Quick Tip: Guide to Currencies in Microsoft Dynamics CRM

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BDO

I was asked the other day how using different currencies in Microsoft Dynamics CRM worked. Here is a quick guide of how Dynamics CRM money fields, currency lookups and exchange rates work.

When a Dynamics CRM organization is provisioned, either online or on premise, a “base” currency is chosen. This usually reflects the country the organization does business in.

If other currencies are used, they need to be set up. In Dynamics CRM, go to Settings ? Business Management ? Currencies to add the various currencies required by the business.

In Microsoft Dynamics CRM, go to Settings ? Business Management ? Currencies to add the various currencies required by the business.

There is a listing of standard currency codes, you can configure the precision, name, symbol and enter the current or desired exchange rate. Note that out of the box, you need to manually maintain and update this rate.

Configure the precision, name, symbol and enter the current or desired exchange rate in Microsoft Dynamics CRM

When you add a money field to an entity in CRM, it will automatically add a Currency lookup field, a read-only exchange rate field and a read-only “Base” currency field.

Adding a currency field in Microsoft Dynamics CRM

In our example, we have setup an “Agreement” entity with a lookup to contacts and a compensation value.

CRM is setup with a USD base currency.  Jim Glynn is paid in USD, so when USD value is entered, the Currency lookup is defaulted to USD, the base is in USD and the exchange rate is 1.

Example: USD in Microsoft Dynamics CRMRobert Lyon is paid in CAD.  CRM is still uses a base currency of USD.  The currency lookup has been set to CAD, the base is in USD (read only) and exchange rate is populated (read only).

CAD currency in Microsoft Dynamics CRM

Paul Cannon is paid in EUR.  CRM is still base currency of USD.  The currency lookup has been set to EUR, the base is in US (read only) and the exchange rate is populated (read only).

EUR currency in Microsoft Dynamics CRM

If you create a new record, the Currency lookup will default to the base currency:

New records default to base currency in Microsoft Dynamics CRM

You may set your Personal Options to use something else as a default, but a user can still change it when creating records:

Users can change personal defaults in Microsoft Dynamics CRM

NOTE: The base value and exchange rate will NOT change on a record unless the money value is changed on ACTIVE records.  INACTIVE records will not change values.

Take care when creating views, rollup fields, reports, etc. that rely on the money fields. Mixing currency values tend to drive accountant types crazy!

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