How to Edit Dated Exchange Rates in Salesforce

How to Edit Dated Exchange Rates in Salesforce

Exchange rates fluctuate almost every day, and predictions in your Salesforce opportunities with currencies might become inaccurate if you do not update your dated exchange rates. Salesforce actually included an Advanced Currency Management system to help you update your opportunities’ dated exchange rates in order to reflect the most accurate business predictions possible.

This short post will show you how to manage your dated exchange rates inside Opportunities.

What Are Dated Exchange Rates?

Dated exchange rates is a Salesforce feature that enables you to map conversion rates to a certain date range that you specify. This feature is useful in predicting targeted business outcomes using Opportunities.

Enabling Advanced Currency Management

Before you can use dated exchange rates, you must first enable Advanced Currency Management in your platform. Do this by following these steps:

  • Navigate to Setup.
  • Go to the Quick Find Box and type Manage Currencies.
  • Select the option Manage Currencies.
  • Click Enable. A prompt will appear. Select the option Yes, I want to enable Advanced Currency Management.
  • Click Enable once again.

After enabling, know that your current exchange rates become the first set of your dated exchange rates. These rates shall be used by Salesforce as default and will not change unless you set other values of dated exchange rates.

Editing Current Dated Exchange Rates

When an exchange rate changes in the world market, you may use it as your new dated exchange rate in Salesforce. To edit your dated exchange rates and shift them to a more updated one, follow these steps:

  • Navigate to Setup.
  • Click on Company Profile.
  • Select Manage Currencies.
  • Choose Manage Dated Exchange Rates.
  • A list of actively used currencies will appear. Click on the currency name you wish to update.
  • Upon clicking the currency name, Salesforce displays a history list of previously set rates, along with the equivalent date ranges on the right side.
  • Click the blue Edit link next to the exchange rate you want to update.
  • Edit the exchange rate and enter the updated value. Set the date range as well. Save your work afterwards.

You have now updated the currency’s dated exchange rate value. This change will be reflected in all opportunities set within the date range of the edited currency.

Setting updated exchange rate values is easy in Salesforce. With just a few clicks, you’re on your way to gaining updated business predictions through Advanced Currency Management and Dated Exchange Rates for your opportunities in Salesforce.

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