Currencies

Zoho Books provides a default list of currencies along with the base currency. You can create new currencies and associate them to customers or vendors of your organization. This is help you create transactions for those customers in their respective currencies. Additionally, Zoho Books will automatically handle currency exchange rates, which you can adjust if needed.

Base Currency

The base currency is your organization’s default currency, and is set based on the business location you choose while setting up the organization. For example, if you select U.S.A. as your location, your organization’s base currency will be USD; if you select India as your location, your organization’s base currency will be INR.

View Base Currency

• Log in to your Zoho Books account.
• Go to Settings.
• Select Currencies under Organization.

Now, on this page, you can see your organization’s base currency with the tag Base Currency, along with a list of other currencies available in Zoho Books.

Add New Currency

You can add new currencies to the existing default list of currencies. To add a new currency:

• Go to Settings.
• Select Currencies under Organization.
• Click + New Currency in the top right corner.
• In the New Currency pop-up, fill in the following fields:
  • Currency Code: Choose the currency from the dropdown.
  • Currency Symbol: This will auto-populate based on your selection. Make any changes if needed.
  • Currency Name: This will also auto-populate based on your selection. Modify if needed.
  • Decimal Places: Set the number of decimal places that must be displayed when showing an amount in Zoho Books as well as transaction PDFs.
  • Format: Based on the decimal places you choose, various format options will be displayed. Choose how the currency should be displayed.
• Click Save.

The new currency will be added to your organization. Now, when you create a customer or a vendor, you can select this currency, and all the transactions you create for them will be in the new currency.

Exchange Rates

An exchange rate tells you how much of one currency you can get in exchange for your base currency. It sets the value for converting your base currency into another, affecting international transactions and conversions in Zoho Books.

If you want to adjust the exchange rate for a particular period with respect to the base currency, you can make Base Currency Adjustments.

Exchange Rate Feeds

Zoho Books will automatically update exchange rates in real-time through Open Exchange Rates. This is known as Exchange Rate Feeds. This will keep your organization’s base currency aligned with market changes. By default, Exchange Rate Feeds are enabled in Zoho Books.

If you’d rather enter exchange rates manually every day, you can disable exchange rate feeds and enter the rates yourself.

Disable Exchange Rate Feeds

• Go to Settings.
• Select Currencies under Organization.
• Click Disable Exchange Rate Feeds in the top right corner.
• In the pop-up, click Disable to confirm.

Now, with exchange rate feeds disabled, the current exchange rate for the currency will stay in effect until you manually add a new one or re-enable exchange feeds.

Add Exchange Rates Manually

You can also manually add exchange rates for any day if you have exchange rate feeds disabled for your organization. Here’s how:

• Go to Settings.
• Select Currencies under Organization.
• Hover over the currency you want to view exchange rates for, and click View Exchange Rates.
• In the following page, click + Add Exchange Rate in the top right corner.
• In the pop-up, fill in the following fields:
  • Date: Select the start date for the exchange rate to apply. The rate will be effective from this date until you add a new exchange rate with a different future date.
  • Exchange Rate: Enter the exchange rate in the organization’s base currency.
• Click Save.

Now, whenever this currency is used, the new exchange rate will be applied provided the transaction is within the applicable date range.

Delete Exchange Rates

To delete manually added exchange rates:

• Go to Settings.
• Select Currencies under Organization.
• Hover over a currency and click View Exchange Rates.
• In the following page, hover over the manually added exchange rate, and click Delete.
• In the pop-up, click OK to confirm.

The exchange rate will be deleted. If the exchange rate was used in a past transaction, they will still use the rate that was applied when they were created.

Enable Exchange Rate Feeds

If you’ve disabled exchange rate feeds for your organization, you can re-enable it. Here’s how:

• Go to Settings.
• Select Currencies under Organization.
• Click Enable Exchange Rate Feeds in the top right corner.
• In the pop-up, click OK to confirm.

Now, your exchange feed rates will be enabled, and the exchange rates will be fetched and updated automatically.

Other Actions in Currencies

Edit a Currency

Currencies come with default settings like symbols, decimal places, and formats. You can customize these settings to match your organization’s needs. Here’s how:

• Go to Settings.
• Select Currency under Organization.
• Hover over the currency you want to customize and click Edit.
• Make the necessary changes, and click Save.

Delete a Currency

To delete a currency:

• Go to Settings.
• Select Currencies under Organization.
• Hover over the currency you want to delete, and click the Delete icon.
• In the pop-up, click OK to confirm.

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