Enable Multi-Currency (Full Checklist)

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Overview

This checklist provides a sequential, end-to-end guide for enabling and configuring Accounting Seed multi-currency, including multi-ledger and consolidations setups. Use it to confirm every required step is complete and in the correct order before going live with multi-currency in your org.

This checklist is self-contained. Each step includes the instructions you need directly, with links to source articles where additional depth is useful.

In this article:

Before You Begin

  • This checklist is intended for System Administrators and implementation consultants performing an initial multi-currency setup.
  • For an overview of multi-currency capabilities and features, see Multi-Currency Overview.
  • Confirm that the person requesting multi-currency has the appropriate authority and has reviewed the implications before proceeding. See Salesforce Help: Important considerations for enabling multi-currency before proceeding.

Warning: Enabling multi-currency is a permanent, irreversible change at both the Salesforce platform level and within Accounting Seed. Complete the full checklist in a sandbox or developer org and validate all steps before applying the configuration in production.

Step 1: Enable Multi-Currency in Salesforce

Enable Salesforce multi-currency and configure the required currency management settings.

  1. Click the Gear icon and select Setup. Enter Company Settings in the search box, then select Company Information.
  2. Click Edit. Under Currency Settings, select the Activate Multiple Currencies checkbox, then click Save.
  3. Navigate to Setup > Company Settings > Manage Currencies.
  4. Confirm that Advanced Currency Management is enabled. If not, click Enable.
  5. Confirm that Parenthetical Currency Conversion is disabled. If enabled, click Disable.

Manage Currencies screen with Advanced Currency Management enabled and Parenthetical Currency Conversion disabled:

Multi-Currency Manage Currencies screen

Step 2: Activate Accounting Seed Multi-Currency

Enabling Salesforce multi-currency does not activate currency conversions in Accounting Seed. A Support case is required to activate the Accounting Seed license-side multi-currency.

Important: Do not proceed to Step 3 until Accounting Seed Support confirms activation. Transactions posted before AS multi-currency is activated will not include currency conversion calculations. This is a silent error that is difficult to diagnose after the fact.

  1. Submit a case to Accounting Seed Support through the Help Center, requesting multi-currency activation for your org.
  2. Wait for Support to confirm that activation is complete before continuing.

Step 3: Complete Multi-Currency Setup in Accounting Seed

What happens next depends on your org's release version.

If your org is on Summer '25 Preview 2 or later:

  1. In the Salesforce navigation bar, navigate to the Accounting Home menu and click Setup.
  2. In the Configurations list, click Enablements.
  3. Click Complete Setup. This creates the CTA GL Account, Currency Gain/Loss GL Account, and multi-currency PDF formats.

If your org is on an earlier version:

Accounting Seed Support completes this step manually as part of activating multi-currency in Step 2. The CTA GL Account and Currency Gain/Loss GL Account are created for you as part of that process. There is no Enablements > Complete Setup action to run. Continue to Step 4 once Support confirms activation.

Note: Neither path creates the Rounding GL Account required in Step 6. See Step 3a.

Step 3a: Create the Rounding GL Account

The Rounding GL Account catches transaction amount discrepancies from posting foreign currency Journal Entries. It is not created automatically by either path above. If your org doesn't already have a GL Account designated for this purpose, create one now.

  1. Navigate to Accounting Home > Setup. Under the Ledger menu, click General Ledger Accounts.
  2. Click New.
  3. Enter a Name, Type, Sub Type 1, and Sub Type 2. The Rounding GL Account must meet these requirements:
    • Type cannot be Cash Flow.
    • The Bank/Credit Card Account checkbox must be unchecked.
    • The Deferred GL Account checkbox must be unchecked.
    • The Recognition GL Account field must be blank.
  4. Click Save.

For full field descriptions, see Create a New GL Account. For the Rounding GL Account's requirements, see Default GL Accounts, General Ledger section.

Step 4: Add Currency ISO Codes to the Global Picklist

Currency ISO codes must be present in the Salesforce global picklist before they can appear in the Dated Exchange Rates table or on Accounting Seed transaction records.

Important: Skipping this step causes currencies to be missing from the exchange rate entry screen in Step 5. If a currency does not appear in the Dated Exchange Rates entry screen, return to this step and add the missing ISO code.

  1. Navigate to Setup > Picklist Value Sets > Currency.
  2. Add the ISO code for each currency your org will use (for example, EUR, GBP, CAD).

For details on which picklist values are required, see Foreign Currency Translation Configuration Setup.

Step 5: Add Currencies and Enter Dated Exchange Rates

Add active currencies to your org and enter initial exchange rates for the go-live date.

  1. Navigate to Setup > Company Settings > Manage Currencies. Click New to add each currency your org will use.
  2. In the Dated Exchange Rates table, enter exchange rates for all active currencies effective from the go-live date.

Note: Accounting Seed supports automated exchange rate updates via partner apps available on Salesforce AppExchange (Currency Updater, Global Currency Updater, and Currencies on Demand). Using an automation tool is recommended for orgs with frequent multi-currency transactions to ensure rates stay current.

For detailed instructions, see Add Currencies and Exchange Rates.

Step 6: Configure Default GL Accounts per Ledger

In multi-ledger orgs, three currency-related GL Accounts must be verified and assigned for each transactional ledger individually. Assignments made on the default ledger do not carry over to other ledgers automatically.

Important: Missing these assignments on any ledger will cause transactions to fail to post or post to incorrect accounts. Complete this step for every transactional ledger before go-live. Before starting, confirm the Rounding GL Account exists (Step 3a). It must exist as a GL Account record before it can be assigned here.

For each transactional ledger in your org:

  1. Navigate to Accounting Home > Setup > Configurations > Default GL Accounts.
  2. Use the Ledger drop-down to select a transactional ledger.
  3. In the Multi-Currency Settings section, verify and assign the Currency Gain/Loss GL Account.
  4. In the Multi-Currency Settings section, verify and assign the CTA GL Account. This account is required for the Consolidations process.
  5. In the General Ledger section, verify and assign the Rounding GL Account. This account is required for foreign currency Journal Entries.
  6. Repeat steps 2 through 5 for each remaining transactional ledger.

For field descriptions, see Default GL Accounts, Multi-Currency Settings and General Ledger sections.

Step 7: Configure Foreign Currency Translation

If your org uses Foreign Currency Translation (FCT) for multi-ledger consolidations, configure the rate type mappings for currencies and GL accounts.

  1. Configure picklist rate types. Assign the exchange rate type (Current, Average, or Historical) for each currency used in translation.
  2. Configure GL account rate types. Specify which exchange rate type applies to each GL account during translation.

For complete setup instructions, see Foreign Currency Translation Configuration Setup.

Step 8: Update Page Layouts

Add multi-currency fields to the page layouts of all relevant Accounting Seed objects so users can view and enter currency information on transaction records.

  1. Navigate to Setup > Object Manager. For each object in the table below, select Page Layouts and edit the relevant layout.
  2. Add the multi-currency fields listed for each object. For multi-ledger orgs, also confirm the Ledger field is present on all transactional object layouts.
  3. In addition to the fields below, consider adding Billing Cash Receipt Name to the Applied Cash Receipts related list on the Billing page layout, and to the Billings Applied To related list on the Cash Receipt page layout. These fields support realized gain/loss tracking.

Multi-Currency Page Layout Fields

Object

Multi-Currency / Single Ledger

Multi-Currency / Multi Ledger

Billing

Currency, Currency Conversion Rate, Ledger Amount

Currency, Currency Conversion Rate, Ledger Amount, Ledger

Billing Line

No Change

No Change

Cash Receipt

Currency, Currency Conversion Rate, Ledger Amount

Currency, Currency Conversion Rate, Ledger Amount, Ledger

Purchase Order

Currency, Currency Conversion Rate, Ledger Amount, Initial Receive Date

Currency, Currency Conversion Rate, Ledger Amount, Ledger, Initial Receive Date

Payable

Currency, Currency Conversion Rate, Ledger Amount

Currency, Currency Conversion Rate, Ledger Amount, Ledger

Payable Line

No Change

No Change

Cash Disbursement

Currency, Currency Conversion Rate, Ledger Amount

Currency, Currency Conversion Rate, Ledger Amount, Ledger

Cash Disbursement Batch

Currency

Currency

Journal Entry

Currency, Currency Conversion Rate

Currency, Ledger, Currency Conversion Rate

Journal Entry Line

Currency, Ledger Amount

Currency, Ledger Amount

Recurring Billing

Currency

Currency, Ledger

Recurring Payable

Currency

Currency, Ledger

Recurring Journal Entry

Currency

Currency, Ledger

Expense Report

Currency

Currency, Ledger

Bank Deposit

Currency

Currency, Ledger, Ledger Amount

Bank Reconciliation

Currency

Currency, Ledger

Transaction

Currency, Currency Conversion Rate, Foreign Amount, Foreign Currency

Currency, Currency Conversion Rate, Foreign Amount, Foreign Currency, Ledger

Amortization Entry

Currency, Currency Conversion Rate

Currency, Currency Conversion Rate, Ledger

Billing page layout with multi-currency fields added:

Billing page layout with multi-currency fields

Bank Reconciliation with the Currency field:

Bank Reconciliation with Currency field

Pre-Go-Live Verification

Before enabling multi-currency in production, confirm the following in your sandbox org:

  • All transactional ledgers have Currency Gain/Loss, CTA, and Rounding GL Accounts assigned.
  • Exchange rates are entered and active in the Dated Exchange Rates table for all currencies.
  • Currency ISO codes are present in Setup > Picklist Value Sets > Currency for all active currencies.
  • A test multi-currency Billing has been created and confirmed that Foreign Amount and Ledger Amount calculate correctly.
  • A test Cash Receipt - with a different Currency Conversion Rate - applied to a foreign currency Billing confirms that realized gain/loss posts to the Currency Gain/Loss GL Account.
  • Page layouts for all required objects have been updated and verified.
  • If using FCT: a test consolidation run has been completed and the CTA account balances correctly.

 

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Title
Enable Multi-Currency (Full Checklist)
URL Name
103311373
SetupMulti-Currency
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