Multi currency entry in tally

 In Tally, handling multi-currency entries allows you to record transactions involving foreign currencies. This feature is particularly useful for businesses that deal with international transactions or have accounts in different currencies. Here's how you can enable and use multi-currency entry in Tally:

**Enabling Multi-Currency Feature**:

1. Go to Gateway of Tally (Home Screen).

2. Press F11 or click on "F11: Features" from the right sidebar.

3. In the Features screen, go to "F1: Accounting Features."

4. Under "Forex and Multi-Currency," set "Enable" to "Yes."

5. Save the settings.

**Configuring Currency Rates**:

1. In the Gateway of Tally, click on "Accounts Info."

2. Select "Currencies" and then "Create."

3. Enter the currency details like symbol, name, formal name, etc.

4. Specify the "Standard Rates" for the currency against your base currency (usually your local currency).

5. Save the currency details.

**Creating Ledger Accounts for Foreign Currency**:

1. Go to "Accounts Info" and select "Ledgers."

2. Create a ledger account for each foreign currency you want to transact in.

3. Specify the currency in which the ledger operates while creating it.

**Recording Multi-Currency Transactions**:

1. While creating vouchers like payment, receipt, sales, or purchase, select the appropriate foreign currency ledger in the voucher entry.

2. Enter the amount in the foreign currency. Tally will automatically display the amount in the base currency based on the exchange rates you configured earlier.

3. Complete the voucher entry as you would for regular transactions.

**Viewing Multi-Currency Reports**:

1. You can view various reports related to multi-currency transactions, such as "Multicurrency Vouchers," "Multicurrency Stock Summary," and "Foreign Currency Balances."

**Updating Currency Rates**:

1. Periodically update currency rates in Tally to reflect the latest exchange rates.

2. Go to "Gateway of Tally" > "Display" > "Currency Rate."

3. Update the rates as per the current market values.

Remember to exercise caution while recording multi-currency transactions and updating currency rates to ensure accurate accounting. Multi-currency entry in Tally can help streamline international transactions and provide a clear view of your financials in different currencies.