Hi,
I’ve searched into the community but did’nt find any process to get this scenario.
How can we update/synch new exchange rates for any open opportunities without changing the revenue (in local/company currency) set at the time of the closing?
thanks for your guidance
Hi @mzebib68
Not sure if I understand your question 100% but, according to the documentation, changing the exchange rate for a currency will not update deals that are closed won, which should use the exchange rate as it was at the close date. More info here: Currency property on deals
Is this the behaviour you are seeing, and is it what you want to happen?
Alright, @mzebib68 , I see you’re working on a portal with multiple currencies and you’re concerned about updating the currency value for active deals without affecting closed ones.
Good news – that’s how HubSpot works by default!
Let’s break it down together.
First off, you’ll have a primary currency for your company and secondary ones, like euros as your main and dollars as secondary.
When you create a deal in dollars, HubSpot converts it to euros (the amount in company currency) using the exchange rates you’ve set up.
It looks for the most relevant rate for active deals and, more importantly, the close date for closed deals.
So when you close a deal, HubSpot updates its value in euros using the exchange rate that best matches the close date.
That’s why the close date is super important – even more so for multi-currency businesses. Just make sure it’s accurate and reflects the exchange rate you want to apply to the deal.
And voilà! You’re all set.
Exchange Rate Update Practices
When dealing with a history of different exchange rates, it can be helpful to establish a practice of updating them regularly, like every month or week, depending on the currency’s volatility.
It’s also worth mentioning that you can revert to a past exchange rate by browsing the history and modifying it. This will affect all transactions, even closed ones, linked to that specific rate (based on the close date). This feature is handy for finance & controllers folks who often need to make retroactive adjustments and struggle with maintaining up-to-date exchange rates.
Thanks Guys, I didn’t know about this closed won status specification.