Software Development Exam > Software Development Videos > Tally ERP 9: Complete Training > How to Record All Transactions in Foreign Currency in Tally.ERP 9
How to Record All Transactions in Foreign Currency in Tally.ERP 9 Video Lecture | Tally ERP 9: Complete Training - Software Development
FAQs on How to Record All Transactions in Foreign Currency in Tally.ERP 9 Video Lecture - Tally ERP 9: Complete Training - Software Development
| 1. How do I record transactions in foreign currency in Tally.ERP 9? |  |
Ans. To record transactions in foreign currency in Tally.ERP 9, you need to enable the Multi-Currency feature in the software. Once enabled, you can create a ledger account in the foreign currency, enter the transaction details, and specify the exchange rate. Tally.ERP 9 will then automatically convert the transaction amount into your base currency for reporting purposes.
| 2. Can I record transactions in multiple foreign currencies in Tally.ERP 9? | |
Ans. Yes, Tally.ERP 9 allows you to record transactions in multiple foreign currencies. You can create separate ledger accounts for each foreign currency, enter the transaction details accordingly, and specify the exchange rate for each currency. The software will handle the conversion and consolidation of transactions in different foreign currencies.
| 3. How can I view the exchange rate used for a specific transaction in Tally.ERP 9? | |
Ans. In Tally.ERP 9, you can view the exchange rate used for a specific transaction by generating the Voucher Register report. This report provides a detailed view of all transactions, including the exchange rate applied. You can customize the report to include additional details such as the ledger account, date, and currency.
| 4. Can I change the exchange rate for a recorded transaction in Tally.ERP 9? | |
Ans. Yes, you can change the exchange rate for a recorded transaction in Tally.ERP 9. Simply open the voucher or transaction, navigate to the currency field, and update the exchange rate as required. The software will automatically recalculate the converted amount based on the new exchange rate.
| 5. How does Tally.ERP 9 handle unrealized gains or losses on foreign currency transactions? | |
Ans. Tally.ERP 9 automatically calculates and records unrealized gains or losses on foreign currency transactions. When you view reports or financial statements, the software considers the exchange rate differences between the transaction date and the reporting date. It reflects these gains or losses as separate entries, allowing you to track and analyze the impact of currency fluctuations on your business.
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Nov 22, 2024 Last updated |
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