Multi-currency was introduced in the product with version 4.0
Thought of just revisiting it as we were recently having certain requirements around it.
Below are few points for quick reference (Nothing new, as most of the things remains the same with Multi-currency in the product) à
- There can only be one Base currency that can be defined while setting up the organization or the instance. The base currency cannot be updated.
- To define additional currency, navigate to Settings à Business Management
By default, we can see 18 currencies defined.
- We can create additional currencies either system or custom.
For system currency, we can select any of the existing currency code.
If we do not find our currency in the system, we can define Custom Currency
- Through Set Personal Options, the user can specify default currency
The default currency will be set as the currency for the user while creating a record as shown below.
- The base amount is calculated after the record is saved.
The calcuation considers the Exchange Rate defined in the Currency record.
Exchange Rates are not updated automatically. We should have some mechanism in place to update the exchange rate.
The base amount is re-calculated if the money field in the record is updated or state of the record is changed.
E.g. we have updated the exchange rate to 25.
The record still shows the old base value.
Here updating any of the currency fields will trigger the recalculation.
Below we have updated the value for the Actual Revenue field and saved the record which triggered the calculation for the base fields using the new exchange rate defined.
- We can write a console application or SSIS packages that will update the money field of the existing records, whenever the exchange rate is updated to trigger the recalculation of the base currency field if needed.
- Create a new currency field for an entity will create a corresponding base currency field. It will also create Currency and Exchange rate field if this is the first currency field created for the entity. Any subsequent new currency field created will not create the currency and exchange rate field.
- Updating the status of the record will also update the base currency as shown below.
Below are some of the helpful articles with regards to currency and exchange rate in Dynamics 365.
- Using Power Automate to update the exchange rate
- Exchange Rate Control in PCF Gallery
- Update exchange rate through a Console app
- Through XrmToolBox plugin
- Using workflow and dialog (deprecated)
Hope it helps..