution for this ?
Many Thanks,
Naveen
*This post is locked for comments
Hi Naveen, did you ever find a solution to this? We change our exchange rates for reporting purposes monthly. We want open Opportunities to be converted to the Base currency according to the current reporting exchange rate. So if someone enters an Opportunity with a value of AUD1,000, and the exchange rate to the base currency (USD) is 1.4, then the Estimated Revenue (Base) will be set to USD714.29. At the end of the month, if we revise the exchange rate to 1.35 we want the value of the open Opportunity to show as USD740.74. This is logical since the real value of the Opportunity in the Base currency will only be final when it is Closed (either as won or lost). But the system keeps the value set to USD714.29 regardless of how we change the system exchange rate. We have several hundred Opportunities open at any one time and many of them remain open for more than a month, so opening all open Opportunities up every month and adding 0.01 to the local currency value (and then reversing the process for tidiness) is not practical. We're looking for some automatic way of doing this.
Dear Adam,
Thank you very much for the response.
Base values to be updated on Lead (open) , Opportunity(open) , a couple of custom entities.
We will be having hundreds of records.Can you suggest a good approach for Base value recalculation please.
Thanks,
Naveen
Exchange rate is checked and base values recalculated if you modify any currency field on a record, or the record changes status.
What base vaues do you want to update? On which records (Opportunity, Quote, Lead, Contract, custom...)? Any filtering to be applied, eg only update "open" records, not closed (won) Opps, Quotes, Orders...
How many records? Are we talking hundreds or thousands or tens of thousands?
If you want accurate exchange rate value use the solution that referred in my first response that updates the exchange rate everyday and all the values will be close to actual exchange rate. As you know crm takes exchange rate from the currency record to calculate base currency , if you have right exchage rate updated everyday then base currency will have almost accurate value for any given day. If you have access to any paid exchange rate API you could use that API to update exchange rate in the system on daily basics if you dont want to go with one i referred.
Thanks again Chitra.
The idea is to maintain the accurate money value as on the day exchange rate is updated.
Do you have any other better approach for this ?
Thanks,
Naveen
I dot see a reason why you want to recalculate existing value when you Quarterly update exchange rate. If you recalculate base currency value you will loose all your historic data that you have added in the past. Say you entered order last moth with total of $ 5000, at that time currency rate of 1 CAD = $ 0.83 , say you update your exchange rate today and exchange rate is 1 CAD = $ $ 1.00 in this case existing order total will be changed and you don't have way to find what was the actual value of that order. If you really want to recalculate base currency , have workflow that adds .001 to the existing value of an record that will force system to recalculate base currency. To do this you could use manipulation library custom workflow step from codeplex
manipulationlibrary.codeplex.com
You can schedule this workflow to run whenever exchange rate is modified.
Hi Chitra ,
Thank you very much indeed for the response.
We update exchange rates once in a Quarter , I am thinking of a best approach that recalculates base currency amount of all the Currency fields on exchange rate update.
Thanks,
Naveen
Base currency value calculated only when data is updated for a reason. As you know exchange rate changes everyday and if base currency is calculated everyday then there is no way to keep actual value. In order to keep historic data crm only recalculates base currency only when you update any currency field value of the record.
Here is the solution that updates the exchange rate everyday daily basics and it will eliminate need to recalculate base currency.
community.dynamics.com/.../microsoft-crm-2013-currency-exchange-rates-actualization.aspx
Stay up to date on forum activity by subscribing. You can also customize your in-app and email Notification settings across all subscriptions.
#1
André Arnaud de Cal...
291,280
Super User 2024 Season 2
#2
Martin Dráb
230,235
Most Valuable Professional
#3
nmaenpaa
101,156
Share
Report
All responses (
Answers (