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Allow MultiAllow MultiAllow MultiAllow Multi----Currency:Currency:Currency:Currency:---- Companies having business with parties of other countries have to enter its transactions in currencies other than base currency specified at the time of creation of company. For example, Indian company records its transactions in rupees, but if company deals with the parties of US company or having export business may have to enter transactions with US Company in US dollars or raise invoice in US dollars. This feature allows you to create additional currencies in which you want to enter the transactions. .Tally allows new ways of working with multiple currencies, automatic calculations of exchange rates, automatic conversion of any currency at the time of recording a transaction to the currency of the account, etc.The Balance Sheet and Profit & Loss Account of the company will always be maintained in the base currency. Steps and actions of feature

Ø Press F11 features at gateway of Tally Ø Allow multi currencies to “Yes” Ø Press A or <Enter> Accounts info. At Gateway of Tally 109

Ø It will show “Currencies” at Accounts Info. Menu as below:

� Press R or <Enter> On currencies Ø Press C or <Enter> on Create to create currency Ø Press D or <Enter> on Display to view the existing currency Ø Press A or <Enter> on Alter to edit or change the existing currency Ø Press R to enter the rates of exchange date wise

Create New currency

To create the foreign currencies, follow the following steps SymbolSymbolSymbolSymbol:-Specify the Currency symbol, as it should appear in all reports. If your keyboard does not have the symbol, you may use ASCII special characters with [Alt] key combination. Some computers may not easily allow input of special characters through [Alt] key combination. Consult the computer’s user manual. As Tally prevents you from having duplicate symbols, so you should prefix to the symbol as US$, AU$ etc. Formal Name:Formal Name:Formal Name:Formal Name:---- Specify full name of the currency here, e.g., U.S. Dollars, Pound Sterling, Indian Rupees, etc. It is only to prevent it from the duplicate currency. Tally dose not allow duplicate currency. This will helpful for you when you will compare two companies having same currencies. For proper comparison, you would want the accounts in the same currency. Since the symbol is the same but refer to two different currencies, The Formal Name is used to distinguish them. Number of Decimal places:- Specify the number of decimal places for the currency to have the amount in paisa, cents etc. Tally does not allow the reports in paisa; cents. Amount after decimals tell us about loose change of a currency. . Some currencies have 2 decimal places, e.g. paisa; some have 3, e.g., Dinar. Decimals once used cannot be altered.

Show amounts in millions? (Yes/No):- Tally has two formats for displaying an amount, viz., in millions and in lacs. 1000000 (one followed by six zeroes) in millions format would appear 1,000,000 and in lacs 10,00,000. Selecting ‘No’ would mean you want amounts to appear in lacs Is symbol suffixed to amounts? (Yes/No):- Normally currency symbols are prefixed. However, if you want it to appear after the amount, say it to “ Yes.” Put a space between amount and symbol? (Yes/No) Say “Yes” for amounts to have a space between symbol and amount like $ 100/, “No” for no space like $100/-. Display existing currency Here you can view only particulars of a created currency. Alter the existing Currency The Alter screen is identical to the creation screen. Select the currency whose details are to be altered and change any of the particulars. Save it and come back Delete the existing Currency If you have not used the currency in any voucher, you may delete it by pressing key Alt + D in the alteration screen. Rates of Exchange The screen allows you to enter daily exchange rates of currencies used by you. This screen remains in Alter mode. You can enter new rates or modify rates already entered Date for Rates of Exchange:- Here you have to write the date on which you are going to enter the rates of different currencies. Standard Rate:- This field is optional not compulsory to fill. The standard rate is used to calculate variances from the actual transaction rates. Newspapers and bulletins of RBI publish these rates. Selling Rate – Specified Rate:- Here, enter the rates on which your bankers will purchase currency from you. If you input this rate before any transaction, these rates are picked by tally at the time of entering Receipt voucher. However you may edit the rates. The actual rate at which the currency was last used is displayed and cannot be changed. The specified rate is used for calculating foreign exchange variances only in case there is no standard rate. Buying rate – specified rate:- This is the rate at which you buy the foreign currency from your bankers and enter the payment voucher to pay the amount to the bankers. This rate is also automatically displayed at the time of entering payment voucher.

The actual rate at which the currency was last used is displayed and cannot be changed. Tally calculates Gain or Loss in foreign exchange transactions automatically using the standard rates, specified rates and actual transaction rates. How to enter a foreign currency Sales voucher ?

To enter foreign currency sales voucher, we enter sales transaction in invoice mode or in voucher mode, if you set yes to “Inventory values are affected” to sales ledger. At the time of item allocation in sub-screen of voucher mode or in invoice mode, when you are on Rate Column, Enter the Foreign Currency Symbol [as US$] in the rate column with the rates of item, a sub-screen appears asking the conversion rate of foreign exchange with the rupees. Enter the conversion rate of $ to Rs.and save the voucher. Entries will be saved in respective ledgers in two currencies. You may view it by f12: configure on the respective ledger screen.