Multiple Currencies #inSalesforce

With this, each user can view all records in their preferred currency. Based on the conversion rates, all currencies gets converted into their preferred currency.

Organization can set up the ability to use multiple currencies in opportunities, forecasts, quotes, reports, and other data.

To view currencies, user need View Setup and Configuration and to change currencies, user need Customize Application

Enable it:

Enable the feature by following these steps:

Setup | start typing Company Information in the Quick Find box | select Company Information | click Edit. (Ensure that your selected currency locale is the default currency that you want to use for current and future records.)| Enable Activate Multiple Currencies (Under Currency Setting > Activate Multiple Currencies (Note - The currency selected as your currency locale will become your corporate currency.)| Save.

Manage it:

Steps to manage multiple currencies for your organization.

Setup |  Manage Currencies in the Quick Find box | select Manage Currencies | click Change Corporate.

Currency Setup:

Use this page to define all the currencies used by your organization. Corporate Currency should be set to the currency in which your corporate headquarters reports revenue. If you designate a different currency as corporate, all conversion rates will be modified to reflect the change.

Click 'New' in the Active Currencies related list to activate more currencies for your organization as per need.

Enable advanced currency management to use dated exchange rates. (Allows you to manage dated exchange rates that map a currency conversion rate to a specific date range.)

Parenthetical Currency Conversion will be enabled - In multi-currency organizations, Salesforce displays converted currency amounts to users whose personal currency is different from the currency of the record they’re viewing. Converted amounts appear in parentheses. If you disable this feature, currency fields display only the currency of the record.

To Set conversion rates for new currencies - Edit Conversion Rates | Editing Dated Exchange Rates. (If you have enabled advanced currency management)

Note:

• You can set the 'corporate currency,' which reflects the currency of the corporate headquarters.
• You can maintain the list of active currencies and their conversion rates relative to the corporate currency. 
• The active currencies represent the countries in which the organization does business. 
• Only active currencies can be used in currency amount fields.
• Each user has a personal currency, which is used as the default currency in quotas, opportunities, quotes, and reports.
• Users can also create opportunities and enter amounts using other active currencies.

Please check the considerations mentioned in the reference before implementing this.

Visual: https://www.youtube.com/watch?v=T1OW8BpkMr0

Reference: 

https://help.salesforce.com/s/articleView?id=sf.admin_currency.htm&type=5

https://trailhead.salesforce.com/en/content/learn/modules/company_wide_org_settings/org_settings_currency

https://help.salesforce.com/s/articleView?id=sf.admin_enable_multicurrency_implications.htm&type=5