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:
Enter the date for which the exchange rate is applicable
Enter the Standard Rate (optional) which is used to calculate variances from the actual transaction rates
Enter the Selling Rate (your selling rate)
Enter the Buying Rate (your buying rate)
Accept to Save
Note: Last Voucher Rate is displayed, if any voucher has been entered earlier.
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 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 no standard 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 Exchange screen. |
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. |