Go to Settings, then Currencies, and click Add Currency. Select from over 150 supported currencies. You can enter a manual exchange rate or enable automatic rate updates from a currency feed. For the most common currencies (USD, GBP, EUR, SGD, AED, AUD), Zoho Books offers daily rate auto-updates. For less common currencies, update the rate manually before raising transactions in that currency.
When you raise an invoice in USD, the invoice document shows the amount in USD (what the customer sees). Zoho Books simultaneously records the INR equivalent in your accounts using the exchange rate at the invoice date. When the customer pays in USD on a later date (when the exchange rate may be different), the payment is converted to INR at the rate on the payment date. The difference between the INR value at invoice date and payment date becomes a foreign exchange gain or loss, posted automatically to a Foreign Exchange Gain or Loss account in Zoho Books.
Export invoices in Zoho Books in foreign currency must include both the foreign currency amount and the INR equivalent, as required for shipping bill documentation. For banking purposes (FEMA compliance), the INR realisation amount is reported to the bank for FIRC (Foreign Inward Remittance Certificate) issuance. Zoho Books maintains the INR equivalent on each foreign currency invoice for this purpose.
Foreign currency in Zoho Books is any currency other than INR. Zoho Books raises invoices and bills in foreign currencies, converts them to INR at the transaction date rate, and tracks exchange gains and losses automatically.
Go to Settings, then Currencies, click Add Currency, select the currency code, and set the rate. Enable automatic rate updates for common currencies. The currency is then available for all transactions.
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