Useful currency terminologies
Base Currency - The primary currency type for the Salpo account holding Organisation, or seller.
Opportunity Currency - The currency type attributed to a specific Opportunity. This currency should reflect that of the customer, or buyer.
The currency feature is available after enabling the Opportunity module and defining the Base currency within the Opportunity settings.
Using currencies allows user's to:
- Define a Base currency against the Salpo account.
- Create Opportunities based on the Base currency.
- Create Opportunities based on other currencies.
- View Opportunity values in the defined Base currency based on the most recent exchange rate using the currency converter.
- Apply exchange rates manually when an Opportunity currency is different to the Base currency.
- Filter Opportunities by Base currency or by Opportunity currency from the list view.
- View currency abbreviations in front of the Opportunity values in the list view.
Setting up the Base Currency
The Salpo account Base currency is defined within Opportunity settings.
**Important note: The Base currency must be selected before enabling the Opportunities module. Once the module is enabled the Base currency cannot be modified.
Navigate to the Control Panel > click on the Opportunities option and choose a currency from the Base currency drop-down.
**Important note: The Base currency cannot be modified once set.
Using currencies when creating Opportunities
By default, abbreviations of the Base currency will populate in the Currency and Estimated value fields in the add Opportunity window. Attribute an Estimated value without applying changes to the currency field and hit save to create an Opportunity in the Base currency.
To change the Opportunity currency to a different currency type, select the currency type from the Currency drop-down.
The Opportunity currency can be changed once the Opportunity is created. Click the pencil icon in front of the Currency field within the Opportunity Details section of the Opportunity profile page, and select the new currency type. This will change the Opportunity currency and update any conversions if applicable.
The currency converter
A currency conversion will display in the Details section of the Add Opportunity window when the selected Opportunity currency is different to the Base currency.
Upon changing the Opportunity currency in the Add Opportunity window, the most recent exchange rates between the Opportunity currency and the Base currency will display underneath the Currency field.
The default exchange rate can be edited by clicking the pencil icon in front of the exchange rate.
After entering an Estimated value, if the Opportunity currency is different from the Base currency, the value will be converted to the Base currency using the exchange rate applied. The converted value will display underneath the Estimated value filed in the Add Opportunity window.
The Opportunity converter is also available on the Opportunity profile page view. The exchange rate used in the Add Opportunity window will display underneath the Opportunity's Currency field in the Details category. Click the refresh icon in the exchange rate field to get the most recent exchange rates or click the pencil icon to apply an exchange rate manually.
Updating an exchange rate will update the Estimated and Total values (only available if Products are connected to the Opportunity) of the Opportunity.
The Estimated value and Total (ex-tax) value display in both the Opportunity and Base currencies for easy reference. The fields will not display exchange rates or different values if the Opportunity currency is equal to the Base currency.
Filtering Opportunities by currencies
The Currency filter is available within the More filter label on the Opportunity list view page. Read Opportunities overview to learn more about Opportunity filtering.
The Currency filter allows filtering Opportunities by:
- Base Currency - Displays all Opportunities created in Base currency.
- Opportunity currency - Displays Opportunities created based on the currency type(s) selected in the filter field. Attribute more than one currency type to view Opportunities created in multi-currency types.
Click Update to view the intended list of Opportunities.