Currencies

Zoho Spend helps you manage transactions in multiple currencies effortlessly. You can add the currencies your employees commonly use for business transactions and track them with ease.

Zoho Spend provides a default list of currencies along with the base currency. Additionally, Zoho Spend automatically converts transactions recorded in foreign currencies into your base currency.

If automated currency conversion is enabled, the latest exchange rates are applied whenever a transaction is logged in a non-base currency, ensuring accurate calculations. If automated conversion is disabled, you can manually enter exchange rates, and transactions will be calculated based on the rates you provide.

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. All foreign currency transactions will be converted back to this base currency for reporting.

For example, if you set your location to the U.S.A., your organization’s base currency will automatically be USD. Similarly, if you select India as your location, your organization’s base currency will be INR.

View Base Currency

• Go to Settings on the left sidebar.
  (OR)
  Click Settings in the top right corner of the page.
• Click Currencies under Setup & Configurations.

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 Spend.

Add New Currency

If you do not find your currency in the default list of currencies, you can add your currency. To do this:

• Go to Settings on the left sidebar.
  (OR)
  Click Settings in the top right corner of the page.
• Click Currencies under Setup & Configurations.
• Click + New Currency at the top right corner.
• Select the Currency Code and the currency symbol will be auto-filled.
• Select the decimal places of the exchange rate based on the currency.
• Click Save. A new currency will be added to the default list.

Other Actions in Currencies

Edit 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 you can edit a currency:

• Go to Settings on the left sidebar.
  (OR)
  Click Settings in the top right corner of the page.
• Click Currencies under Setup & Configurations.
• Hover over the currency you want to customize and click the More icon at the right corner of the currency.
• Click Edit and make the required changes.
• Click Save.

Delete Currency

Here’s how you can delete a currency:

• Go to Settings on the left sidebar.
  (OR)
  Click Settings in the top right corner of the page.
• Click Currencies under Setup & Configurations.
• Hover over the currency you want to delete and click the More icon at the right corner of the currency.
• Click Delete.
• Confirm your action by clicking Delete again to delete the 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 Spend.

Enable Automatic Exchange Rates

Fetch the latest exchange rates from the web and apply that to foreign-currency transactions by enabling automatic exchange rates. Here’s how:

• Go to Settings on the left sidebar.
  (OR)
  Click Settings in the top right corner of the page.
• Click Currencies under Setup & Configurations.
• Click Enable Automatic Exchange Rates on the top right side of the page.
• Once this is done, whenever you record a transaction in a foreign currency, the transaction amount will be automatically calculated in your base currency based on the real time exchange rates that are fetched from the web.

Disable Automatic Exchange Rates

Here’s how you can disable automatic exchange rates:

• Go to Settings on the left sidebar.
  (OR)
  Click Settings in the top right corner of the page.
• Click Currencies under Setup & Configurations.
• Click Disable Automatic Exchange Rates on the top right side of the page.
• Confirm your action by clicking Disable in the pop-up.

Add Exchange Rates Manually

If you want to use a custom exchange rate on transactions involving foreign currencies, you can disable automatic exchange rates and add the exchange rate manually.

To add an exchange rate manually:

• Go to Settings on the left sidebar.
  (OR)
  Click Settings in the top right corner of the page.
• Click Currencies under Setup & Configurations.
• Click More at the right corner of the currency for which you want add an exchange rate.
• Click Add Exchange Rate.
• Specify the Date as of which you have entered the exchange value.
• Mention the exchange value relative to your base currency.
• Click Save.

Once this is done, whenever you record a transaction in a foreign currency, the transaction amount will be automatically calculated in your base currency based on this exchange rate.

Import Exchange Rates

Besides adding the exchange rates manually, you can also import them.

Here’s how you can import exchange rates:

• Go to Settings on the left sidebar.
  (OR)
  Click Settings in the top right corner of the page.
• Click Currencies under Setup & Configurations.
• Click the More icon at the top right corner of the page.
• Select Import Exchange Rates.
• In the first step, drag and drop a file you want to upload or click Choose File to choose the import file from your desktop or a cloud account. If you want to upload another file instead of the selected file, click Replace File and choose another file.
• Click Next.
• In the next step, the best match to each field in Zoho Spend will be auto-mapped with the fields in the imported file. If there are unmapped fields, you can map them manually.
• If you want to save the existing mapping for future imports, mark the Save these selections for use during future imports option.
• Click Next.
• The data in the unmapped fields will not be imported into Zoho Spend. If you want to map those fields, click Previous and map the unmapped fields.
• Once you have mapped all the relevant fields, click Import to import exchange rates into Zoho Spend. The imported exchange rates will be mapped with the respective currencies.

Export Exchange Rates

You can export the exchange rates recorded in your organization, to import them into your accounting software or other applications.

Here’s how you can export exchange rates:

• Go to Settings on the left sidebar.
  (OR)
  Click Settings in the top right corner of the page.
• Click Currencies under Setup & Configurations.
• Click the More icon at the top right corner of the page.
• Select Export Exchange Rates.
• Select the format [CSV or XLS (XLSX)] in which you want to export your data.
• If you want to secure the file with a password, mark the I want to protect this file with a password option and provide a password in the Password field.
• Click Export to download the data to your computer.