How to update Currency Exchange Rates in Zoho Books?

What are Exchange Rates?

The term "exchange rate" refer to the valuation at which the base currency can be exchanged for any other currency.

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How to update currency exchange rates?

-In the top right, you'll see a gear-shaped icon; click on it.

-Simply select "More Settings"

-Go to the Currency tab.

-Simply move your mouse over the currency you want to use.

-Select "Edit" from the menu.

-Change the information that was entered in the Edit Currency box.

-To change the rate, click Save.

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- The term "currency code" refers to a standardized system of symbols or letters used to represent specific currencies in international financial transactions and exchanges. Please choose the currencies you would want to include.

- The “currency Symbol” is determined by the chosen currency. Nevertheless, it is possible to modify this symbol according to one's preference.

- The concept of “decimal places” refers to the number of digits that appear after the decimal point in a numerical value. Please indicate the desired precision by specifying the number of decimal places.

- In “Format” Identify the locations where commas (,) and periods (.) are used in your currency.

How to add Exchange Rate?

To initiate the process,  

-please select the "Add Exchange Rate" button located at the lower right corner.

-To input the conversion rate, please access the pop-up window dedicated to exchange rates.

Within this window, locate the Date field and proceed to select the specific date corresponding to the exchange rate entry.

-Please provide the desired exchange rate.

-select the "Save" option in order to include the exchange rate.

Exchange Rate Feeds

The exchange values for various currencies are automatically retrieved in real-time as they undergo fluctuations. These are commonly referred to as exchange rate feeds. The conversion rate in Zoho Books is obtained in real-time from zoho’s service provider, Open conversion Rates, based on the base currency of your firm.

Nevertheless, in the event that one desires to input the currency rates on a daily basis by hand, the option to deactivate exchange rate feeds and manually input the exchange rates is available.

How to Disable Exchange Rate Feeds?

By default, Zoho Books has the feature of enabling exchange rate feeds. Nevertheless, users have the option to deactivate these features in the event that they wish to manually input exchange rates for a specific day. The following procedure outlines the steps:

-Access the Settings option located in the upper right corner of the page.

-Choose the "Currencies" option located within the "Organization" category.

-To disable the exchange rate feeds, locate the "Disable Exchange Rate Feeds" option situated

in the upper right corner of the page and click on it.

-Please select the "Disable" option to confirm.

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Add Exchange Rates

You can manually enter exchange rates for a currency against the base currency on any given day if you have deactivated exchange rate feeds.  

-Locate the Settings menu in the page's upper right corner.

-Go to the Organization menu and then select Currencies.

-To input an exchange rate for a specific currency, simply hover over it.

-To see the exchange rates, click the arrow to the right of the currency.

-In the upper right, select +Add Currency Exchange Rates.

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-Enter Preferred Exchange rate

-Click save

Zoho Books lets you see all of the exchange rates you've saved for different times.

-click on Preferences at the top right

-Go to the Organization menu and then select Currencies.

-To see the current exchange rate(s), hover over the currency you're interested in.

-Please select View Exchange Rates.

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Any currency exchange rate can be removed by selecting it and then clicking the Trash button to its right.

Enable Currency Rate  

You can re-enable the currency exchange rate fields if you previously disabled them. In this way:

-click on Preferences at the top right

-Go to the Organization menu and then select Currencies.

-In the upper right, select Enable Exchange Rate Feeds.

-To confirm, please click Enable.

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Delete Currency

Zoho Books includes a comprehensive inventory of currencies that are distinct from the organization's primary currency. You have the option to remove any of these currencies from your system.

In order to remove a currency:

-Locate the Settings menu in the page's upper right corner.

-Choose Currencies from the Organization menu.

-Select the currency to delete by hovering over it.

-Select the currency to the right of the Trash icon.

-Select OK to validate.

Note: The base currency cannot be deleted.

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