How to Alter Multi Currency in Tally

In today’s globalized business environment, managing multiple currencies is a common challenge for many organizations. Tally, being a widely used accounting software, offers robust features to handle multi-currency transactions efficiently. However, there may be instances when you need to alter the multi-currency settings in Tally to accommodate specific business requirements. In this article, we will guide you through the process of altering multi currency in Tally, ensuring that your accounting practices remain accurate and up-to-date.

Step 1: Access the Multi Currency Settings

To begin altering the multi currency settings in Tally, you first need to access the settings menu. Follow these steps:

1. Open Tally and navigate to the Gateway of Tally.
2. Click on ‘F11’ or press the ‘F11’ key on your keyboard to open the ‘F11: Configure’ menu.
3. Under the ‘F11: Configure’ menu, select ‘Multi Currency.’

Step 2: Enable Multi Currency

If multi currency is not enabled in your Tally setup, you will need to enable it by following these steps:

1. In the ‘Multi Currency’ menu, click on ‘Yes’ when prompted to enable multi currency.
2. A new window will appear, asking you to set the default exchange rate. Enter the desired exchange rate and click ‘OK.’

Step 3: Add or Modify Currencies

Once multi currency is enabled, you can add or modify currencies in Tally. Here’s how to do it:

1. In the ‘Multi Currency’ menu, click on ‘Alter Currencies.’
2. A list of existing currencies will be displayed. To add a new currency, click on ‘Create.’
3. Enter the currency name, symbol, and exchange rate. You can also set the exchange rate to be updated automatically by selecting the ‘Auto Update Exchange Rate’ option.
4. Click ‘Enter’ to save the new currency. To modify an existing currency, select the currency from the list and make the necessary changes.

Step 4: Set Default Currency

After adding or modifying currencies, you may need to set a default currency for your company. Here’s how to do it:

1. In the ‘Multi Currency’ menu, click on ‘Set Default Currency.’
2. Select the desired currency from the list and click ‘OK.’

Step 5: Save Changes

Once you have made the necessary alterations to the multi currency settings, it is essential to save the changes. Follow these steps:

1. In the ‘Multi Currency’ menu, click on ‘Save.’
2. A confirmation message will appear. Click ‘Yes’ to save the changes.

By following these steps, you can successfully alter multi currency in Tally. This will help you manage your organization’s multi-currency transactions more effectively, ensuring accurate financial reporting and compliance with international accounting standards.