Foreign Currency Transactions in Tally

Foreign Currency Transactions

We now show a complete chain of related entries in foreign Currency (Sales and Receipt), outstanding dues, resulting forex Gain/Loss and Adjustment of forex Gain Loss.

Sales Voucher entry in Foreign Currency in Tally

Enter the Sales Voucher as explained. Against the Customer ledger, enter the amount in Foreign currency (e.g, type u for US$ before the amount- like u500 at Amount Field). Consequently, you get the Exchange details screen. The default standard rate is carried at the Exchange Rate screen. Enter the applicable exchange current rate. Consequently, the Amount in Base Currency is computed as per Exchange Rate entered and shown. This amount is carried in the Amount column in the voucher.

 In the same way, enter other ledger accounts (like Sales Accounts)  and enter the amount

Sales Voucher entry in Foreign Currency in Accounting Voucher Mode in Tally

Receipt Voucher entry Foreign Currency

When the Bank receives the amount of Sales Bill in foreign Currency, from the customer, enter the Receipt Voucher in the same manner. Against the Customer ledger, enter the amount in Foreign currency (type u for US$ before the amount- like u500 at Amount Field). Consequently, you get the Exchange details screen. The default Standard Rate (on the date of voucher)  is carried at the Exchange Rate screen. Enter the applicable exchange current rate. Consequently, the Amount in Base Currency is computed as per Exchange Rate entered and show. This amount is carried in the Amount column in the voucher.

 In the same way, enter other ledger accounts (like Bank Account)  and enter the amount. This way, enter Purchase Vouchers

Receipt Voucher entry in Foreign Currency in Voucher mode

Having entered the Voucher with Foreign Currency details, you may see the relevant info in Reports

Accounts Ledger Report Configuration set up for Foreign currency details

To display Foreign Currency details in Ledger Accounts of the Party, at Gateway, select  Display > Account Book > Ledger  and then select the Party Ledger to get Ledger Voucher screen of the Party Ledger Account.

Accounts Ledger Configuration for Foreign Currency details

AtParty Ledger Account, click F12: Configure to get Ledger Configuration screen . Now set following Configuration options related to Foreign Currency:

• Show Forex Transaction only  :
• Set Yes to show the amount in Foreign currency only (The amount in Base Currency would not be shown).
• Set No. The Amount in Base Currency would also be shown
• Show Forex Details also  :
• Set Yes to show the amount in Foreign currency also.
• Set No. The amount in Foreign Currency will not be shown (However, Amount in Base Currency would be shown)

Now the foreign currency details would also be shown in the Party Ledger Account report display

Ledger Account Report with Foreign Currency details

Ledger Outstanding Report with Foreign currency details in Tally

To get Ledger Outstanding report with Foreign Currency details, select Display > Statement of Accounts > Outstanding > Ledger, select the Party Ledger Account, click F12: Configure to get Ledger Outstanding Configuration screen.

Outstanding Report Configuration for Foreign Currency details

Now set the following Configuration option related to Foreign Currency:

Show Bills in Foreign Exchange :

• Set Yes to show pending amount in Foreign currencies. The Bills for which the amount in Foreign Currency is pending, will only be shown. For example, if 90 $ has been paid of a Bill of 100$, then the Bill will be shown in Outstanding irrespective of amount pending in Base Currency
• Set No. The Bills for which the amount in Foreign Currency is fully paid, will not be shown, irrespective of amount pending in Base Currency.

Ledger Outstanding Report for foreign currency Bills

Other Reports with Foreign Currency Details

In several reports configuration options, you will get option for showing the report in Foreign Currency. Set the respective option to show the figures in foreign currency. 

Consequently, the Foreign currency figures (where applicable) will also be shown in report.

The following table shows the reports & the respective options in which the figures in foreign currency may be printed.

Report	Report Configuration option
Day Book	Show Forex Transaction
Ledger Voucher	Show Forex Details/Show Forex Transaction Only
Group Voucher	Show Forex Details/Show Forex Transaction Only
Journal Voucher Register	Show Forex Transaction
Debit Note Voucher Register	Show Forex transaction
Credit Note Register	Show Forex transaction

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