Requirement to display the Invoice VAT amount in the Currency of the Sold-to Country
I agree this would be awesome to have natively. Currently we have a workaround where we have a custom field on the Invoice for "Exchange Rate" which is the exchange rate from the sold to currency to the country currency. It then utilizes this in combination with template merge formulas to calculate the number to be shown for local VAT compliance.
It would of course be preferred for this to come from Zuora so that we ensure the exchange rate matches the one used by Zuora. There are a few ways I can think of implementing this.. One would be to provide a mergefield for the exchange rate (but that has the disadvantage of making the user implement the conversion math themselves).
Another option would be the ability to request any currency field in any converted currency. For example. If the field for VAT is "Invoice.Tax" then we could use "Invoice.Tax.USD" for USD and "Invoice.Tax.GBP" for GBP. The template could then use IF conditions to show the correct one.
This item is already in the backlog. We will hopefully be able to include this in a future release. Thanks.
Is there any more news on when this feature will be built. It's really important for EU based customers
@feisley Your workaround sounds very similar to what we are trying to set up for showing exchange rates on invoices as well. I'd love to know a little more about how you went about getting exchange rates into Zuora and updated (presumably daily) for your invoice templates. We are looking at Oanda and a few currency exchange rate APIs, but still on the fence about how to implement. Any context you can provide on your implemenation would be greatly appreciated!
@dbockbc for our particular use case, the region where this is required has such a low volume of invoices that we just have a custom field on the invoice for currency conversion rate. If our billing operations team enters that, then the template will pick it up.
For a use case with higher volume, you could simply extend this to using the API so that when an invoice is generated a callout would go to your web service which would look up the rate and place it on the aforementioned custom field. This could be done very easily using one of the many serverless cloud tools out there (i.e. Google Cloud Functions, AWS Lambda, etc) so you would not need to host the script. (We do this for other automation tasks within Zuora)
@feisley Thanks for your reply!
Which Zuora callout did you hook into populate that custom field on the Invoice? There are 3 "Invoice Posted" callouts that I see defined:
Invoice Posted | Invoice Posted ManuallyInvoice Posted | Invoice Posted via API Generate an event when a draft invoice is posted via API.Invoice Posted | Invoice Posted within a Bill Run of Auto-Post
And your business is ok with a slight delay between when an Invoice is actually posted in Zuora, and when the exchange rate info is populated on the custom field within the Invoice?
Thanks again for your help! Much appreciated.
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