During the initial setup of your Membrain account, a Primary Currency will be chosen. Administrators have the option then to add Secondary Currencies to allow for Sales Project values and Sales Analysis reporting to be shown in these currencies, if required.
All secondary currencies need an Exchange Rate point of reference, which tells Membrain how to convert from the primary currency. The Exchange Rate field is where you will enter how much of this secondary currency equals 1 unit of the primary currency.
Example: Primary currency is US Dollars. Add secondary currency in Euro.
First, find the exchange rate from USD to EUR. The easiest way to do this is to use Google and search for "1 USD to Euro" This gives you a result of 1 USD = .85 euro.
These secondary exchange rates are static and must be maintained by an administrator of Membrain. Just click on the currency you wish to edit and update the exchange rate to the current rates.
For auditing purposes, Membrain will record the date an exchange rate was amended, what the previous rate was, and who made the change. Change log information is visible below the exchange rate box once a change has been made.
It’s important to note that goals can only be set in the system's primary currency. If you need to change the primary currency after having set up your environment with projects with values in a different primary currency, you need to follow the below procedure to correctly convert existing values:
This will correctly convert the existing values in your projects to the new primary currency, allowing you to set goals and continue using Membrain with the desired currency.
As a user of Membrain, you can now choose which currency you would like to view your Sales Projects in. Read this article about Using Multiple Currencies to learn more.
