Amount in home currency - customization

PaulBickley · ‎Mar 12, 2019

I've got a challenge with our reporting dashboard for deal forecast and closed won deals.

Since we've moved to have all quotes delivered out of HubSpot in their respective currencies our reporting is not correct. This is because our products don't use a fixed conversion rate for each product.

We have all of our products setup with pricing in HubSpot, however, like some companies, we have e.g. a product sold at CND $19 and another $29 and another at $49.

The amount in our home currency (USD) converts to be something like $13.75, $21.22, $36.74. This causes trouble for us as all our sales goals are set in USD and off the fixed USD headline rate as per our website.

Does anyone have any suggestions on how we can put either a custom amount in the "amount in home currency" or perhaps set a custom exchange rate per product?

jennysowyrda · ‎Mar 15, 2019

Hi @PaulBickley,

If I am understanding your request properly, this can be accomplished with certain subscription levels by following the steps outlined in this article.

If you are not in a place to upgrade, then you could also consider creating a custom property for "amount in home currency" and putting in the proper value for your reporting purposes.

@Josh , @Mike_Eastwood do you have any additional thoughts on this matter?

Thanks,
Jenny

PaulBickley · ‎Apr 2, 2019

Thanks, Jenny for the reply.

We have multiple currencies today setup with HubSpot. The challenge is we have our home currency in USD.

Starter plan monthly USD $29 per month

Starter plan annual USD $25 per month

Starter plan monthly CAD $39 per month

Starter plan annual CAD $35 per month

If you look at the month price for USD to CAD this is one exchange rate

If you look at the annual price for USD to CAD this is another exchange rate

My challenge is if we use just the one exchange rate then we have incorrect amounts in the "Amount in home currency" field. With this multi-currency field, we can't report accurately as it doesn't accommodate pricing structures which operate of different FX rates for the same currency.

What we need here is a way to ensure the "Amount in home currency" field is either calculating correctly or just reflects the USD amount.

We've had a number of suggestions around just using USD only in Hubspot, but as you can imagine this renders quotes non-functional.

Thank you for tagging your contacts in this.

If you have any suggestions on the above I'm all ears.

Cheers,
Paul

Mike_Eastwood · ‎Mar 15, 2019

Hi @PaulBickley

Depending on what version of HubSpot you have there's a few different ways to handle it. These are listed from simple to complex:

The preferred option – if you have Sales Professional – is to create products for each currency. This will allow you to take advantages of the standard reporting.

You can easily create a Custom Field but you will lose some of the default reporting functionality because several of them focus on the "Amount" (which is a standard Deal Property).

For one of our clients (we're a HubSpot Partner Agency) we wrote custom code to perform several calculations (HubSpot can't do date math). When a Deal is created an automation is triggered that calls an external server. The code runs on the server the populates all the calculated information in the Deal automatically.

Feel free to ask any questions or add more details about your situation.

-Mike

Mike_Eastwood · ‎Mar 15, 2019

Hi @PaulBickley

Depending on what version of HubSpot you have there's a few different ways to handle it. These are listed from simple to complex:

The preferred option – if you have Sales Professional – is to create products for each currency. This will allow you to take advantages of the standard reporting.

https://knowledge.hubspot.com/articles/kcs_article/contacts/how-do-i-use-products

You can easily create a Custom Field but you will lose some of the default reporting functionality because several of them focus on the "Amount" (which is a standard Deal Property). You can then use the new Deals Workflow to set Properties e.g. "Deal Value in CND". Again this is limited to Sales Professional.

https://knowledge.hubspot.com/articles/kcs_article/workflows/create-company-deal-ticket-quote-based-...

For one of our clients (we're a HubSpot Partner Agency) we wrote custom code to perform several calculations (HubSpot can't do date math). When a Deal is created an automation is triggered that calls an external server. The code runs on the server the populates all the calculated information in the Deal automatically. This would work with any version of HubSpot but it would require investment in custom code.

Did I just create more questions than answers?

Feel free to ask any questions or add more details about your sales process (or send me a private message).

-Mike

PaulBickley · ‎Apr 2, 2019

Hi @Mike_Eastwood

CC @jennysowyrda ,

Thanks for the reply here.

We have a sales pro and marketing pro on our current subscription.

I have created products for each currency (see my above reply on this thread)

the challenge is that each product in a single currency isn't using the same exchange rate.

e,g

We have multiple currencies today setup with HubSpot, 6 in total.

Starter plan monthly USD $29 per month

Starter plan annual USD $25 per month

Starter plan monthly CAD $39 per month

Starter plan annual CAD $35 per month

If you look at the monthly price for USD to CAD this is one exchange rate

If you look at the annual price for USD to CAD this is another exchange rate

My challenge is if we use just the one exchange rate then we have incorrect amounts in the "Amount in home currency" field. With this multi-currency field, we can't report accurately as it doesn't accommodate pricing structures which operate of different FX rates for the same currency.

Do you know if your server-side integration would be able to solve this reporting challenge? Basically, we need to have the amount in home currency field made to reflect the stock USD price for each product sold, regardless of currency, or if that's not possible then we need to enter an exchange rate per product and have this calculate per deal.

Look forward to your reply

Cheers,
Paul

Mike_Eastwood · ‎Apr 2, 2019

Hi Paul

Yes, a custom integration could check each deal and calculate the values based on an external exchange rate. The intergration could run at certain times on the day and/or when a Deal is created/updated.

This would require a custom integration (running on an external server).

My assumption is the standard reporting tool may not work with the new values (because they're in custom fields). The Reporting Add-On may handle this. Alternately, we've built dashboards for our client that reports on time vs. financial data (that can't be done with the Reports Add-on) so it's all solveable.

Feel free to send me a message if you'd like to chat about building a custom integration.

Cheers,

Mike