Exchange rates: entering, choosing and trusting them
You will be able to: Add and import rates in Settings ▸ Exchange Rates; Predict which rate a document picks up; Explain what the UAE tax authority expects for VAT on foreign-currency invoices.
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An exchange rate says how much base currency one unit of a foreign currency is worth on a given day. Rates live in Settings ▸ Exchange Rates, one rate per currency per day, up to 6 decimals. Rates are typed or imported; Zeyto does not fetch them from the internet.
Which rate does a document use?
- The form fills in the newest rate dated on or before the document date. You may type a different rate.
- If there is no rate on or before the date, the form asks you to type one.
- After posting, the document keeps its rate. Removing or correcting a rate never revalues anything.
Adding and correcting rates
- Press + Add Rate.
- Pick the Currency. Only active currencies other than the base are offered; the base always equals 1 and has no rate.
- Set the Rate Date (past or future dates work) and the Rate, then press Save Rate.
- A rate for a currency and date that already has one replaces it. To fix a wrong row, press Remove and add the right one.
For many rates, use Import CSV/XLSX in the toolbar with the columns Currency, Rate Date and Rate. Above the list, each currency has a tile showing its newest rate and the date it is 'as of'.
Pegged and floating currencies
The UAE dirham, Saudi riyal, Qatari riyal, Bahraini dinar and Omani rial are pegged to the US dollar, so their rates against USD hardly move; AED is fixed at 3.6725 per USD. The Kuwaiti dinar is linked to a basket of currencies. Euro and pound rates against the dirham change every day, so they need regular updating.
VAT and the exchange rate in the UAE
If you are VAT-registered in the UAE and issue a tax invoice in a foreign currency, FTA guidance expects the amounts, including VAT, to be shown in AED, using the exchange rate published by the Central Bank of the UAE for the date of supply, with the rate shown on the invoice. Because Zeyto takes the rate you enter, use the Central Bank rate for VAT-relevant documents.
Try it in the demo
- Open Settings ▸ Exchange Rates and read the tiles above the list.
- Use the Filter card to show one currency and note the Rate Date order (newest first).
- On a new sales invoice in a foreign currency, change the document date and watch the Rate change to the newest rate on or before that date. Do not submit on the shared demo.
Public demo company, sign in as admin / demoAdmin123. Data refreshes nightly.
- Rates are per currency per day and are entered by you.
- A document takes the newest rate on or before its date; without one you must type it.
- Posted documents never change when rates change.
- For UAE VAT, FTA guidance expects AED amounts at the Central Bank of the UAE rate for the supply date.
Check yourself
5 questions on this lesson. Not timed, not the exam, and you can try again. Score 60% or more, and read the lesson, to complete it.
1. A rate of 3.672500 for USD in an AED company means:
2. Removing a wrong rate in Exchange Rates changes the amounts on invoices already posted at that rate.
3. USD rates on file: 1 Mar 3.6725, 10 Mar 3.6730, 15 Mar 3.6740. Which rate does an invoice dated 12 Mar pick up?
4. There is no rate on or before the date of a foreign-currency invoice. What does Zeyto do?
5. A UAE VAT-registered company issues a tax invoice in USD. Which statements are correct?
Select all that apply.