Currencies

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

In this page…


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 Australia then the default currency will be dollars (AUD).

To view the base currency of your organization:

Base Currency

Apart from the base currency, Zoho Books 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 Books 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.
New 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 Books with whom you transact.


Edit Currency

The default currencies in Zoho Books 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:

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.
New 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 Books, 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 Books. However, you can choose to disable them if you manually want to add exchange rates for any day. Here’s how:

Disable Exchange Rate Feeds

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:

Add Exchange Rate Feeds Add Exchange Rate Feeds

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

Select Exchange Rates View Exchange Rates

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

Delete Exchange Rates

Enable Exchange Rate Feeds

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

Enable Exchange Rate Feeds

Delete Currency

Zoho Books 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.

Delete Currency

Use Cases

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

Here are two instances where currencies will be applicable:

Contacts
Currencies will come into play when you have a contact 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.

Contact Currency

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 contacts 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.

Transaction Currency
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