Business Mantra News
Maintenance of accounts in multi-currency is a very appreciative feature of Tally.ERP 9. It provides business ease to those who deals in different currencies.
Let us suppose, you have to deal with one supplier in one currency (say $) and every other transactions of the business are in other currency (say INR). In such a case, you are required to keep record of all transactions made in $ currency to know the foreign currency requirements. At the same time, you have to view the other financial reports in INR. This figure is calculated according to the current foreign exchange rate, if it is done manually, it is very time consuming process. Tally.ERP9 solves this problem and automatically generates all reports on the basis of current forex rate.
In Tally.ERP 9, foreign exchange gain or loss will be calculated automatically and can be posted as notional voucher while viewing reports and can be made as regular entry later (say at the end of financial year).
This feature is very beneficial for importers and exporters as they can maintain bank, customers and other accounts in any currency. Along with that they can also generate reports in any currency other than the base currency and can also switch between different companies having different base currencies.
In Tally.ERP 9, every amount field is multi-currency enabled, due to which you can send quotes to different suppliers in different currencies.
In our previous article you can also learn shortcut keys in tally to save more time and boost working speed.