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Defining Rates of Exchange

Foreign exchange variations occur every day with different selling and buying rates. You can record the rate of currency applicable for a particular date and use it in transactions. The standard rate, selling rate, and buying rate can be updated from the Multi-Currency Alteration screen. Tally.ERP 9 automatically calculates Forex Gain or Loss for foreign exchange transactions using the rates specified in the Multi-Currency Alteration screen.

To define rates of exchange

1.    Go to Gateway of Tally > Accounts Info > Currencies > Rates of Exchange.

The Multi-Currency Alteration screen appears as shown below:

2.    Enter the date for which the exchange rate is applicable

3.    Enter the Standard Rate (optional) which is used to calculate variances from the actual transaction rates

4.    Enter the Selling Rate (your selling rate)

5.    Enter the Buying Rate (your buying rate)

6.    Press Enter to save the Multi-Currency Alteration screen.

Note: For currencies that have been used in transactions, the Last Voucher Rate is displayed for reference.

See Also

Enabling Multi-Currency

Creating a Currency

Altering a Currency