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Multi Currency in Tally.ERP 9

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. At times you need to record the transaction
in the foreign currency itself when you maintain the balance of the concerned
account in foreign currency.

On this page

Select Base Currency while
creating a company

Enable Multi-currency

Create a Currency

Alter a Currency

Define Rates of Exchange
for Currency

Delete a Currency

Select Base Currency while creating a Company

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. 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.

The

Balance Sheet

and

Profit & Loss Account

of the company is maintained
in the base currency. Conversion of foreign currency account balances
is done as per rules set by you.

Base currency information for the company can be defined
during company creation.

Note:

At time of
installing Tally.ERP 9, if the c

ountry

India/SAARC

, the

Currency
Symbol

is by default set as

₹

in the
Company master otherwise if the Country Selection is opted as

International
(Others)

, the

Currency Symbol

is by default
set as

in the Company master.

Enable Multi-currency

At times you need to record the transaction in the foreign
currency itself when you maintain the balance of the concerned account
in foreign currency. You can create multiple currencies as per your business
needs. Enable the

Multi-Currency

feature to view and enter transactions in multiple currencies.

Go to

Gateway of Tally

Click

F11:Features

F1:
Accounting Features.

Set the
option

Enable

multi-currency

Yes

Press

Ctrl+A

to save.

Create a Currency

You can create a currency and use it as your base or foreign
currency. You can set preferences like currency symbol and decimal places
accordingly when creating or altering a currency.

Go to

Gateway of Tally

Accounts Info.

Currencies

Create

Enter
the currency

Symbol

field. This symbol appears in your reports, wherever applicable.

Note:

Use

ASCII Special Characters

with [Alt] key combination,
if your keyboard does not have the symbol. Utilities like Character Map
(

Start

All Programs

Accessories

System Tools

) in Windows show the key combination
for most symbols. This might be different on some notebook computers.
Refer to the computer’s user manual or the vendor.

Enter
the name of the currency in

Formal name

. For
example, US Dollars to distinguish different currencies having the same
symbol. For example, you have two companies (

ABC &
XYZ

) in Tally.ERP 9.

ABC

and

XYZ

have different set of currencies. ABC uses symbol $ for

Australian
Dollars

and

XYZ

uses the symbol

for

U.S. Dollars

.
The formal name distinguishes two different currencies with the same symbol,
when you compare Books of Accounts of the two companies.The company that
is loaded first retains the original symbol for display purposes. The
other company’s currency symbol will be prefixed with the first letter/first
few letters (to make it unique) of the formal name. Here, if ABC is loaded
first then the symbol $ is for Australian Dollars and in XYZ (loaded next)
the symbol $ is prefixed with the letter U (first letter of its formal
name).

Note:

You cannot
assign a duplicate Formal Name for a currency in Tally.ERP 9.

Enter
the

number of decimal places

for the currency
in

Number of decimal places

. E.g. Currencies
with 2 decimal places like paisa and currencies with three decimal places
like dinar. There are currencies that do not have decimal places, e.g.,
Vietnamese Dong.

Tally.ERP
9 has two formats for displaying an amount, viz., in millions and in lakhs.
1000000 (one followed by six zeroes) in millions format would appear as
1,000,000 and lakhs would appear as 10,00,000.

Select
the required parameter in

Show amounts in millions

field. If you select

, the amounts
will appear in Lakhs, by default.

Note:

You can always
specify the appearance of numbers in specific reports, e.g. In Profit
& Loss Account display, click

F12: Configure

to change scale factors for values.

Set

Suffix symbol to amount

Yes

for the symbol to appear after the amount.

Set

Add space between amount and symbol?

Yes

to apply a space between amounts and symbol.

Enter
the s

ymbol

for

decimal

portion of currency in

Word
representing amount after decimal

field. Eg., Ps. for Paise.

10.

Enter
the number of decimal places for printing the amounts in words in

No. of

decimal
places for amounts in words

field. This number should be equal
to or lesser than the number specified in

Number of
decimal places

field.

Alter a Currency

You can modify or

delete

a currency master in the alteration mode of the currency master. The

rate of exchange

can also be altered
from here.

Go to

Gateway of Tally

Accounts Info.

Currencies

Alter

Select
a

Currency

from the

List
of

Currencies

list

In the

Currency Alteration

screen, modify
details as required. For more information refer

Creating
a Currency

Note:

At any given
date, when the rate of exchange is available in both

Last
Voucher Date

and

Specified Rate

fields in the currency master, it will consider the rate available in
the

Last Voucher Rate

field only.

In a remote connection, if the

Formal
Name

defined in a ledger while passing a transaction is not the
same as defined in the company selected, an error message is displayed.

For example,

Must
use currency “$” for ledger “Sales”

Define Rates of Exchange for Currency

Foreign exchange variations occur every day with different
selling and buying rates. You can record the rate of currency applicable
for a particular date and use it in transactions. The standard rate, selling
rate, and buying rate can be updated from the

Multi-Currency
Alteration

screen. Tally.ERP 9 automatically calculates Forex Gain
or Loss for

foreign exchange
transactions

using the rates specified in the

Multi-Currency
Alteration

screen.

Go to

Gateway of Tally

Accounts Info

Currencies

Rates of Exchange

The

Multi-Currency

Alteration

screen appears as shown
below:

Enter
the

date

for which the exchange rate is applicable

Enter
the

Standard Rate

(optional)

which is used to calculate variances from the actual transaction rates

Enter
the

Selling
Rate

(your selling rate)

Enter
the

Buying
Rate

(your buying rate)

Press

Enter

to save the

Multi-Currency
Alteration

screen.

Note:

For currencies
that have been used in transactions, the

Last
Voucher Rate

is displayed for reference.

Go to

Gateway of Tally

Accounts Info.

Currencies

Alter

Select
a currency from the

Currencies

list (displayed, if there is more than 1 currency).

Press

Alt+D

in the

Currency
Alteration

screen to delete.

Note:

You cannot
delete a currency if it is used in a transaction.