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Multi-Currency Accounting Made Simple with TallyPrime

If your business operates in multiple currencies—whether for international trade or customer-specific invoicing—TallyPrime gives you complete flexibility.

• When creating a company, you set a base currency (default for all transactions) and can add foreign currencies as needed. With TallyPrime’s multi-currency feature, you can:
• Record purchase or sales transactions and print invoices in foreign currencies. Other accounting transactions can also be done in base currency or any foreign currency.
• Create currency masters as needed.
• Define and update exchange rates for specific dates.
• Automatically calculate forex gains or losses.
• View reports in base or any other currency.
• Enter opening balances in ledgers in the relevant currency.

You can change the base currency anytime, modify or delete foreign currencies, and update exchange rates during transactions.

Currency Setup Essentials

• ISO Currency Code: Standard three-letter identifier for international transactions.
• Symbol & Formal Name: Distinguish currencies with similar symbols (e.g., $ for USD vs AUD).
• Decimal Places: Adjust as per your business norms.

Managing Currencies

• Alter: Update symbol, formal name, ISO code, or decimal places.
• Delete: Only if unused in transactions and no ledger has an opening balance.
  If used, you can change the currency in transactions, split data, or delete those transactions.

Forex Handling

• Define rates for one or multiple dates to reflect fluctuations.
• Account for forex gains/losses using journal vouchers. May use voucher classes for error-free data entry.
• Carry forward balances to avoid unadjusted forex entries in your Balance Sheet.

This flexibility ensures smooth, accurate, and efficient handling of multi-currency transactions—tailored to your business needs.

Watch the video for a quick overview of how to define foreign currencies, use them in transactions, print invoices, and view reports in TallyPrime.