If I install DoCurrencies, will the amount of a "closed won" deal remain fixed once the deal is closed, or will it fluctuate with currency exchange rate changes?
ANSWER:
DoCurrencies is designed to let HubSpot's default behaviour to "take care of deals" using the latest up-to-date portal rates.
HubSpot's default behaviour is:
- Open deals are displayed in Company Currency value, based on the current exchange rates in your portal
- Closed deals are updated by HubSpot with the exchange rate of the date that the deal is closed-won or closed-lost.
So DoCurrencies only updates your HubSpot Portal Currency Rates each day, It has no permission to change any properties in your deals. That is left to HubSpot to manage.
However, if you have many closed deals with incorrect rates, we have developed a Historical Rate Lookup App designed for one-time use, which you can run in a workflow for updating rates on older closed deals. You enrol all your closed deals in your workflow, which looks up the historical rate for that deal currency on the deal closed date. The workflow then replaces the deal exchange rate with the correct historical rate.
There is a cost for running that workflow because it must look up the rate for each deal for a set date, which could be thousands of lookups, depending how many closed deals you need to "fix". So your closed deals will remain at the same exchange rate value of the date that the deal closed.
Please contact support@hubdo.com for more information about our "Historical Rate Lookup App".
HERE'S THE HUBSPOT HELP DOC:
Exchange rate property on deals
For deals using a currency other than the company currency, the Exchange rate property is calculated as follows:
- For open deals, HubSpot automatically updates the Exchange rate value based on the most recent exchange rate you've set for the currency, and the property cannot be manually edited.
- Once a deal is closed, the Exchange rate value will not be automatically updated based on your set exchange rate, historical exchange rates, currency code changes, or updates to the company currency. A closed deal's Exchange rate will be set based on the exchange rate in effect at the time of closing. Moving forward, users with Super Admin permissions or the
multi-currency-writescope can manually update the Exchange rate value on individual deals or for multiple deals in bulk. The value can also be updated via workflows, integrations, or API calls that do not check for a user ID.
CUSTOMER REQUESTS
Here are examples of customer requests we've solved using custom coding:
Customer Request:
Use Case - Subscriptions:
Our customer needed their 'subscription customers' cost updated by the daily exchange rate - i.e the 'close won' deals for customers on a subscription.
Situation: If the subscription is in a different currency, the exchange rate is to be updated in that 'closed' deal so the reporting value of active subscriptions is up-to-date when viewed in the company currency.
Usually HubSpot does not touch the exchange rate on 'deals won' or 'deals lost', so we had to change HubSpot's default behaviour. HubSpot usually stores the exchange rate in the Deal on the day it closed. In this case, our customer wanted to override that behaviour because they wanted their active subscriptions to stay updated.
HubDo solved this by creating a custom code in OpsHub to insert the current exchange rate into the right Deals.
Customer Request:
Use case: Update exchange rates in my old Closed Won and Lost Deals based on the day they closed (One time data cleanup)
This customer needed old Deals updated to the correct amount based on the exchange rates on the day the Deals were closed.
HubDo solved this be creating custom code to pull the archived exchange rates from the dates the Deals were closed. The code applied each rate to the closed Deal. The customer was then able to see and report on the correct value of the closed won/lost Deals.
Going forward, HubSpot with DoCurrencies is keeping all their new Deals up to date as they close, per the exchange rates on the closed date.
Customer Request:
Will DoCurrencies update my product prices?
Use Case: Update product library prices in other currencies, for products bought in other currencies e.g. buy in USD$, sell in CAD$
Situation: For the products the customer purchased in USD$, DoCurrencies needed to update the selling price into CAD$.
HubDo created a custom code automation in Operations Hub to update only the products bought in USD$ and sold in CAD$ (not all products - just s sub-set of products), with the correct exchange rate value each day.
Customer Request:
Can DoCurrencies update ALL my product prices?
User Case: Update ALL product library prices in other currencies, based on the price in my company currency.
This customer operates in EURO and sells products in GBP£ and USD$. Their 1000's of products are sold via an Ecommerce website which updates HubSpot but their product library in HubSpot needed updating daily.
HubDo solved this using custom code to update the full product library daily, based on looking at the EURO price of every product. It then calculates the selling price in USD$ and GBP£ rates based on the EURO exchange rates updated daily.