Businesses deal with multiple customers across borders and it is a challenging task to collect payments in their preferred currencies. This is now easy with our new advanced multi-currency handling.
The globalization of business is moving towards an integrated world which has opened up various opportunities for companies to connect and grow. When doing business around the world, some challenges can also arise, such as making or receiving payments in different currencies. Zoho Books solved this problem with this new multi-currency capability to help you easily do business around the world.
This is how Advanced Multi-Currency Management will benefit your business:
1.Manage payments in multiple currencies
Now making payments to your international customers is easy. This can be done in your preferred currency or in any non-base currency. This feature allows you to create transactions for your customers and vendors in different currencies regardless of their location.
2.Record multi-currency transactions for a contact
It can be time consuming to create multiple customers or vendors to receive or make payments in different currencies, but advanced multi-currency handling will save you a good deal of time. Enabling this will help you record transactions in different currencies under a specific customer or vendor.
3.Automatically applied exchange rates
You don’t have to worry about exchange rates now. Zoho Books will automatically get the exchange rates for the given foreign currency when the transactions are created. These exchange rates are through our third-party service provider, Open Exchange Rates, against your organization’s base currency.
4.Get a statement summary
Get a list of outstanding accounts receivable for all currencies and unused credits involved in a contact’s transactions. You can also view a detailed statement with a breakdown of all currencies involved in a contact’s transaction, all in one place.
5.Reports for more visibility
Get detailed reports of all associated transactions made for each contact. You can see the currencies traded in each contact and understand the total expenses.
