Currencies

The default currency for your organization will be based on the country that you select while setting up your organization. In the case of the UAE, it will be Dirhams (AED).

In case, your organization sells products or provides services to customers from different countries, you can add those currencies and exchange rates you deal with to your Zoho Books account.


Adding New Currency

Zoho Books has a list of currencies which can be used in the transactions that you create.

To add a new currency:

Status Description
Currency Code Select the code based on the country where your business is developing.
Currency Symbol It will be set by the country code that you choose. You can change it based on your preference.
Decimal Places Decimal places indicate the length of the numbers after the decimal point.
Format The way your currency is formatted.

Editing the Currency

You can edit the currency symbol and their decimal places. Here’s how:

Note:
You can either click the currency or select edit option to the right of the currency.


Exchange Rates in the UAE

Transactions in foreign currencies need to be converted into the base currency (AED) in Zoho Books for the purpose of accounting.

As per the FTA, you need to use the exchange rates provided by the Central Bank of UAE website. Different days could have different exchange rates.

To get the exchange rates for any particular day, you would have to:

These rates in the website are updated from Monday to Friday at the UAE local time 6 PM. If the specific market is closed due to a local holiday, the exchange rate on the previous day (updated at 6PM) is taken into account.

You can also view a consolidated list of all the exchange rates for all the days in a month in the PDF or XLS format. Here’s how:


Adding Exchange Rate

As per the FTA, exchange rates need to be calculated based on rates given in the Central Bank of UAE website. These rates will help in accurate calculation of currency gain or loss.

You can manually update the exchange rates for the currencies in Zoho Books. Here’s how:

Select Currency

Note:
You can either click the currency or select edit option to the right of the currency.


Viewing Exchange Rates

To view a list of past exchange rates entered for a specific currency:

Note:
You can view exchange rates only if you have disabled exchange rate feeds i.e. you have decided to enter the exchange rates manually.


Importing Exchange Rates

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

Note:
You can download a sample file and compare it to the file you are importing to ensure that all the file is imported correctly. Click the sample file to download it to your computer.

Note:
You can check the box Save these selections for use during future imports to save this format for future imports.


Exporting Exchange Rates

You can export exchange rates that you have created in Zoho Books. Here’s how:


Disabling Exchange Rate Feeds

As per the FTA, exchange rates need to be calculated based on rates given in the Central Bank of UAE website.

By default, exchange rate feeds are enabled for organizations created before September 15, 2018. To disable the exchange rate feeds for these organizations:

Note:

You will not be able to enable exchange rates for VAT enabled organizations.

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