[Zoho Books] How to Match Payment Received in Foreign Currency?
When a bank feed is matched to a transaction, Zoho Books only displays transactions in the same currency as the bank feed. To rectify the issue of the difference figure between payment made and payment received due to foreign exchange rate captured during payment made by a client and payment received by the bank is merely to edit the currency exchange rate used upon receiving the payment.
Following is the solution:
a. The amount received seen in the bank statement shall be divided with the amount in the invoice to get the exchange rate used.
The amount on the invoice, for example, is $4,200. MYR18,438 has been received
Use: 18438/4200 = 4.39 to determine the exchange rate.
Use: 18438/4200 = 4.39 to determine the exchange rate.
b. Go to the specific Payment Received or Payment Made record for that invoice, and click 'Edit'.
c. Then, you can see the option to edit the currency at the top of the item table, click edit and enter the exchange rate that you have calculated from (a) and click 'Save'. Now the system should be able to accurately suggest transactions for your convenience.