The Manage Currency Conversion screen in Finance Settings comprises various fields. The following is the list of fields and their purposes:

• Home Currency: Click and select your home currency.

  Note:

  • Once you have set your home currency, you cannot change it.

  • If you have enabled the Multi-Org feature to configure the root or child organization, then the Home Currency field will be disabled.

• Reporting Currency: Click and select your reporting currency. To enable the Reporting Currency option, submit a request at Zuora Global Support .

  Note:

  • You must first select the home currency to select the reporting currency. Once you have set your reporting currency, you cannot change it.

  • If you have enabled the Multi-Org feature to configure the root or child organization, then the Reporting Currency field will be disabled.

• 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. You must upload custom exchange rates through the Mass Updater.

  If you use a custom exchange rate provider, you must upload exchange rates for all transactions in an accounting period. 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. To enable the Use a custom exchange provider option, submit a request at Zuora Global Support.

• Exchange Rate Set: Select an exchange rate set. To enable the Exchange Rate Set option, submit a request at Zuora Global Support. A Rate Set in Zuora is a configuration that allows multi-org users to define and manage foreign exchange rates for a particular organization. Multiple organizations can share a rate set.

  • An exchange rate set can be selected when the exchange rate provider is 'Custom'.

  • You can add a new rate set using the Add A New Exchange Rate Set option. You can import the custom exchange rate through the mass updater feature. The mass updater upload file should also include the rate set name.

• Exchange Rate Date:

  • Daily: Select to use the daily exchange rate.

    • 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.

      Sometimes, exchange rates from your vendor are not available on the same day due to processing delay. 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. The default value is 0 days.

  • Day of the Month: Select to use the monthly exchange rate.

    • Click and select the day of month to get the monthly exchange rate.

• Use inverse rate: Select yes to use the inverse rates when converting currency amounts. The foreign currency amount is multiplied by the inverse rate to calculate the home currency amount. With an non-inverse rate, the foreign currency amount is divided by the rate to calculate the home currency amount. Typically, inverse rates are used for currency conversions.

• Rounding Mode: Select whether to round half up or down when converting currency amounts. For example, if a foreign currency amount is being converted into USD:

  • If you select Down:

    • 10.001 USD is rounded to 10.00 USD

    • 10.005 USD is rounded to 10.00 USD

    • 10.009 USD is rounded to 10.00 USD

    • −10.005 USD is rounded to −10.00 USD

  • If you select Half Up:

    • 10.001 USD is rounded to 10.00 USD

    • 10.005 USD is rounded to 10.01 USD

    • 10.009 USD is rounded to 10.01 USD

    • −10.005 USD is rounded to −10.01 USD

• Multi-Org: Click and select a root or child organization to configure any of the following:

  Note:

  • ​​​​​This feature is in Limited Availability . If you want to have access to the feature, submit a request at Zuora Global Support.

  • You will not be able to update Home and Reporting Currency after you have enabled this feature. Based on the organization that you select the Home and Reporting Currency fields are populated automatically.

  • Under Multi-Org, you cannot configure the child organizations unless you have configured the Home and Reporting Currency for the root organization.

  • Exchange Rate Provider

  • Exchange Rate Date

  • Use inverse rate

  • Rounding Mode