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Currencies

In Zoho Billing, you have the option of creating sales and purchase transactions for your customers in various currencies other than your base currency.


Base Currency

The default currency of your organization is determined by the business location that you select while setting up your organization. This currency is called your base currency. For example, if you have selected your business location as U.S.A. then the default currency will be Dollar.

To view the base currency of your organization:

Apart from the base currency, Zoho Billing contains a default list of other currencies as well. Want to add a new currency apart from the ones displayed? Learn how to create a new currency.


New Currency

By default, Zoho Billing has a list of available currencies in your organization. To view these currencies:

If the currency that you want to add is not present in the list of default currencies, you can add the currency from the list of various currencies available around the world.

To add a new currency:

Fields Description
Currency Code Select the currency you want to add.
Currency Symbol The currency symbol is generated based on the currency you select. However, you can change this symbol if you wish.
Decimal Places Select the number of decimal places.
Format Select the places where the commas(,) and dots(.) appear in your currency.

After saving the new currency, it will show up in the list of currencies available in your organization. It can be assigned to your customers in Zoho Billing with whom you transact.


Edit Currency

The default currencies in Zoho Billing have certain properties like the currency symbol, the number of decimal places and the format of the currency. You can choose to edit these fields and make them unique to your organization.

To edit a currency:

Fields Description
Currency Code Select the currency you want to add.
Currency Symbol The currency symbol is generated based on the currency you select. However, you can change this symbol if you wish.
Decimal Places Select the number of decimal places.
Format Select the places where the commas(,) and dots(.) appear in your currency.

Exchange Rates

An exchange rate refers to the rate of exchange between the base currency and any other currency.

Exchange Rate Feeds

The exchange rates for different currencies are automatically fetched as and when they change. These are called exchange rate feeds. In Zoho Billing, the exchange rate will be fetched in real-time from our service provider Open Exchange Rates with respect to the base currency of your organization.

However, if you want to manually enter these exchange rates everyday, you can disable exchange rate feeds and enter the exchange rates manually.

Disable Exchange Rate Feeds

Exchange rate feeds are enabled by default in Zoho Billing. However, you can choose to disable them if you manually want to add exchange rates for any day. Here’s how:

Add Exchange Rates

If you have disabled exchange rate feeds, you can manually add exchange rates for a currency with respect to the base currency for any particular day. Here’s how:

All the exchange rates you save for different dates can be viewed in Zoho Billing. Here’s how:

You can delete any exchange rate by hovering over it and clicking the Trash icon to the right of the exchange rate.

Enable Exchange Rate Feeds

If you have disabled exchange rate fields, you can enable them again. Here’s how:


Importing Exchange Rates

You can also import exchange rate instead of manually entering them. To import exchange rates:


Exporting Exchange Rate

To export Exchange Rate: * Navigate to Settings > Currencies. * Click the Gear icon next to Enable Exchange Rate Feeds and select Export Exchange Rates. * Upload the import file from your machine. * Select the file type as CSV, XLS or XLSX. * You can secure your export file by adding a password in the Password to protect the file field.

Export Exchange Rates


Fetch Exchange Rates Automatically

Zoho Billing allows you to automatically fetch the exchange rates for all the currencies that have been added to your organisation. The exchange rate will be fetched in real-time from our service provider Open Exchange Rates with respect to the base currency of your organization. They provide real-time exchange rates for more than 165 world currencies.

You can enable automatic exchange rate feeds by:

Now whenever you create a transaction for an overseas customer with a different currency, the exchange rate will be automatically fetched and applied.

Exchange Rates in Transactions

If you wish to disable this feature at any point of time, navigate to Settings > Currencies and click Disable exchange rate feeds button.


Delete Currency

Zoho Billing contains a list of currencies for your organization other than the base currency. You can choose to delete any of these currencies if you wish.

To delete a currency:

Note: You cannot delete the base currency.

Use Cases

So when are currencies used in Zoho Billing? When will exchange rate feeds come into play?

Here are two instances where currencies will be applicable:

Customers

Currencies will come into play when you have a customer with whom you transact in a different currency (other than the base currency). Let’s say you have an overseas customer with whom you transact in their foreign currency. So, when you create an invoice for the customer, the amount should be in the foreign currency. To implement this, you have to select the appropriate currency for any contact while creating or editing them under the Other Details section.

When this is done, every time you create a transaction for a contact, the amount will be displayed in the respective foreign currency.

However, for your organization, the accounting will be done in the base currency by converting the foreign currency to the base currency based on the exchange rate feeds on that day.

Transactions

Currencies will be used in transactions for customers who have been assigned different currencies. Let’s say you have a customer with whom you transact in a foreign currency. When you create an invoice for this customer, the amount in the invoice will be displayed in the currency you have assigned to the particular contact.

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