Salesforce Certified Sales Cloud Consultant – Opportunity Management

1. Quotes & Quote Templates

So now we are in the opportunity management section of the course. So let’s talk about quotes in some more detail. As in the previous lecture on quotes, I showed you how to make quotes in Salesforce and how to relate them to an opportunity record in Salesforce. So this is the quote record that we created previously, and here we have added some products, products also. So once I click on the Create PDF Standard button in the quotes, you will see that all the information from the opportunity and from the quotes can be gathered here as a PDF in a PDF format for you to download or sent directly to your contacts in Salesforce. So we’re going to see a little bit more detail in the quote. So, if I want to change this quote template, this PDF template, I can simply go to the setup page and look for the quote templates. So here I can see it’s a lot like the page layout section of the records in Salesforce.

You can simply drag and drop sections from the available options appearing in the page layout, and you can add different fields as well to show which information you want to show in which section of this PDF. So you have multiple options here. You can make this page in a single column or in a two-column format. You can simply drag and drop the information. So I’m creating a template where I am changing some of the field layout so that I can show you how to create or edit your own code template. So I’m changing this layout to one column; you can simply get it as two columns as well, according to your business needs. So simply drag and drop the data into the fields where you want them to show in the PDF. So I’m removing some of the fields here. For instance, prepared via email and prepared via phone. So all of these details, and I’m realigning some of the fields here, and I want to change it to a single column so that it looks a bit more coherent with the information I want to provide.

So here you can change the fields available on the product as well. So you can remove or change the field order in the selected fields column, and the changes that you make here, when saved, will be reflected in the quote PDF as well. So once you save this template, if I refresh this page and create a new PDF, I’ll be shown this new PDF format. So once I click on Create PDF, as you can see, our PDF format has been updated, and as you can see, the owner name now comes at the top of the page, many of the sections are in one column, and we have reordered the field names in the product section as well. So this is the way you can change or create your own code PDF templates in Salesforce, and you can simply create new ones, edit the existing ones, or even deactivate the existing ones as per your needs. So once you create a new PDF, you also have the option to save it in the quote PDFs line item, which is related to the quote object, for you to lay it on, use it, and send it to the client. Or you can simply click on the email option here to directly send it to your customer or any other email address provided in the email dialogue box, and this quote PDF will be sent as an attachment to that particular email address.

2. Set Up Assets

So now we are going to discuss “assets,” which is a standard salesforce object that some sales cloud organisations use. To access the Assets object, simply search for it in the app launcher and you will be directed to it. So here you can create a new asset record.

So let me create an asset for it to show and demonstrate why assets are used in Salesforce and what they represent. So an asset can be related to a particular product. As you can see, there’s a product lookup here in the Asset Creation form. So, for example, if you’re running a school or a university and each chair or resource at that university is an asset for you, that’s what an asset represents. And to keep track of those assets, you can create a record in Salesforce to keep track of them, give them a unique identification, and associate them with a product in Salesforce to better keep track of them in the system. So here I can even create a new product and attach it to an asset via a lookup field.

Here you can add a product code, a product name, a product family, and a product description as well. And once you click “Active,” you’ll be able to search this product and the Product Addition screen, as well as associate this asset with an account so that you can see what assets belong to these accounts and contacts on the Account Related tabs. So you can simply create this asset. There’s a serial number here, which you can use as a unique identification for this asset. The quantity, the price, even You have the usage and date, as well as the purchase date, so you know when a particular asset will expire, if it does. So there’s also a checkbox for a competitor’s asset, so you can keep track of any asset type that belongs to a competitor and do an analysis on both your assets and a competitor’s assets. So you can go ahead and add the Asset Related list to the account to the account page layout to display the various assets that belong to a specific account. So that you can get an idea of what assets belong to these accounts from just the account page, and then go directly to the asset record from that specific account record.

3. Creating Sales Process

So I’ve already created three record types for my opportunity. And these are individual opportunities in inside sales and RB robotics. Now let’s see what role records play in the opportunity sales cycle. When I click on the new opportunity button, Salesforce prompts me to select the record type for which I want to create this Opportunity Record.

So record types basically let you have different business processes, picklist values, and page layouts for different users in your sales force. And you might create record types to differentiate your regular sales or your professional services as well. Or you might want to have different page layouts for your customer support and your billing support. As you can see, these picklist fields are available for me to edit for each record type, so that I can set different values for different record types for all the picklist fields in my object. So let’s go ahead and start creating a sales process that is used to create processes for the opportunity object. So here we are going to create a new sales process, and I have this option to create it from an existing sales process. But for now, I’m just going to create from scratch, and I’m going to set the existing sales process as the master. And I’m going to refer to this sales process as Web Sales. And these are all the opportunities for sales that are coming from our company website. So to have a separate record of these, I’m going to create the sales process for the opportunity. Then we have the option to select which opportunity stage I want to have added to this particular sales process.

Now, sales coming from the web might have a different lifecycle altogether. So depending on this, you can choose which opportunity stage you want to have for these types of opportunities. So here I’m just going to select these very few stages of qualification: proposal, negotiation, closed bond, and closed loss. We have successfully created a sales process. Now let’s go back to our opportunity object and assign this sales process to a record type. So, as you can see, I have three record types. As you can see, these three are appearing when I click on this new button on the Opportunity. So here I’m going to create a new record type for my web sales. So I’m going to call it “Web Sales,” and the sales process will be limited to the Web Sales that we’ve just created. And I’m going to write a short description and make it active. And from here, you can select to which profiles you want to give access to this record type and for which profiles you want to make this record type their default, so that whenever they click on the new button on the opportunity, they can only create a Web Sales type of opportunity. Then we have the option to select the page layout for this record type. Now, I think I have not created a page layout for this record type.

So I’m just going to quickly create a different page layout. So I’m going to name this page layout “Web Sales Layout” and save it. And from here, you can simply drag and drop and add whatever fields you might want to add for this web sales opportunity. Then I’m going to simply add a page layout, which is Web sales, and you also have the option to select different page layouts for different profiles for this particular record type. Then, when this is saved, you can see that I have the option to select picklist values that I can control for this record type. If I want, I can change the values of these drop-down menus so that only particular values are shown. So for example, in my account lead source, I’m just going to select two types of elite source queries: web and phone, so that when the record has been created, the user cannot choose any other option than these two. So we have successfully configured this record type. Now let’s go ahead and start creating an opportunity record for this record type. And as you can see, this web sale has been prompted here. Let’s select this and click on Next. Now this is the same page layout that we have previously created, and you can see that the lead source only contains two options and the stage is the same as the values that we have configured in our sales process.

4. Campaign Influence

Let us now discuss campaign influence in Salesforce. So the purpose of using campaign influence is so that the marketing team or the marketers in your organisation can report on multiple campaigns or even a single campaign that has influenced or resulted in an opportunity in your salesforce, as campaigns can be related to an opportunity or multiple opportunities. And with this and this tagging, you can create the reports in Salesforce that can show you which campaigns have been the most successful and have created the most opportunities.

So to enable campaign influence, simply go to the setup page and search for the campaign influence settings. You can then simply click on the enable button and save it so that the campaign influence gets enabled in your account. Now, once this is completed, you will get some new options under the campaign influence, such as the model settings and auto association settings. You can simply go to each one of these and check what they are so you can create your own model settings. In a moment, we’ll look at model settings. First, let’s go to the auto-association settings. So this is the first option used to set the limit on the campaign when a campaign is influential by specifying the number of days between the context association with the campaign and the opportunity creation date. So the campaign’s influence time frame has been set at 45 days. And then in the auto association rule, you can select various conditions here so that when the condition is met, it automatically creates influence.

Campaign influence records So this is a campaign record that I have in my salesforce, and we can see that you can create a new campaign record as well. So I’m creating a new campaign by the name “web campaign” of the type “webinar,” or you can select from any of the types here, and in the status, I have set the status as “in progress” and have added some start and end dates. Now, once the record is created, you can simply save it, and as you can see, this campaign is now created. You can now edit or view some different options in the details section that were not available in our previous lectures when we created the campaigns. Some fields on the opportunities are now available, such as the value of one opportunity in a campaign, and the value of one opportunity in a campaign. Now, this is a link here that simply does not work because when I click on it, it simply opens the report tab. But the same link, when you click on the classic version of Salesforce, will open up a particular standard report where you can measure the campaign’s influence on the opportunities. Because we haven’t tagged any campaigns with an opportunity, it’s showing us zero records, but you can see that the various details are here: opportunity, amount, close date, and the various campaign details. So to add a campaign influence to your opportunity, simply go to the page layout of the opportunity and in the related list, drag and drop the campaign influence to the page layout. Now, in some cases, you might not be able to see the campaign influence-related list straight away after enabling it in the settings because there is a particular permission that is needed to see the campaign influence object. So first, there’s this Help article that will be useful in this case if you’re not able to see the campaign influence-related list on the opportunity.

So for that, you need to create a permission set in Salesforce and assign it to the users who want to access the influence campaign influence in the related list, and these are the steps for the creation of that permission set. So let me go ahead and quickly create this permission set and assign it to myself. So once you click on “New,” I’m going to label it “campaign influence,” and the licence will be “Salesforce user.” So once you click on Save, click on the app’s permissions. So all these steps are already here in the help article. I’ll link this Help article in the resources section as well. So once you click on “campaign influence,” simply save this permission set and assign it to the users. Now, once you have assigned your permission set to the users, go back to the opportunity page layout section, and now you should be able to see the campaign influence-related list as an option. Now in the related list, as you can see, “campaign influence” is now available to add it to the page layout. Simply drag and drop this option and add it to the page layout once saved. Let’s go back to our opportunity record to see if it’s available here. So I’m opening an opportunity record, and once I scroll down, as you can see, there’s a campaign influence record-related list available here.

5. Products & Pricebooks

Products and price books are associated with opportunity objects, and they primarily influence pricing and the amount of opportunity. And you’ll find the questions in the examinations regarding the products and price books in almost any kind of Salesforce examination, be it Admin Advanced, Admin App Builder, or Salesforce Sales Cloud Consultant certification. So to start, let’s go to the product tab that is available in the navigation bar. If you’re not seeing the Products tab here, you can simply add it to your navigation bar. As you can see, I’ve added that.

So this is all the product information in my sales force, and you can add different fields you want to see here. I’m just going to add some more fields to see which products are actually usable or the ones that are actually active. And from there, you can configure the fields for this list view. So these are all the products that are active right now. So you can create a new product in your salesforce environment by simply clicking on the “New” button on this product page. And here you can enter the product name, the product code, whether it is active or not, what product family this product belongs to, and any other description. So that’s how you can create a single product. And if you want to add multiple products in one go, then I’ll suggest using the data loader for this process. Now this product needs to be associated with the price book. Now, what is Price’s book? Simply go to the Price Books tab in your navigation bar, and here you can create a price book in your salesforce and then relate your different products to different price books.

So as you can see, there are many fields here. Price Book: name and description? Is this price book active? Is this a standard-price book? So you can define everything right here. So I’m just going to create a new price book for some products. So I’ve named the price book “robotics.” Price book? Now, once I save, I have the option to add price book entries here. So price book entries are nothing but the products that are already available in your salesforce. So I can add multiple products to this price book from here. So let me just add two products here. Then once I click on “next,” I can add a default listing price here so that this remains the same. Click on “Save.” And I have added two products to this robotics price book, and you can also see which product this particular price book belongs to. If you want to see them, simply go to the products. Simply go to any of the products for which you want to see this information, and once you click on it, go to the related tab of this product record. Once you go to the related tab of this product record, As you can see, there are three price books that this product is available in: Standard, Standard, and Robotics Price Books. You can simply add this association of this product to this price book by adjusting the values here. Now we’ll navigate to an opportunity record and then select a price book. So as you can see, there is a prompt saying, “Select a price book to associate with this opportunity.” If you associate it, you can only add products from this price book. So in the Robotics Price Book, since it only has two products associated with it, So, once I’ve selected the Robotics Price Book and Saveif I click on Add Products, I’ll only be presented with two products to add to my salesforce. As you can see, I can only have access to these two products, which we have added to the Robotics Price Book.

Now what will happen if I change the price book? So if I add a different price book, the already-added products belonging to a different price book will be deleted from my salesforce, and I will only be shown the products belonging to the current price. So that’s how you can limit or expand the number of price books depending on the type of sales team you have or the type of users who are creating this opportunity. You can even automate this process using a process builder, flow, or trigger. so that you can set a price whenever an opportunity is created by a certain type of user. So this is a product that I’ve added that belongs to the Standard Price Book. From here, I can edit the sales price of this product, I can edit the quantity, and I can add multiple field values here as per your need. Let me just add another product from the Standard Price Book. Now, once this is added, simply click on Save. Now I’ve added two products from the Standard Price Book. Your amount field and your standard amount field of the opportunity will also keep changing, and it will show you the sum of all the product values of your opportunity products. Also, this expected revenue field is dependent on your sales stage and your probability. So if I change the probability of this opportunity, it will simply take the amount value and multiply it with this probability percentage instead. In the Sales Force instance, the probability, the expected revenue, or any other currency field is dependent on either the stage or the probability. So as you can see, once I changed the stage, our probability percentage also went up, and our expected revenue also changed.

6. Product Scheduling Overview

Now we are going to look at how to enable product scheduling in Salesforce. So we use product scheduling to basically determine the payment and delivery cycles of products that are paid for or delivered over time. So to enable product scheduling, simply go to this setup page and search for “product schedule,” and you’ll be able to see a link here. And once you click on it, your page will refresh the product schedule settings. Once you click on it, you’ll see the option to enable product scheduling in your Salesforce instance. So simply enable the options that you are able to see here. As you can see, you’ve already checked these boxes and selected product scheduling. Now, if I open my product record, any product record, and just click on the edit button, I can see that there are some new fields, new standard fields available here, such as quantity scheduling enabled and revenue scheduling enabled. So these are the standard checkboxes that will appear on your product records when you enable product schedules in your Salesforce instance.

Now there are some more fields, some more standard fields that come with product scheduling. So let’s go ahead and add those to our product page layout. So again, to add those fields to your product record, simply edit this product object, the standard object, and we’ll have to go to the page layout of this product object and have to search for those fields, those new standard fields that are enabled when we enable the product schedules. And we’ll have to drag and drop those fields onto our page layout. So the first one is the quantity schedule, then the revenue schedule, then the number of quantity instalments and quantity instalment period, then the revenue instalment period and number of revenue installments. So once you’ve added all these fields, simply save your page layout and go back to your product record, refresh the page, and you’ll be able to see the new fields in here. So what do these fields represent? So these fields help you schedule the default product schedule. So basically the default schedules will be applied every time users add this product to an opportunity, and users can refine the schedules as necessary on that opportunity. The default schedules use the product date as the start date for the instalments and the product total price as the revenue on the basis of the default revenue schedule. So also for the schedule type, select the divide option in the pick list value to split the amount into multiple instalments occurring every week or maybe every month or over any other period of time, and select the repeat option in the drop-down menu to repeat the entire amount every week or month or any other time for multiple installments. So to summarize, basically, a quantity schedule determines when a product is delivered, and a revenue schedule determines when a product is paid for.

And a default schedule is associated with a specific product in a specific price book. And every time that product is added to an opportunity, the default schedule is used, and you can also override the default schedules on any opportunity. So, let me tell you which type of schedule to use in which scenario. For example, a quantity schedule is suitable if your customers pay once but receive the product in increments. For example, as with an annual magazine subscription for a monthly magazine, the quantity schedule defines the dates, the number of units, and the number of instalments for payments, shipping, or any other use that your company has determined. A revenue schedule is suitable if your customers make regular payments but only receive the product once. For example, if you sell customised products that are charged in instalments but delivered only once, The revenue schedule defines the dates, revenue amount, and number of instalments for payments, recognizing revenue or any other use.

7. Creating Product Schedule

We can use product schedules to determine the payment and delivery cycles for our products or any solutions that are paid for or delivered over time to our customers. In the Lightning experience, we can customise schedules with even custom views, custom buttons, customised layouts, validation rules, and even Apex triggers. Now, let’s take a scenario where we have an uploaded product that is a generator, and a customer wants to buy a new generator from us every month for the next twelve months. Now, the amount for the generator that the sales rep enters in the product value while creating an opportunity product record will be repeated as a product schedule every month for this product on the same opportunity. So basically, every month, salesforce will automatically create a revenue design for this opportunity, which suggests that a new generator for this amount needs to be sent to the customer and will automatically add the price of the generator for the next twelve months.

So that’s why in the revenue schedule type, I have selected the option to repeat the amount for each instalment so that the product value that the sales representative entered the first time when he was creating the product record on the opportunity should be repeated for every schedule. Then I added twelve revenue instalments because a client wants twelve generators for the next twelve months. So one generator per month And that is why the revenue instalment period is also mentioned as being monthly. So now, let’s try and create an opportunity product record on this opportunity where we add this very same product to this opportunity. Now multiply the number twelve by the sales price. You can add it. I’ve just mentioned the same-sale price, which is $100,000. And once done, let’s save this product record. Now, the first thing that I noticed is that the sales price for this record has been saved as 1000 200,000. That means twelve multiplied by the 100,000 that we have entered into a sales price for the product and our expected revenue. And the total amount is showing a different value. Let’s understand why this is so. Once I click on the Opportunity product, the list price is the price that we have entered. Quantity is exactly what we have entered, and the sales price system automatically calculates the sale price by multiplying the list price by the quantity. Now, the total price is coming in at a much higher value. Now, let’s see why. So, once I click on the related list, I can see all the schedules that Salesforce automatically created. For this order, you can see the same revenue amount that we have entered in the Opportunity product repeated for twelve months, once for each month for the next twelve months. So this is exactly what we have configured in our product schedule.

So for each month, a new generator can be sent, and a new revenue record is created in Salesforce for each month using the product schedule. Now, you can also edit the schedule by clicking on the Edit button, and you can add a manual entry here. Or you can customise the already-made revenue schedule in Salesforce, depending on your customers’ needs. So, if I just update this amount on the 12th, the last month for this product schedule, you can see that this amount is reflected in here. Now, once I go to the Opportunity Product record, the same will be adjusted in the total price field. Then we have another option to reestablish the schedule. So here I can change the already-made schedule as per my wish, and the salesforce will then automatically design a new revenue schedule based upon your needs. So here I am adding that the instalment period should be changed from monthly to quarterly and the number of instalments should only be four. So once I click on Save, you can see that the schedule date is now set to quarterly. Every three months, a new order and a new revenue schedule are created with a new value. So whatever change you make in the schedule, the same will be reflected in the total price on your opportunity product record, and the same will reflect in your expected revenue and the amount field on your opportunity.

What if I reinstate the schedule and have the schedule type divide the amount into multiple installments? And once I do this, our total revenue will be divided depending on each installment. As a result, our payments should now be divided into ten installments, with each revenue divided by ten. In the product schedule, you can do the same thing with the quantity. I have scheduled the type of this product as a repeat amount for each installment, the number of quantity instalments I have set as six, and the instalment period as monthly. Now, let’s see what happens when we add this product to our opportunity. Now, the number of quantity instalments is six, and this will be repeated on a monthly basis. So let’s enter a quantity value here. Let’s add twelve and the sale price. Let it be $5,000 and save. Now, a new product schedule is being created for this product only. And as you can see, the quantity is now 72 because the system has gone ahead and multiplied our twelve quantities, which we entered while creating this record, by the six that we had previously entered in the product schedule for this product previously. As a result, the quantity is displayed as S72, and the total price is calculated by multiplying the quantity by the list price. This is a total summary of the number of products and the total revenue that will be generated. And once I click on the related tab, I can see that there are six instalments created for each month, with the quantity set to twelve.

8. Collaborative Forecasting

So why should you use Salesforce collaborative forecasts? So basically, using focus, your users can predict and plan the sales cycle from pipeline to close and manage sales expectations. So a forecast is an expression of expected sales revenue based on the gross rollup of a set of opportunities. The focus amounts on the Focus US page are totals and subtotals of the opportunities, which are divided into four categories: pipeline, best case, commit, and closed. These amounts may reflect opportunities from one or more forecast categories, depending on how salesforce is configured. So to enable forecasting in your salesforce, simply go to the setup page and search for the forecast settings. And here you can enable collaborative forecasting in Salesforce. And once you’ve enabled focus, you’ll have the option to select the type of focus type

.And you can add up to four focus types. The standard way of forecasting here is with out-of-the-box opportunities. But you can add other forecast types by clicking on this button appearing. Then we have a section called “Enable Focus Adjustments.” So an adjustment basically shows forecast managers or sales reps an adjustment about the final amount that they expect a forecast opportunity to bring in at the close of the focus period. And some focus managers need to adjust their own or their subordinates’ forecasts. For example, they know that some employees tend to be too optimistic or too conservative when assigning amounts to opportunities. And sales reps can also adjust their own focus if they think that the opportunity amounts are understated or overstated. An adjustment doesn’t change the underlying gross revenue amount; it just adds a layer of detail. If multiple types of focus are enabled in your salesforce, then each type of focus maintains separate adjustments. Now, this section is called Cumulative Focus Roll Up, the difference between cumulative focus and individual focus.

You can read it at the link that I’ve provided in the resources section of this video. So basically, accumulative focus rolls up opportunities from multiple forecast categories into cumulative forecast amounts. But an individual focus category rollup combines the opportunities from each individual focus category into separate, focused amounts for each category. So a default roll-up setting is individual-focused. But if you choose cumulative focus rollups, the way opportunities roll up to focus amounts is different. And you can see the difference by clicking on the link in the resources section. Then you can configure the default focus display. This way, you can set a focus period that makes the most sense for your company. And these settings apply to all focus types. And users viewing a focus can change the range as well. Then let’s have a look at the focus hierarchy. So this focus hierarchy determines how focuses roll up within your organisation and who can view and adjust them. The role-based focus hierarchy is automatically generated based on your role hierarchy, but you may need to add or edit managers, sales representatives, or other users as well here. So set up your role-based focus hierarchy here. And you can set up your territory hierarchy separately. So this is your focus hierarchy tree structure, where you can add individual users to your focus hierarchy as per your organization’s needs.

9. Implementing Multi Currency

Now, let’s talk about multiple currencies in Salesforce. Now, multicurrency is a subject that is not often asked in the Salesforce admin examinations. However, it is knowledge that admins should have because many organisations use the multi-currency feature in Salesforce where the organisations have global. offices and global sales teams where there is a new need to convert multiple currencies that are used around the globe to a common currency such as USD, INR, or ETCA. So multi-currency helps you convert a currency field in salesforce, for example, an amount field on an opportunity, from a particular currency that has been entered by the user into a different standard currency that is the primary currency for all your financial reports and various other reports as well.

So multicurrency really helps you convert any type of currency into your primary currency, which is being used in your organization. However, before you start doing this in your life, there are some considerations that you might want to look at. First of all, after enablement, multiple currencies can’t be disabled for your organization. So be very clear about this; once you’ve activated multiple currencies, you won’t be able to disable this feature. And if multiple currencies are enabled, field-to-field filters in reports don’t support currency fields like amount, and after enabling multiple currencies, existing records are stamped with a default currency code. Standard and custom objects such as accounts, leads, case opportunities, opportunity products, and campaign opportunities have currency fields that support multiple currencies, and reports related to these objects and fields also support multiple currencies. After enablement, the primary currency displays as usual, and optionally, a secondary currency amount appears in parenthesis for the users to see. There is a whole list of considerations that I have mentioned in the resources section of the video, which you can go through, and then we can go ahead and start with the enablement of multiple currencies. Now, let’s start with enabling the multiple currency feature in Salesforce. So simply go to the setup page, and in the setup, search for company information. Then, once you click on it, you should be able to see all the company profile information that you have entered while registering for this. Then simply click on the Edit button, and then once you scroll down, you’ll be able to see “Currency locale.” Now my currency locale has been set to English. United States dollar Now, right below this, there is a checkbox with the name “Activate Multiple Currencies.”

Once you select this and save this page, multiple currencies will automatically be activated for you. In My, the primary currency is now USD. And now, after I save this page, I can see this CurrencySetup button in my company information. Now, you can see our currently active currencies, which is USD, which is my default currency in salesforce.org. And here you’ll have the option to add new active currencies, and you can add the conversion rate for them as well. So here I’m going to add a new currency type for the Indian rupee, INR. And here I need to enter the conversion rate from my primary currency, which is USD, to INR. So here I have entered the conversion rate as 70. So as this is the conversion rate from our corporate currency, which is USD, to this new currency, which is INR, Now, once you have entered it, click on Save, and you will be able to see that my corporate currency, the US dollar, is selected, and Indian rupees with the conversion rate can be seen here. Now, if you want to edit rates, you can simply click on the “Edit Rates” button, and you’ll be able to change the rates at any point in time. So let’s open our opportunity page and see how our record currently looks. So here I’m going to quickly create a new dummy opportunity. Now there is a Picklist field, which I can see by the name of “Opportunity Currency,” which is a standard field that gets enabled when you enable multi-currency in your. And here, as you can see, I have the option to select the type of currency for this opportunity. So this is a Picklist field, and as you can see, there are two currency types: INR and USD, which we have entered previously.

So here, if I select INR, enter any input in the amount, and save this record, Now let’s take a look at how our opportunity record looks. So, as you can see, the amount field has been changed. And since we have entered the amount in INR, you can see that INR 200K has been added, and in the parenthesis, this amount has been divided by 70. And you can see that this amount has been automatically converted into USD by salesforce. And now this can be seen simultaneously next to the amount field. So this is how your users will see multi-currency fields in salesforce, where they can enter an amount in a currency field and the salesforce will automatically convert it to your primary corporate currency that you have set up in your salesforce. In my case, my corporate currency is UST. Now, in the setup, let’s search for managed currencies. And here, let’s enable our advanced currency management. So, Advanced Currency Management allows us to manageated exchange rates that map a currency conversion rate to a specific date range. Now, what this means is that the exchange rates are constantly changing, and you can set a specific conversion rate for a specific range of time so that any opportunity that was created or closed in the previous quarter has a different conversion rate, and any opportunity that will be created in the future will have a different conversion rate. So you can add that setting by enabling advanced currency management. So here, as you can see, there are two currency types: INR and USD. Now let’s click on “New Exchange Rates,” and here let’s enter the start date for which we want to add this new conversion rate. As a result, I’ve set the start date to August 1, 2020. And for this time, I want the conversion rate to be 73.

So one USD equals 73 INR. Let’s save this. And here you will be able to see that the exchange rates for August 1 and after for INR will be 73, which we have just said by adding new exchange rates. So any opportunity with a closed date after August 1 will automatically be divided by 73 to convert the INR into the USD. So if I just edit this record, you will be able to see that the conversion will automatically be changed. And as you can see, the conversion is changed from two eight five dollars to two seven three dollars. Because the deadline for this opportunity is August 1, 2020, So that is why our currency rate changed, as well as our amount. Now, if I don’t secure this opportunity by July 30, a previous currency derailment of 70 will be imposed for converting INR to UST. As seen in the active currency exchange rates for 1 August and after for any opportunity with a Closed State, that is 1 August. And after that, all the INR will be converted to USD by dividing it by 73, and any opportunities before that will be divided by 70. So this is how you can use the multicurrency feature of Salesforce to support entering the currency fields in Salesforce into multiple currencies. and this will be automatically translated into your report as well.