Setting up multiple currencies

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 Projects values and Sales Analysis reporting to be shown in these currencies, if required.

Adding a secondary currency

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.

1. Go to Profile Picture - System Setup - General - Currencies.
2. Click on the +New button, top right.
3. Enter EUR in the Currency Code box.
4. Enter Euro in the Name box.
5. Enter 0.85 in the Exchange Rate box.
6. (Optional) Click the +Add Exchange Rate button if you need to input a previous date and exchange rate for historical data. This is useful if you need to maintain accurate historical records for financial reporting or analysis, ensuring that past transactions reflect the correct exchange rate at the time they occurred. 
7. Click Save.

Maintaining Currency Exchange Rates

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.

The currency history shows values that have not changed rendered in light gray. Removed values are in red with a strike-through. New values are in green. If the value for a specific date has changed, it is rendered in black with the previous value struck through in the left column and the updated value in bold in the right column.

Historical Closings & Currency Exchange Rates

In the Sales Project list view and Dashboards for Sales Projects (also List), you will see a light blue "informational" text. Hovering over this text will provide a description of what is displayed.

Currency conversion for a given row occurs based on the following rules:

• For closed Sales Projects, the conversion happens between the currencies at the point in time when the Sales Project was closed.
• For Sales Projects that are not yet closed, the current exchange rate is used.

Currency conversion for Goals

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:

1. Export all of your projects from Membrain in an Excel file, including the value and currency in the export. Learn how to export your projects here.
2. Change the primary currency to the one you’d like to use and adjust the exchange rate for the secondary currency by following the instructions above.
3. Import all of your exported projects back into Membrain, making sure to include the updated value and currency in the import.
4. Set your goals in your new primary currency.

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.

Using multiple currencies

As a user of Membrain, you can choose which currency you would like to view your Sales Projects in. Read this article about Using Multiple Currencies to learn more.