How to use Multi Currency in TallyERP9?

In this post, we know about Multi Currency feature in TallyERP.9 and how to use it. Multi Currency helps you to manage multiple currencies in a single data. For Example, if you import / export goods to U.K. then currency to be used is Sterling Pound or if you import/ export to U.S.A then currency to be used is US Dollar. 

But it is difficult to manage import / export details without multi currency feature, because if this feature is not enabled then you need to create voucher entry in INR and all foreign currency details will be entered manually in Narration. First, we know how to Enable multi currency option in Tally.

Press  F11 and go to Accounting Features, In General - Enable yes to Multi Currency.

Multi Currency Feature in Tally

Go to Accounting info - Currency - Create or Press  A R C to create new currency type. Create your currency and press Enter to save or press Ctrl+A

Now alter currency details as follows:

Currency Setup 

In Standard rate specify standard rate. In selling column enter sale amount of Foreign Currency per unit. In buying column, specify the amount of purchase price of a single unit of foreign currency.

Its Done. In next post we know about how to pass a Import/ Export Entry in Foreign currency and how a foreign currency will be account for in Books in Indian Rupee.