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Multiple Currencies overview

Zuora

Multiple Currencies overview

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With the Multiple Currencies feature, your business can target broader customers. Your customers can have the flexibility of transacting in their preferred currency. You can create transactions in any currency, regardless of your customer’s default currency, including:

  • Specify a currency when creating a subscription.
  • Specify a currency when creating a standalone invoice, credit memo, or debit memo.
  • Specify a currency when creating an unapplied payment.

This feature ensures a smoother and more personalized experience, leading to increased satisfaction and stronger customer relationships.

Feature availability

The Multiple Currencies feature is in the Early Adopter phase. We are actively soliciting feedback from a small set of early adopters before releasing it as generally available. If you want to join this early adopter program, submit a request at Zuora Global Support.

Enable Multiple Currencies

To enable the Multiple Currencies feature, perform the following steps:

  1. Ensure that you have the following features enabled:
  2. Check the known restrictions and limitations of the Multiple Currencies feature.
  3. Submit a request at Zuora Global Support to request the Multiple Currencies feature. 

After this feature is enabled, you can configure multiple currencies through the REST API.

How Multiple Currencies works

With the Multiple Currencies feature, you can flexibly conduct transactions with your customers in their preferred currency. When selling your products and services to international customers, the process is made simple. First, define your products in multiple currencies to align with your customer base. Then, you sign contracts with your customers using their local currencies or their preferred currencies. If a customer account holds multiple subscriptions with varying currencies, separate invoices are generated according to the currency used. Ultimately, your customers have the flexibility to pay in their preferred currency.

The following diagram shows you how this feature works from pricing, subscription creation to payment collection.

Multiple_Currencies_overview example.png

As shown in the diagram, you define prices for your services in multiple currencies such as USD, JPY, and CAD. Your customer operates in various countries and prefers to purchase your services in a local currency. Suppose you have created the following subscriptions under an account for your customer:

  • Subscription 1 contains a charge with a monthly price of $200 (USD).
  • Subscription 2 contains a charge with a monthly price of $100 (USD).
  • Subscription 3 contains a charge with a monthly price of ¥1000 (JPY).
  • subscription 4 contains a charge with a monthly price of $150 (CAD).

After the subscription creation, you can view the monthly recurring revenue (MRR) of the subscriptions in different currencies that are displayed as key account metrics. For subscriptions 1 and 2, the total amount of these two subscriptions is displayed under the account.

When you bill the subscriptions, Zuora consolidates invoice items 1 and 2 corresponding to subscriptions 1 and 2 into invoice 1 because of the same USD currency. Invoices 2 and 3 are respectively generated for subscriptions 2 and 3 in different currencies. Payments 1, 2, and 3 are respectively processed in different currencies corresponding to invoices 1, 2, and 3. You can view the account-level metrics with totals in each currency. For example, the total balance of all posted invoices in USD is $300.

Object changes

The Zuora API, data sources, AQuA, and Data Query are enhanced to support the Multiple Currencies feature. The following table lists the object changes introduced in the Flexible Billing Attributes feature.

Base object Field/Related object Access approaches

Account Key Metrics
  • currency
  • totalInvoiceBalance
  • totalDebitMemoBalance
  • unappliedPaymentAmount
  • unappliedCreditMemoAmount
  • contractedMrr
  • reservedPaymentAmount

Subscription
  • currency
  • SOAP API
  • Subscription data source
  • AQuA
  • Data Query

Invoice
  • currency
  • API
  • Invoice data source
  • AQuA
  • Data Query

Credit Memo
  • currency
  • API
  • Credit Memo data source
  • AQuA
  • Data Query

Debit Memo
  • currency
  • API
  • Debit Memo data source
  • AQuA
  • Data Query

For a summary of REST API updates specific to this feature, see the "API updates for the Multiple Currencies feature" section in 2023 API Changelog and REST API Reference.

Working with other features

The following table lists how the Multiple Currencies feature works with other features.

Feature Compatibility

Orders or Orders Harmonization

Create Subscription and Owner Transfer order actions support the Multiple Currencies feature.

  • Create Subscription order action
    • You can specify different currencies for subscriptions under an account during the create subscription order action.
    • You must specify the same currency for all subscriptions in one order. 
    • Once the create subscription order action is completed, you cannot change the currency. You must cancel the current subscription, and create another subscription with your preferred currency. 
    • Subscriptions are billed into separate invoices by currency. Each invoice corresponds to one currency.
  • Owner Transfer order action
    You can transfer the subscription ownership or invoice ownership of a subscription from an account to another account with a different default currency.

Invoice Settlement

Invoice Settlement supports the Multiple Currencies feature.

You can specify a currency that is different from the account default currency for the following operations:

Unified Invoicing

When creating a standalone invoice, you can specify a currency for the invoice. If you don’t specify, the account default currency will be used.

Billing Schedule

Billing Schedule supports the Multiple Currencies feature. 

You can create invoice schedules for subscriptions using a currency different from the account's default currency. All subscriptions within the same invoice schedule must use the same currency. The currency associated with the invoice schedule is determined by the currencies used in the subscriptions included within the invoice schedule.

When retrieving an invoice schedule, you can see the currency associated with the invoice schedule. This currency is used to generate billing documents during the processing of the invoice schedule.
Zuora Payments

Zuora Payments supports the Multiple Currencies feature.

  • Payment runs 
    Payment runs automatically process payments using the same currency as the invoices and debit memos that they are associated with. 
  • Payment runs with a specified currency
    You can also execute payment runs with a specified currency to process payments for invoices and debit memos with the same currency.
    • If the Multiple Currencies feature is disabled, payment runs with a specified currency filter customer accounts based on their currency.
    • If the Multiple Currencies feature is enabled, payment runs with a specified currency filter invoices and debit memos according to the same currency specified for the payment run.
  • Currency matching
    The currency of each party in one transaction must exactly match when you perform various settlement operations, including:
    • Create and apply a payment to invoices and debit memos.
    • Apply a credit memo to invoices and debit memos.
    • Refund a credit memo or a payment.
  • Transfer of unapplied payments
    You can transfer unapplied payments between customer accounts with different default currencies.
  • Account metrics in different currencies
    You can retrieve account metrics in various currencies, including the total invoice balance, unapplied credit memo amount, unapplied payment amount, and so on. For more information, see the metricsData field in the response body of the Retrieve an account API operation.

Note that Zuora Payments does not support processing a payment against multiple invoices or debit memos with different currencies.
Zuora Finance

Zuora Finance supports the Multiple Currencies feature.

  • Trial balance runs and journal runs can process transactions in currencies that differ from the default currency of the customer account. This capability allows you to work with diverse currency types.
  • Aging reports can generate records for a single customer account, even if the account has multiple currency metrics. You can precisely track account aging, no matter how many currencies the same customer account uses.
  • You can use the Currency Conversion feature to process foreign currency data by using the transactional currency, instead of relying on the customer account's default currency.

Data Query

Data Query supports both standalone and consolidated invoices, and can retrieve the Key Account Metrics object and the currency information on the following objects:

  • Subscription
  • Invoice
  • Credit Memo
  • Debit Memo

Zuora 360+

Zuora 360+ does not support synchronizing currency fields on the following objects to Salesforce in real time.

  • Subscription
  • Invoice
  • Credit Memo
  • Debit Memo

Restrictions and limitations

When using the Multiple Currencies feature, keep the following restrictions and limitations in mind:

  • The following features are temporarily incompatible with the Multiple Currencies feature:
  • Zuora Revenue is temporarily unsupported.
  • The Previous Transaction component is unsupported for HTML templates.
  • The previous transaction data for Word mail merge templates is unsupported, including: 
    • Previous Transaction fields
    • PreviousTransactionImpactTotal field on the Account object
    • PreviousTransactionStartAmount field on the Account object
  • The Subscribe and Amend actions are unsupported.