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4. : "Multiple Currencies" inTally.ERP 9

ating Foreign Currencies

ring Currencies

eting Currencies

ating Bank Ledger

cher Entry using Foreign Currency

isplaying Forex Gain/Loss

djusting Forex Gain/Loss

sation of business, many organisations have found the necessity to work with more than one ons are often made in currencies other than the home currency.

-currency feature is very powerful and allows you to :

sactions with different currencies by allowing you to specify and change the

change.

e balance of the specified account in a foreign currency.

he term base currency for the currency in which your account books are maintained (typically in ). Foreign Exchange is used interchangeably with foreign currency.

oreign Currencies

Tally.ERP 9 Series A

ur books are maintained in the base currency which is specified during company creation to

>> Backup Data Automa >> Receipt & Payment A >> SMS in Tally.ERP 9

lysis of data. Hence, whenever you record a transaction in a currency other than the base P 9 prompts for an exchange rate and then displays the information in the base currency.

>> Banking Module (Allo Utilities) >> Bill Settlement >> Cash Flow Projection

e at the Gateway of Tally of National Traders. feature Allow Multi-Currency in F11: Features (Accounting Features).

reign Currency

Tally > Accounts Info. > Currencies > Create.

me: US Dollars. Decimal Places: 2

unts in Millions: No.

SUFFIXED to Amounts: No.

CE between Amount and Symbol: Yes. Decimal Portion of Amount: Cents.

Enter to accept the screen.

e following currencies:

erling by using Alt+156 =

ol by using Alt + 0165 =

ol by using Alt + 0128 =

urrencies

Tally > Accounts Info. > Currencies > Alter >

ou find a different screen with many fields (You can alter input dates and the relevant exchange ency).

exchange rates for 1-12-09 and accept the screen.

ate is the current rate of exchange.

Tally Tips-Your Weekly Refre User -defined Voucher-Types Bills-Of-Material (BOM): TDS-On-Tally9 Books-and-Register Receivables-Payables-Manag Group-Summaries Columnar-Reports Credit-Limits Bank-Reconciliation Flexible-Reporting Fund-Flows Payment-performance-of-Deb Budgeting-and-Control Cost-centers-Profit-centers-w Categories Scenario-Management Multi-Currency Multi-columnar-reporting Memo-Vouchers Post-dated Vouchers Daily-Balance-Transaction-Va Interest-Calculations Flexible-Units-of-Measure Grouping-Categorization-of-S Voucher-Classes-to-expedite Use-Stock-Item-Names-and-o Point-Of-Sale-POS-Invoicing Stock-Query Multiple-Warehouses-Locatio Stock-transfers-to-GodownsMultiple-Stock-Valuation-in Batch-wise-Lot-wise-Expiry-D Tracking-Inventory Additional-Costs-Incurred-on Bill of Materials-BOM Job-Costing Stock-Ageing-Analysis Reorder-Levels Movement-Analysis Profitability-Analysis Security-Management Tally-Audit Memory Access Violation Me

is the rate at which your bank will buy Dollars from you. It is used when invoicing or receiving money.

is the rate at which you will buy dollars from the Bank. It is used when purchasing or paying money in ncy.

Tally Reporting ...

her entry, the rates predefined in the currency masters are prefilled automatically.

urrencies

nation Alt + D in the alteration screen to delete. However, you will not able to delete a currency in any transaction.

ank Ledger

Financial Statement Account Books an Inventory Register Job Costing Register Payroll Registers POS Registers a

Tally > Accounts Info. > Ledgers > Create

k Account

nk Accounts

Rs.

screen.

ntry using Foreign Currency

wing two ledger accounts in Base currency without Cost centres and set Billwise to Yes.

ication under Sundry Debtors group

tems Pvt Ltd. under Sundry Creditors group Create the Stock Item as Wheat with the ormation

p Foodstuffs

gory Cereals

ort Sales under Sales Account and activate Inventory values and cost centre options

es Voucher

Tally > Accounting Vouchers > F8: Sales.

2-09.

nvoice from the buttons bar. Name: Prism Fabrication, accept the Name and address as default.

em: Wheat

Warehouse.

00 Bags.

per Bag (Prefix the foreign currency symbol)

change: Accept the default selling rate which is Rs. 46/$.

locations screen appears as shown :

Item Allocation screen.

ing Allocation, select Export Sales details screen,

r in Cost Centre Allocation

Ref as Type of Reference

rt/1 in Name

s in Credit Days

0 (Prefix the Foreign Currency Symbol)

screen

mount in foreign currency, use the Currency Symbol. Any amount without a symbol will be assumed to be

Forex Gain/Loss

Tally > Balance Sheet.

r on the Unadjusted Forex Gain/ Loss field and drill down to the Ledger

/ Loss Screen. gives you the bill-wise information of the reference Export/1 and difference

US$ 2500

alculated because the transacted rate is Rs.46/$ whereas the current standard rate is Rs. 45/$. ween the transaction rate and the current standard rate is Re.1/$ i.e., Rs. 2500. [$2500 X (46 -45)] 500 Cr.]

Forex Gain/Loss
pays you $2500 which is deposited in the Bank Account. The Bank charges were $50.

ing the receipt entry, ensure that the cost centre option is disabled in Bank Charges ledger.

way of Tally > Accounts Info. > Currencies > Alter > Select $ and change the rate to Rs. 12-09

ceipt Voucher

Tally > Accounting Vouchers > F6: Receipt

2-09.

m fabrication: $2500.

gst Ref. Export/1 $2500. Account: $2450. Rate of Exchange: Rs. 48/$. Charges: $50 with the same rate of exchange.

reign exchange gain/loss again as explained earlier. The Unadjusted Gain/ Loss in the Balance

r and you will see Current Assets with 5,000 in the credit column.

ent Assets and the screen appears as shown below:

r on Sundry Debtors to display Prism fabrication.

ne level and press Alt+F1 to view the Ledger Forex Gain/ Loss report as shown below:

s invoice for $2500 @ Rs. 46/$ and received $2500 @ Rs. 48/$ against it. The difference of Rs. 2/$ (48culation is done as: $2500 x Rs. 2/$ = Rs. 5000 Dr. Therefore, the unadjusted forex gain/ loss for the Rs. 5,000 Dr.

rex Gain or Loss

oss must be adjusted depending on standard rates of exchange. A journal entry must be made at unting period for writing-off the gain/loss to Profit & Loss account.

edger account Forex Gain/Loss under the group Indirect Expenses (do not activate Cost

rex Class

Tally > Accounts Info. > Voucher Types > Alter > Journal.

o the Name of Class field, type Forex Gain/Loss and press Enter

n the Use Class for Forex Gain/Loss Adjustments? field

ger Name, select Forex Gain/ Loss (this is the account that will be used for adjustments)

er Type Class screen appears as shown :

r to go back to Voucher Type Alteration screen

r to accept.

urnal Voucher you select Journal and Forex

Tally > Accounting Vouchers > Press F7: Journal.

now get Voucher Type and Voucher Class List where respectively for the automatic adjustment of forex gain/loss

date to 31-12-09.

m Fabrication from the list of ledgers.

wise details screen,

nvoice Export/1 (only those invoices involved in foreign exchange gain/loss will be displayed).

t displayed will be the gain/loss amount.

amount field, type Party's accounts adjusted for exchange gain and loss in the Narration field.

r until you reach the narration field.

ex Gain / Loss Adjustment entry using Voucher Class appears as shown below :

Enter to accept the voucher.

9, purchased 200 bags of wheat from Mirage Systems Pvt Ltd. @ 5 /bag. The Rupee was being s. 82/.

09, paid Mirage Systems Pvt Ltd., 1000 at the rate of Rs. 83/. The bank charges incurred were Adjust the outstanding bill 'Wheat' with the payment from your Bank Account.

ration screen for Pound, enter these rates as on 1-12-09:

te - Rs. 80/

e - Rs. 81/

e - Rs. 82/

her on 12-12-09 :

odown as Warehouse

ng allocation, select Purchases, New Ref as Wheat

period as 15 days

er on 21-12-09 :

amount as 1000 = Rs. 83,000 in the amount field.

nk Payment voucher appears as shown below:

arration and press Y or Enter to accept the screen.

djusted forex Gain / Loss of Rs. 1,000 in the Balance Sheet. Since, we first passed a purchase invoice for nd paid 1000 at Rs. 83/ against it. The difference of Rs. 1/ (83-82) is a loss. The calculation is done as: . 1000 Cr.

ain/Loss, make a Forex Gain/ Loss adjustment entry using a voucher class on December 31,

er-Class-and-Cost-Centre-

Lesson-6-5-Bank-Reconciliation-in-TallyERP9

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