For example, if a foreign currency amount is being converted into USD: Rounding Mode: Select whether to round half up or down when converting currency amounts.Typically, inverse rates are used for currency conversions. With an non-inverse rate, the foreign currency amount is divided by the rate to calculate the home currency amount. The foreign currency amount is multiplied by the inverse rate to calculate the home currency amount. Use inverse rate: Select yes to use the inverse rates when converting currency amounts.Click and select the day of month to get the monthly exchange rate.Day of the Month: Select to use the monthly exchange rate.Specify the exchange rate date offset. For example, if you set the offset to 2, the exchange rate from 2 days prior will be used when converting currencies. Sometimes, exchange rates from your vendor are not available on the same day due to processing delay. Provider Exchange Rate Date Offset: If you select Use a custom exchange rate provider in the Exchange Rate Provider field and if you select Daily exchange rate, you can specify a date offset.Daily: Select to use the daily exchange rate.To enable the Use a custom exchange provider option, submit a request at Zuora Global Support. Otherwise, you will receive an error when running a trial balance. Note that some transactions in a given accounting period might have transaction dates that are before that period. If you use a custom exchange rate provider, you must upload exchange rates for all transactions in an accounting period. See Mass Updater and import custom exchange rates for more information. You must upload custom exchange rates through the Mass Updater. Exchange Rate Provider: Select Oanda, the default exchange rate provider, or select Use a custom exchange provider if you want to import and use your own exchange rates.Reporting Currency: This enables you to generate reports from your Transaction Currency to your Home Currency or Reporting Currency. To enable Reporting Currency option, submit a request at Zuora Global Support.Once you have set your home currency, you cannot change it. Home Currency: Click and select your home currency.Click your username at the top right and navigate to Finance Settings > Manage Currency Conversion.To enable foreign currency conversion, you must configure your home currency in Zuora and indicate whether to use the default exchange rate provider or upload custom exchange rates. If you upload custom exchange rates, you can configure the rate date using the Provider Exchange Rate Date Offset setting as described below in How to Enable Foreign Currency Conversion. To see how Zuora gets the Exchange Rate Date for each transaction type, refer to How Zuora Calculates the Values of Foreign Currency Conversion Fields. If no valid rate is available on the Exchange Rate Date that is later than or equal to your tenant's 'Today', the rate for that date is left unavailable. If the exchange rate is not available on and not available on, but 1.1 on and 1.2 on , the rate on is used.If the exchange rate is not available on, but 1.1 on and 1.2 on , the rate on is used.If the exchange rate is 1.3 on , the rate on is used.If Zuora does not successfully sync a rate from Oanda on a given date, the available rate on the most recent date is used.įor example, if the Exchange Rate Date is : If your time zone can catch the window when Oanda updates their rates, the offset will be 1 day otherwise, the offset will be 2 days. If you are using Oanda, Zuora uses the exchange rates 1 or 2 days before the Exchange Rate Date depending on your time zone. See the current rate for obsolete currencies, if they were still around today.Each transaction in Zuora has an Exchange Rate Date. Store the last five currencies you used for quick access. KEEP YOUR FREQUENTLY USED CURRENCIES ON QUICK ACCESS Your financial institution charges you a different rate if you are selling a currency (the bid rate) or buying a currency (the ask rate). When you convert currency, you sell one currency to buy another. See conversion rates immediately, or ask for details where you can see buy and sell rates for both currencies. Use the Interbank rate (which is seldom available to the general public), or choose a percentage add-on to better approximate the actual rate charged by your bank or credit card company. They are daily filtered rates based on information supplied by leading market data contributors.ĪDJUST RATES TO WHAT YOU’RE BEING CHARGED OANDA Rates® are used by corporations, tax authorities, auditing firms, and financial institutions. Type conversion amounts using a custom big-button keypad. Convert exchange rates for over 180 currencies and 4 metals.
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