How To Configure Currency In Magento 2 Admin Panel

In the default installation of Magento 2, the scope of the base currency is set to global, which allows the base currency setting to the entire store hierarchy. By setting the scope to the website level, you can manage multiple base currencies.

Specify the currency you accept, and the currency you want to display for prices. In this picture, each website can have a different base currency

Configure Currency In Magento 2
Scope of Base Currency

Step 1: Choose the Accepted Currencies

  1. On the admin sidebar click Stores, under Settings click Configuration.
  2. Set Store View to the Store View where you want to apply the configuration
  3. Under General select Currency Setup.
  4. Open Currency Options tab and do these steps:
  • Uncheck all Use system value box
  • Set Base Currency to the main currency that you want to transaction.
  • Set Default Display Currency to the display pricing currency in store view
  • In Allowed Currencies, select all payment currencies in the store view including main currency.
  1. Click Close (X) and refresh cache.
  2. Do these step to define the scope of the base currency:
  • On the left of the panel under Catalog, select Catalog. Scroll down and open Price tab.
  • Set Catalog Price Scope to Global or Website.
Price in configure currency in magento 2
Price

Step 2: Configure the Import Connection

  1. Back to the top. Under General select Currency Setup.
  2. Open the WebserviceX tap.
  3. Enter the number of seconds of inactivity in the Connection Timeout in Seconds field to allow before the connection times out.
WebserviceX

Step 3: Configure the Scheduled Import Settings

  1. Open the Scheduled Import Settings tab
  2. Set Enable to “Yes” and do these steps:
  • Set Service to the rate provider. The default value is “Webservicex.”
  • Set Start Time to the hour, minute, and second to schedule the updating of rates.
  • Set the Frequency to one of the following: Daily, Monthly, Weekly
  • In the Error Email Recipient field, insert the email of the person who is to receive the email notification if an error occurs during the import process. Separate each email with a comma (,) to enter multiple email addresses.
  • Set Error Email Sender to the store contact that displays as the sender of the error notification.
  • Set Error Email Template to the error notification email template.
  1. Click Save after completed
  2. Refresh the cache in Cache Management

Step 4: Update the Currency Rates

The currency rates must be updated with the current values before they go into effect. To update the rates manually or to import the rates automatically, follow the instructions.

An Insight Into Currency In Magento 2

On the previous articles, we described tax and everything around the topic such as tax rules, tax classes, added value tax, tax configuration in Magento 2 admin panel, international tax, fixed product tax and how to configure, VAT ID configuration, Tax Quick Reference and Warning Messages… On this new topic, we will describe an insight into currencies and the symbols of them in Magento 2, and the configuration of currencies in the admin panel.

  1. Currency In Magento 2

The default installation of Magento Open Source supports more than two hundred currencies from two hundred countries around the world. If you set your store to support multiple currencies, the Currency Chooser will display in the header after currency rates are updated. To know how to update currency rates, please read this article: How to update currency rates in Magento 2 Admin panel.

If you accept payment in multiple currencies, remember to edit the currency rate settings, because any fluctuation can affect your profit margin.

  1. Symbol of Currency in Magento 2

The symbols of currencies appear in sales documents and product prices, for example, invoices and orders. The currency symbols can be customized as store administrators needed, and the display of the cost can be set separately for each store or view.

Currency In Magento 2
Currency Chooser

In the next currency articles, we will describe further about the configuration of currency in Magento 2 admin panel, currency symbols and updating currency rates. If you have any question, feel free to leave a comment or contact us directly. Don’t forget to like, share and subscribe Magestandard if you think our Magento 2 articles are useful. Keep following our blog to read other useful Magento 2 insight articles. We hope to see you again in our next blog post on Magestandard.

 

A Complete Tutorial On Warning Messages Settings For Magento 2 Store

Some blends of tax-related options might be confusing to customers and activate a warning. These conditions might happen when the tax calculation method is set to Total or Row, and the prices that both exclude and include tax are presented to the customer or a tax on an item basis in the cart. Because the tax calculation is rounded, the price that displays in the cart might differ from the price that customers think they have to pay.

If your tax calculation is based on a problematic configuration, the following warnings appear:

  • Warning. Tax discount configuration might result in different discounts than a customer might expect for store(s); Europe Website (French), Europe Website (German). Please see source for more details.
  • Warning. Tax configuration can result in rounding errors for store(s): Europe Websites (French), Europe Websites (German).

Calculation Settings

Use the following tables for reference when configuring tax calculation settings:

Tax Calculation Method Based On: Excluding Tax

Tax Excluded

PRICE DISPLAY UNIT PRICE ROW TOTAL TOTAL
Tax Class for Shipping Shipping (is taxed)
Excluding tax OK OK OK
Including tax OK OK OK
Including and Excluding tax OK OK Warning

Catalog Prices: Including Tax

Tax Included

PRICE DISPLAY UNIT PRICE ROW TOTAL TOTAL
Excluding tax OK OK OK
Including tax OK OK OK
Including and Excluding tax OK Warning Warning
A Complete Tutorial On Warning Messages Settings For Magento 2 Store
Calculation Settings

Discount Settings

To avoid issues when configuring taxes to discounts, we strongly recommend that you use the following settings.

Recommended Settings

FIELD RECOMMENDED SETTING
Apply Customer Tax After Discount
Apply Discount on Prices
US and Canada Excluding Tax
EU Including Tax

 

A Complete Guidelines In EU Tax Configuration For Magento 2 Store

In this article, we will describe a guideline in EU Tax configuration for Magento 2 store based in France that sells >100k Euros in France and > 100k Euros in Germany.

  • Tax calculations are managed at the website level.
  • Currency conversion and tax display options are controlled individually at the store view level (Click the Use Website checkbox to override the default).
  • You can dynamically show the correct tax for the jurisdiction by setting the default tax country.
  • Fixed product tax is included for material goods as a product attribute.
  • To ensure that it shows up in the correct category/website/store view, it might be necessary to edit the catalog.

Step 1: Create Three Product Tax Classes

In this example, the multiple VAT-Reduced product tax classes are unecessary.

  1. Create a VAT-Standard product tax class.
  2. Create a VAT-Reduced product tax class.
  3. Create a VAT-Free product tax class.

Step 2: Create Tax Rates for France and Germany

Create the following tax rates:

Tax Rates

TAX RATE SETTING
France-Standard VAT
Country: France
State/Region: *
ZIP/Postal Code: *
Rate: 20%
France-Reduced VAT
Country: France
State/Region: *
ZIP/Postal Code: *
Rate: 5%
Germany-Standard VAT
Country: Germany
State/Region: *
ZIP/Postal Code: *
Rate: 19%
Germany-Reduced VAT
Country: Germany
State/Region: *
ZIP/Postal Code: *
Rate: 7%

Step 3: Set Up the Tax Rules

Create the following tax rules:

Tax Rules

TAX RULE SETTING
Retail-France-Standard VAT
Customer Class: Retail Customer
Tax Class: VAT-Standard
Tax Rate: France-Standard VAT
Priority: 0
Sort Order: 0
Retail-France-Reduced VAT
Customer Class: Retail Customer
Tax Class: VAT Reduced
Tax Rate: France-Reduced VAT
Priority: 0
Sort Order: 0
Retail-Germany-Standard VAT
Customer Class: Retail Customer
Tax Class: VAT-Standard
Tax Rate: Germany-Standard VAT
Priority: 0
Sort Order: 0
Retail-Germany-Reduced VAT
Customer Class: Retail Customer
Tax Class: VAT-Reduced
Tax Rate: Germany-Reduced VAT
Priority: 0
Sort Order: 0

Step 4: Set Up a Store View for Germany

On the admin sidebar click Stores > All Stores

Create a store view for Germany. Follow these steps:

  • Stores > Configuration. Set Default Config to the French store.
  • On General Page, open the Countries Options tab and set the default country to “France.”
  • Complete the locale options as needed.

In the upper-left corner, choose the German Store View and follow these steps:

  • On the General page, open Countries Options, and set the default country to “Germany.”
  • Complete the locale options as needed.

Step 5: Configure Tax Settings for France

Complete the following General tax settings:

General Settings

FIELD RECOMMENDED SETTING
TAX CLASSES
Tax Class for Shipping Shipping (shipping is taxed)
CALCULATION SETTINGS
Tax Calculation Method Based On Total
Tax Calculation Based On Shipping Address
Catalog Prices Including Tax
Shipping Prices Including Tax
Apply Customer Tax After Discount
Apply Discount on Prices Including Tax
Apply Tax On Custom Price (if available)
DEFAULT TAX DESTINATION CALCULATION
Default Country France
Default State
Default Postal Code * (asterisk)
SHOPPING CART DISPLAY SETTINGS
Include Tax in Grand Total Yes
FIXED PRODUCT TAXES
Enable FPT Yes
All FPT Display Settings Including FPT and FPT description
Apply Discounts to FPT No
Apply Tax to FPT Yes
Include FPT in Subtotal Yes

Step 6: Configure Tax Settings for Germany

Click Stores > Configuration. In the upper-right corner, set Store View to the view to the German store and click OK. On the left of the panel under Sales, click Tax.

In the Default Tax Destination Calculation tab, follow these steps:

  • Default Country
  • Default State
  • Default Post Code

This setting ensures that tax is calculated correctly when product prices include tax.

EU Tax Configuration For Magento 2
Default Tax Destination Calculation

Click Save Config.

A Complete Guidelines In Canadian Tax Configuration For Magento 2

In this article, we will describe a tutorial on setting up GST tax rates for Canada and PST tax rates for Saskatchewan, with tax rules that calculate and display the two tax rates. You can follow these steps from this tutorial, make sure to follow the tax rates and regulations for your tax jurisdictions. When setting up taxes, set the store scope to apply the configuration to all applicable stores and websites.

  • Fixed product tax is included for material goods as a product attribute.
  • In Quebec, PST is referred to as TVQ. If you want to set up a rate for Quebec, remember to use TVQ as the identifier.

Step 1: Complete Tax Calculation Settings

On admin sidebar, click System > Configuration. On the left of the panel, under Sales, click Tax. Open each section and follow these settings:

Tax Calculation Settings

FIELD RECOMMENDED SETTING
Tax Calculation Method Based On Total
Tax Calculation Based On Shipping Address
Catalog Prices Excluding Tax
Shipping Prices Excluding Tax
Apply Customer Tax After Discount
Apply Discount on Prices Excluding Tax
Apply Tax On Custom Price (if available)

Tax Classes

FIELD RECOMMENDED SETTING
Tax Class for Shipping Shipping (shipping is taxed)

Default Tax Destination Calculation

FIELD RECOMMENDED SETTING
Default Country Canada
Default State (as appropriate)
Default Postal Code * (asterisk)

Shopping Cart Display Settings

FIELD RECOMMENDED SETTING
Include Tax in Grand Total Yes
Display Full Tax Summary Yes
Display Zero in Tax Subtotal Yes

Fixed Product Taxes

FIELD RECOMMENDED SETTING
Enable FPT Yes
All FPT Display Settings Including FPT and FPT description
Apply Discounts to FPT No
Apply Tax to FPT Yes
Include FPT in Subtotal No

Step 2: Set Up Canadian Goods & Services Tax (GST)

To print the GST number on invoices and other sales documents, add it to the name of the applicable tax rates. The GST will display as part of the GST amount on any order summary.

Manage Tax Zones & Rates

FIELD RECOMMENDED SETTING
Tax Identifier Canada-GST
Country Canada
State * (asterisk)
Zip/Post is Range No
Zip/Post Code * (asterisk)
Rate Percent 5.0000

Step 3: Set Up Canadian Provincial Sales Tax (PST)

Set up another tax rate for the relevant province.

Tax Rate Information

FIELD RECOMMENDED SETTING
Tax Identifier Canada-SK-PST
Country Canada
State Saskatchewan
Zip/Post is Range No
Zip/Post Code * (asterisk)
Rate Percent 5.0000

Step 4: Create a GST Tax Rule

To correctly display the calculated tax as separate line items for GST and PST and to avoid compounding the tax, you must set different priorities for each rule, and tick the “Calculate off subtotal only” checkbox. Each tax displays as a separate line item, but the tax amounts are not compounded.

Tax Rule Information

FIELD RECOMMENDED SETTING
Name Retail-Canada-GST
Customer Tax Class Retail Customer
Product Tax Class Taxable Goods

Shipping

Tax Rate Canada-GST
Priority 0
Calculate off subtotal only Select this checkbox.
Sort Order 0

Step 5: Create a PST Tax Rule for Saskatchewan

For this tax rule, set the priority to 0 and tick the “Calculate off subtotal only” checkbox. Each tax displays as a separate line item, but the tax amounts are not compounded.

Tax Rule Information

FIELD RECOMMENDED SETTING
Name Retail-Canada-PST
Customer Tax Class Retail Customer
Product Tax Class Taxable Goods

Shipping

Tax Rate Canada-SK-PT
Priority 1
Calculate off subtotal only Select this checkbox.
Sort Order 0

Step 6: Save and Test the Results

  1. Click Save Config button after completed.
  2. Return to your storefront, and create a sample order to test the results.