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Set Up Base Currency in TallyPrime

Currency details for your company are pre-filled based on the country that you have selected during company creation. If your business is set up in India, the base currency is by default set to Rupees. All the transactions that you record and the reports that you view in TallyPrime will show the values in the base currency that is set for your company. If your business is set up in India but you have customers from a different country, you can specify the base currency as applicable for that country.

1. Press Alt+K (Company) > Alter.
2. Base Currency Symbol: For example, ₹ for Rupee, AED for United Arab Emirates Dirham, and so on.
   • Update the Formal name to INR.
   • Set Suffix symbol to amount to No, because the ₹ always appears before the number (for example, ₹5000).

     From TallyPrime Release 7.0, you can now use the official currency symbols for UAE (Dirham) and KSA (Saudi Riyal).
     To know the shortcut to add the new symbol, refer to Keyboard Shortcut.

3. Update other options as applicable for the currency chosen.
   
   • Add space between amount and symbol: Enable this option if you require space between amount and symbol.
   • Show amount in millions: This is useful for companies, which require reporting of the financial statements in millions.
   • Number of decimal places: This is set to 2, by default. However, it can be specified up to 4 places.
   • Word representing amount after decimal: The name of the decimal portion of amount appears based on the country selected. For example, if India is selected as the country and number of decimal places is entered, then paisa appears by default.
   • No. of decimal places for amount in words: You can specify the number of decimal places for printing the amount in words. This number should be equal to or lesser than the number specified in the field No. of decimal places for amount in words.
4. Accept the screen. As always, you can press Ctrl+A to save.

If your business has customers in more than one country or you need to maintain transactions in different currencies, you can use multiple currencies in TallyPrime.