This article will help you to change default India/SAARC to International in Tally.ERP9.

Go to Company Info. > Create Company

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

Enabling Multi-currency in Tally ERP 9

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

• Go to Gateway of Tally

• Select F11: Accounting Features

• Set the option Enbale multi-currency to Yes

• Accept to Save.

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.

Creating a Currency

To create a foreign currency

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

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 and XYZhave 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 Suffix symbol to amount 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 Add space between amount and symbol? to Yes to apply a space between amounts and symbol.

8. Enter the symbol for decimal portion of currency in Word representing amount after decimal field. Eg., Ps. for Paise.

9. 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.

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 createAccounting Group from theCurrency Creation/Alterationscreen.
L: Ledgers	Ctrl+L	User is allowed to createAccounting Ledgers from theCurrency Creation/Alterationscreen.
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 Budgetfrom the Currency Creation/Alteration Screen.
V: Vch Types	Ctrl+V	User is allowed to create Voucher Type from the Currency Creation/Alteration screen.

Altering a Currency

You can modify or delete a currency master using the option Alter. The rate of exchange can also be altered from here.

To alter a currency master

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

Note: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”.

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.     Press 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 a transaction.

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

Enter to view the Multi-Currency Alteration screen as shown below:

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 nostandard 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 Exchangescreen.
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.