Many Organizations have transactions in more than one currency. Such transactions have to be
recorded either in the base (home) currency or in the foreign currency. If the transactions are
recorded in home currency, the rate at which the foreign currency is exchanged should be recorded as well.
Tally.ERP 9 allows you create and transact in multiple currencies. Tally.ERP 9 uses the term base currency for the currency in which your account books are kept. Foreign Exchange is used interchangeably with foreign currency. The base currency is specified while creating the company.
Tally.ERP 9 makes it easy to manage multiple currencies, automatic calculations of exchange
rates, automatic conversion of any currency used to record a transaction to the currency of the
account, etc. You can generate an invoice for your foreign customers in their currency and also
receive payments in the same or different currency. The impact of gain or loss in Forex is reflected immediately. You can also view and print Reports and Ledger Accounts in the currency of the transaction that has been entered or base currency.
To use Multi-currency feature,
Step 1 : Enable Multi-Currency Feature
Go to Gateway of Tally > F11: Features > F1: Accounting Features
- Set Allow Multi Currency to Yes
Step 2 : Create Multi-Currency
Go to Gateway of Tally > Accounts Info. > Currencies > Create
- Enter the Currency Symbol and other details
Step 3 : Define Rate of Exchange
Go to Gateway of Tally > Accounts Info > Currencies > Rate of Exchange.
- Specify the Date for Rate of Exchange and other details (Standard, Selling and Buying).
You can now enter transactions in the currency of your choice.
To view report in Multi-Currencies,
- Select any report (i.e., Balance Sheet, Profit and Loss A/c, Trial Balance or any other report)
- Select Alt + C (New Column)
- Select the required currency (in which you want to view the report)
- Specify the Rate of Exchange for the selected currency and press Enter