Recording foreign currency estimates

Recording a foreign currency estimate is similar to recording an estimate in your base or local currency.

Before you record a foreign currency estimate, ensure that

  • The currency in which you want to record the estimate exists. Go to the currency list page to check this. Add the currency, if it doesn't exist.
  • Assign this currency to the customer for whom you want to raise the estimate.

Exchange Rate

While creating the estimate, if the customer you selected has a different currency associated to him, then the system will promt you to enter the exchange rate for the currency selected. Enter a suitable exchange rate here, as Zoho Invoice does not auto-populate the exchange rates yet.

exchange rate

The exchange rate is recorded as the number of base currency units that equal one customer (foreign) currency unit.

Say for example, your base currency is the US dollar (USD), the foreign currency is Euro (EUR) and the exchange rate is 1.28. In Zoho Invoice this is recorded as 1 EUR (one unit of foreign currency) = 1.28 units of USD (your base currency).

The exchange rate entered here will be the default exchange rate when you convert the estimate to an invoice. You can change the exchange rate on the invoice if required.

Recalculate item rates
If you have changed the exchange rate after adding a few line items or selected a new customer with a different currency after adding the line items, system will promt a message as shown in the image below. Once you click on 'OK', Zoho Invoice will automatically change the rate to reflect the modified exchange rate.

re calucluate estimate currency rates

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