Currencies determine the prices for products in the product catalog and the cost of transactions, such as sales orders. If your customers are spread across geographies, add their currencies to manage your transactions. Add the currencies that are most appropriate for your current and future business needs. Dynamics 365 supports multiple currencies.
When setting up your currency settings, you can customize the following information:
●Currency type: Which currency, or currencies, you’d like to use.
●Currency code: Short form of the currency (for example, USD for United States Dollar).
●Currency precision: Number of decimals you want to use for the currency. You can add a value between 0 and 4.
●Currency name: Unless you selected a custom currency for “Currency type”, this column will automatically be filled.
●Currency symbol: Unless you selected a custom currency for “Currency type”, this column will automatically be filled.
●Currency conversion: The value of the selected currency in terms of 1 US dollar. Make sure to update this value frequently as required to avoid inaccurate calculations in your transactions.
In multi currency solution we need to configure below components –
1. Base Currency
2. Transaction Currency
3. Exchange Rates