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Adding Currencies & Setting Up Historical Exchange Rates

How to set up your currencies and exchange rates

Christian Dreyer avatar
Written by Christian Dreyer
Updated over a month ago

If you're selling in multiple currencies, you're able to keep track of these, and have your revenue reports reflect whichever currency you choose as your base currency.

Adding Currencies

Getting this set up is quick and simple:

Click the image to view it enlarged

  1. Go to the "Settings" Global Tool
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  2. Look for the section called "Currency & FX" and then you will see two options:
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    1. Add Currency: when you click on this button, a long list of currencies will appear, simply select the currency that you would like to add.
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    2. Use Historical FX rates: if this option is enabled, then you will access historical monthly FX rates. If disabled, you will only access the latest ratings that have been set by Planhat, for the last month. If you disable it, and manually input rates, these will not be replaced by Planhat's rate import. The same is true when Historical FX rates is enabled - if you manually set the rate for some past month, this will not be over-written by import.
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  3. Once you have added all of your currencies, you can set the base currency by hovering over the currency and clicking on the checkmark (tick) icon.

🚀 Quick tip: you don't need to enter the rate when you're setting your base currency because we set the rate to "1" by default.

Setting Up Historical Exchange Rates

Every Wednesday at 12:05 PM UTC we update our FX rates from APILayer. You can turn the "Use Historical FX rates" setting on, and import historical FX rates for each past month - you can also set these historical rates manually, and they won't be overwritten by import. On the other hand, you can disable Historical FX rates, meaning that you can either import fresh rates which will be applied to your Licenses and values across time, or you can manually set these rates.

Default Rates

If you have historical FX rates enabled, default rates will only be applied to licenses starting in the future, where we don't yet have an FX rate that we can apply.
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If you manually alter the default rates, this value will be applied consistently, and won't be updated.

Where to Set the Currency for Licenses

The currency rates section of your settings impacts all of your Licenses. If you are using historical FX rates, any Licenses will utilise the latest monthly rate logged before the start date of the License. The same rate will be applied to the entirety of the License. If not using historical FX rates, the rates imported via API or set manually, will be applied universally to all Licenses.

If you're updating/adding subscription data, you will be able to do so when you're adding the License for the first time. You can also update the License after it has been created from a Company Full-Page Profile > "Revenue" tab (shown in the screenshot below), or in the Data Explorer > "Licenses".

Revenue data can also be sent over the API. Just be sure to specify the currency code when sending it in so that Planhat can make sure to calculate appropriately.

If you're sending in subscription data from Salesforce, make sure you set the base currency in the integration settings as the same one that you have in Salesforce.

How Currency is Calculated

(X) Currency Value * Exchange Rate = Base Currency

Here is an example, there is a license with the amount of 500 EUR but we need to convert the data back to the base of USD. The exchange rate in our example will be 1.09 and the Base Value USD will be $545.

500 EUR * 1.09 = 545 USD
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