Happy Business Starts Here

Valued Scholar

Is Anyone Using Currency Conversion?

I am wanting to learn more abourt Currency Conversion.  Would anyone be willing to jump on a brief call to talk about thier exxpereince using Currncy Conversion?

 

Thanks for your help.

Tags (1)
3 REPLIES 3
Guru

Re: Is Anyone Using Currency Conversion?

@kevinspinelli we are currently using the international features of Zuora which enable multi-currency. I call it multi-currency and not currency conversion because conversion is just one part of it.

 

Multi-currency allows you to setup your product catalog in various foreign currencies. For example we operate in USD (our home currency), GBP, EUR, and AUD. In the catalog we have established prices for each currency that we determine. This process is not automated within Zuora so that you can choose which conversion you wish to use for said currency. For example, for marketing purposes it may be desirable to choose a price that is near the converted value but not exact (i.e. converted value might be 47.57 per month but you choose to use 48.00 to make the numbers cleaner).

 

For the currency conversion part, once you have orders coming in in various currencies, your data exports, journal entries, etc will be able to show the native transaction currency (i.e. GBP) as well as the value converted to your home currency (i.e. USD). 

 

Happy to answer any other questions you might have.

Highlighted
Valued Scholar

Re: Is Anyone Using Currency Conversion?

Thanks for your response. Have you seen any issues with reconciling the Summary JE to the detailed reports?  I know one other customer that said this was an issue.

Guru

Re: Is Anyone Using Currency Conversion?

We have not experienced any issues with the JE to Zuora detail reports. When comparing the JEs transaction currency (i.e. GBP, etc) to the detail reports everything matches up just fine.

 

One place we initially had some friction was reconciling between the JE and our GL (NetSuite). This was because NetSuite attempted to apply its own conversion rates to the JE which had within it a number of differently dated items resulting in something of a composite rate being reflected. We ultimately simplified our integration and maintain Zuora now as a pure GL subledger and export only the converted values (USD) to NetSuite. This allows us to easily reconcile the numbers between the two systems and provide accurate reporting at the GL level or more detailed reporting in Zuora for the AR subledger.