For a cross-border industry, working with different customers to receive payments in local currency is a non-trivial task. Now, Zoho Books introduces a new advanced multi-currency processing feature to take the hassle out of making or receiving money in multiple currencies. (Note: This feature is available in Zoho Books Professional, Premium, Elite, Ultimate editions.)
The globalization of business is moving towards an integrated world, which opens up various opportunities for businesses to connect and grow. With doing business globally, challenges can also arise, such as making or receiving payments in different currencies. Zoho Books has solved this problem with this new multi-currency feature that helps you easily conduct business anywhere in the world.
Here's how advanced multicurrency processing will benefit your business:
1. Manage various currencies
Payments Now, collecting payments from your international customers is simple. This can be done in their preferred currency or any non-base currency. This feature enables you to create transactions for customers and suppliers in different currencies, no matter where they are located.
2. Record contacts
Multicurrency Transactions Creating multiple customers or suppliers to receive or pay in different currencies can be time consuming, but advanced multicurrency processing will save you a lot of time. Enabling this feature will help you record transactions in different currencies under a specific customer or supplier.
3. Automatically apply exchange rates
You don't have to worry about exchange rates now. Zoho Books will automatically fetch the exchange rate for a given foreign currency when creating a transaction. These rates are made against your organization's base currency through our third-party service provider Open Rates.
4. Get statement summary
Get a list of outstanding receivables and unused credit lines in all currencies involved in a contact's transactions. You can also view detailed reports in one place with a breakdown of all currencies involved in transactions with your contacts.
5. Reporting for greater visibility
Get detailed reports of all related transactions made for each contact. You can view the transaction currency under each contact and know the total cost