Dec 8, 2021 6:34 PM - edited Dec 8, 2021 6:42 PM
I'm wondering how others handle the following situation:
Our business has a UK business entity, a US business entity, an Australian entity, and a South African entity. We use Hubspot across all of the businesses. We accept multiple currencies across all the businesses but we report the UK business in GBP, the US business in USD, South African business in ZAR and Australian business in AUS. We use the field Division in each deal to distinguish which event belongs in which business unit.
As you know, Hubspot allows us only one "Company Currency", and so ours is USD.
I'm a group-level Sales Leader. I report on the businesses individually and also as a whole. For example, I report pipeline updates for the UK division in GBP. I use Amount in Company currency and I toggle to GBP under currency so that all the deals convert to GBP. When I report on the entire business, i report it in USD.
Enter my insurmountable problem. If a deal is entered in GBP 10,000, and my CRM administrator updates the exchange rate (which is necessary to allow for accurate global reporting), when I run a report for my EU division in GBP, hubspot takes the GBP 10,000, converts it to the USD based on the NEW rate, not the rate that was in place when it was entered, and then converts it back to GBP. Leaving me with, for example, GBP 9,673.
If a deal is entered in GBP 10,000, I want it to show up in a report that is run in GBP as GBP 10,000, not GBP 9,673.
I've been told the only way to manage this and keep updating the exchange rate is to use run my UK division reports using "Amount" not "Amount in company currency" - but Amount will give me incorrect figures because the UK division has deals in USD, Euro, and GBP.
As of right now, it seems the only solution is to never update the exchange rates.
What do others do who have multiple Company Currencies but are limited by hubspot only allowing one Company Currency.
HELP! Thank you!
Aug 1, 2022 5:02 PM
Any updates on this?
I'm facing same issue over here, where we have different 5 currencies and need to change the exchange rate frequently.
If I do it, the reports shows wrong totals for past deals (since it sums considering only current exchange rate).
If I don't, then the reports shows a wrong total for deals forecast (considering an old exchange rate).
How do other people solved this?
Why is this not treated as a bug so HS fix it?
Dec 9, 2021 8:53 PM
You can run division reports by Amount and separate by currency -> you can get currency subtotals for each division without any adjustments so they're accurate. This will ignore the FX system entirely. To get division totals, you'd need to adjust those subtotals using an FX rate likely in a spreadsheet outside of HS.
To stay withing the HS ecosystem, there could be an alternative using a calculated deal field (eg. Adjusted Amount) that would take the product of deal amount and a custom deal field (eg. FX rate) - this custom FX rate would be a deal-specific FX rate. You'd need to find a process to enter/update the custom deal field (eg. update all deals monthly with a period-specific rate) and then a report on Adjusted Amount would give you a division-specific total.
Dec 9, 2021 2:59 PM