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2.     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.

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.

 

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.

Go to Company Info. > Create Company

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Note:    At time of installing Tally.ERP 9, if the Country Selection is opted as India/Saarc, the Currency Symbol is defaulted as Rs. in the Company master otherwise if the Country Selection is opted as International (Others), the Currency Symbol is defaulted as £ in the Company master.

 More:

2-A :  Enabling Multi-Currency

2-B :  Creating a Currency

2-C :  Altering a Currency

2-D :  Defining Rates of Exchange

2-A :    Enabling Multi-Currency

Enable Multi-Currency feature to view and enter transactions in multiple currencies.

·         Go to Gateway of Tally

·         Select F11: Accounting Features

·         Set Allow Multi-Currency to Yes  

·         Accept to Save.

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 Multi Currency feature is now enabled.

Currencies menu

Once the Multi-Currency feature is enabled in F11: Accounting Features, you can view the Currencies menu from Gateway of Tally > Accounts Info > Currencies.

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2-B :    Creating a Currency

To create a foreign currency

1.       Go to Gateway of Tally > Accounts Info. > Currencies > Create

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2.       Enter the currency symbol in Symbol field. This symbol appears in your reports, wherever applicable.

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, shows the key combination for most symbols. This might be different on some notebook computers, refer to the computer's user manual or the vendor.

You cannot assign a duplicate currency symbol for a company in Tally.ERP 9.

The Key combinations for a few currency symbols are given below:

1.      

·         Alt + 156 –Pound Sterling - £

·         Alt + 0165 – Japanese Yen - ¥

·         Alt + 0128 – Euro - 

·         Use the Dollar and the Rs. Symbol from the keyboard

3.            Enter the name of the currency in Formal Name. e.g., US Dollars, Pound Sterling, Indian Rupees, Omani Rial and so on.

A formal name is required to distinguish different currencies with the same symbols. For e.g. Assume you have created two companies (ABC & XYZ) in Tally.ERP 9. ABC andXYZ 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.

4.            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.

5.            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 No, 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, press F12: Configure to change scale factors for values.

6.            Set Is Symbol SUFFIXED to Amounts to Yes for the symbol to appear after the amount. Set it to No, for the symbol to be prefixed to the amount.

7.            Set Put a SPACE between Amounts and symbol? to Yes to apply a space between amounts and symbol.

8.            Enter the Symbol for Decimal portion of currency in Symbol for Decimal Portion of Amount field. Eg., Ps. for Paise.

9.            Enter the number of decimal places for printing the amounts in words in Decimal Places for Printing Amounts in Words field. This number should be equal to or lesser than the number specified in Number of Decimal Places field.

Note: The Currency cannot be translated or transliterated but will appear in the Language created.

 Buttons available in the Currency creation/alteration screen:

Buttons

Keys

Description and usage

G: Groups

Ctrl+G

User is allowed to create Accounting Group from the Currency Creation/Alteration screen.

L: Ledgers

Ctrl+L

User is allowed to create Accounting Ledgers from the Currency Creation/Alteration screen.

S: Cst Cat

Ctrl+S

User is allowed to create Cost Category from the Currency Creation/Alteration screen.

C: Cst Ctr

Ctrl+C

User is allowed to create Cost Centre from the Currency Creation/Alteration screen.

B: Budget

Ctrl+B

User is allowed to create Budget from the Currency Creation/Alteration Screen.

V: Vch Types

Ctrl+V

User is allowed to create Voucher Type from the Currency Creation/Alteration screen.

2-C :    Altering a Currency

You can modify or delete a currency master using the Alter option. Rates of Exchange can also be altered from here.  

To alter a currency master:

1.       Go to Gateway of Tally > Accounts Info. > Currencies > Alter

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2.            Select a Currency from the Currencies list (displayed if there is more than 1 currency)  

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3.       In the Currency Alteration screen, alter details as required. For more information refer Creating a Currency

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Displaying a Currency

The Currency Display screen displays the details and rates of exchange for a selected currency.

To display the Currency screen:

1.    Go to Gateway of Tally > Accounts Info. > Currencies > Display

2.    Select a Currency from Currencies list (displayed, if there is more than 1 currency)  

3.    Enter to view the details

Deleting a Currency

To delete a Currency:

1.    Go to Gateway of Tally > Accounts Info. > Currencies > Alter

2.    Select a currency from the Currencies list (displayed, if there is more than 1 currency)  

3.    Press Alt + D in the Currency Alteration screen to delete

Note:    You cannot delete a Currency, if it is used in any transaction.

2-D :    Defining Rates of Exchange

In the Rates of Exchange menu, you can specify the rate of foreign currency for a specific date. Foreign exchange variations occur every day with different selling and buying rates. Rates of Exchange feature helps you record rate of Currency for particular date and apply in your transactions.

To Display/Alter Rates of Exchange:

Go to Gateway of Tally > Accounts Info > Currencies > Rates of Exchange


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 Enter to view the Multi Currency Alteration screen as shown :

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1.    Enter the date for which the exchange rate is applicable

2.    Enter the Standard Rate (optional) which is used to calculate variances from the actual transaction rates

3.    Enter the Selling Rate (your selling rate)

4.    Enter the Buying Rate (your buying rate)

5.    Accept to Save

Note:  Last Voucher Rate is displayed, if any voucher has been entered earlier.

Selling Rate – Specified Rate

Selling rate is your selling rate (as opposed to bank's selling rate) used for receipt voucher entry where you receive foreign exchange.

This is the rate obtained from your banker or also available in the daily newspaper. Once the Selling Rate is specified in the Rates of Exchange menu, while entering a foreign exchange transaction, the rates are defaulted automatically. However, you can alter the rate as required.

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 where there is no standard rate.

Buying Rate – Specified Rate

Buying Rate is your buying rate (as opposed to bank's buying rate) used in payment vouchers.

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 where there is no standard rate.

Note:  Tally.ERP 9 automatically calculates Forex Gain or Loss for foreign exchange transactions using the standard rates, specified rates and actual transaction rates specified in the Rates of Exchange menu.

Buttons available in the Rates of Exchange screen:

Buttons

Keys

Description and usage

G :Groups

Ctrl+G

User is allowed to create Accounting Group from the Rates of Exchange screen.

L: Ledgers

Ctrl+L

User is allowed to create Accounting Ledgers from the Rates of Exchange screen.

S: Cst Cat

Ctrl+S

User is allowed to create Cost Category from the Rates of Exchange screen.

C: Cst Ctr

Ctrl+C

User is allowed to create Cost Centre from the Rates of Exchange screen.

 
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Installation of Tally.ERP9
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Tally.ERP 9 Help LIBRARY
Short Cut Keys Command in Tally.ERP9
Reorder Levels & Reorder Quantity
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Job Costing in Tally.ERP 9
Interest Calculations in Tally.ERP 9
Features (F11) of Tally.ERP 9
Configuratioin (F12) of Tally.ERP 9
Data Migration in Tally.ERP 9
Cost Categories and Cost Centers
Budgets in Tally.ERP 9
Advanced Inventory Features
Advanced Accounting Features
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