Businesses deal with multiple clients across borders and it is a challenging task to collect payments in their preferred currencies. This is now effortless with our new Advanced Multi-currency Handling.
Note: This feature is available under the Elite and Ultimate plans in Zoho Books.
Globalization of business is moving towards an integrated world which has opened up various opportunities for businesses to connect and grow. By doing business across the globe, a few challenges may also occur, like making or receiving payments in different currencies. This problem has been resolved by Zoho Books with this new multi-currency capability to help you do business around the world easily.
Here’s how Advanced Multi-currency Handling will benefit your business:
- Manage payments in various currencies
Now collecting payments from your international clients is simple. This can be done in their preferred currency or any non-base currency. This feature enables you to create transactions for your customers and vendors in different currencies no matter their location.
- Recording multi-currency transactions for a contact
It might be time-consuming to create multiple customers or vendors to receive or make payment in different currencies, but Advanced Multi-currency Handling will save you a good amount of time. Enabling this will help you record transactions in different currencies under a specific customer or vendor.
- Exchange rates applied automatically
You don’t have to worry about exchange rates now. Zoho Books will fetch the exchange rates automatically for the given foreign currency when the transactions are created. These exchange rates are through our third-party service provider, Open Exchange Rates, against the base currency of your organization.
- Getting a statement summary
Get a list of all currencies’ outstanding receivables and unused credits involved in a contact’s transactions. You can also view a detailed statement with the breakdown of all the currencies which are involved under a contact’s transaction, all in one place.
- Reports for more visibility
Get detailed reports of all associated transactions made for each contact. You can view the transacted currencies under each contact and understand the total expenses.
If you think this is a feature that is going to help your business manage its transactions, then this feature is for you. You can read more on how to enable this feature with our help document or reach out to us at email@example.com.