Contributed post by JJ Xia, Director Product Marketing at Zuora. Originally published on Medium.
This one has been a long time in the making, so we are very excited about it.
Needless to say, a majority of our customers transact in multiple currencies. When you’re a small company with a few customers, it’s fairly simple to manage foreign currency exchange (FX) in spreadsheets. As you grow, consolidating transactions across multiple currencies into a single consolidated view drastically accelerates your accounting close cycle time. Drastically.
In addition to that, having this foreign exchange information is key to having the right data to generate key business reports, such as Gains and Losses reports. It’s a problem every global business has to deal with.
This month, we are releasing a full set of FX capabilities in Zuora. Need an integrated exchange rate service? You have that out of the box. Need to use your own custom rates? You can do that too.
Here’s the full list of FX capabilities that customers will get:
– FX Rates: Users can use our real-time OANDA integration or upload custom FX rates from their own rate provider.
– FX Gains and Losses: Track, view, and report on realized and unrealized gains and losses resulting from currency conversion
– FX Data in Exports and Data Sources: FX applied to all transactional data sources and key exports
– Simplified and Updated Accounting Close Process: Now we automatically convert all transactions, regardless of currency, and present your transaction details (summary, balances, and journal entries) in your home currency. We also calculate and display any rounding differences resulting from the currency conversion, making for a streamlined accounting close process.
If you’re already a Zuora customer, contact Support today to enable these FX capabilities.