CRM

Multiple currencies in Bitrix24 CRM

Multiple currencies in Bitrix24 CRM
Irina Valyanova
April 2, 2021
Last updated: April 5, 2021
Bitrix24 allows you to use different currencies for financial operations. In the CRM settings, you can select the desired world currency from a predefined list or even add your own if needed.

However, monetary transactions in Bitrix24 have several features that might make working with multiple world currencies difficult. To counter this, Bitrix24 partners have created a custom solution that facilitates the process of working with multiple currencies.

No matter how many currencies your company uses, Bitrix24 allows you to set only one of them as the base currency, which is used for all monetary calculations for your account. All CRM entities (Leads, Deals, Contacts, Company, Invoices, and Quotes) use only this base currency.

However, invoices and reports created on the basis of a Deal can be automatically recalculated in the desired currency by manually setting the value of the exchange rate. This creates a lot of inconveniences for international trade since:

● There is only one base currency;
● You have to enter the exchange rate manually every time;
● Automatic recalculation is not immediately visible and is only available in invoices and quotes.

Avivi’s team of developers has created a custom add-on solution for the Bitrix24 on-premise edition, which allows you to simplify the process of working with several currencies simultaneously.

With this solution, you won't have to worry about the base currency and cost recalculation: when entering any new Product into CRM, an employee only needs to specify its cost and choose in which currency it is indicated.

The system calculates the price for other currencies you need while Bitrix24 obtains up-to-date information about the exchange rate from the indicated source, rather than waiting for a person to enter it. This setting is unique for each individual Bitrix24 account as it depends on the partner bank.

currency1.png

Each transaction now displays an intermediate amount in the various specified currencies, as well as the main result in the pre-set base currency. Calculations are made by the system automatically taking into account all the current discounts, regardless of the value of the currencies in which they are specified. 

When generating documents, users can also choose which currency units should be specified in each case. And most importantly: now, all CRM entities can get the recalculated values in the desired currencies, not just the values in the base currency.

currency2.png

If your business goes beyond one country or you actively work with foreign partners and customers, the multi-currency solution for the Bitrix24 on-premise edition will become indispensable for all monetary transactions. Contact our partner Avivi for advice on implementing this useful add-on.
Free. Unlimited. Online.
Bitrix24 is a place where everyone can communicate, collaborate on tasks and projects, manage clients and do much more.
You may also like
Bitrix24 Best Partner Awards 2020
CRM
Change client name format in CRM
Business development
The Most Essential Rules of Customer Service Communication
Productivity
How & Why to Build Self-Directed Teams