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Bill Generated in Multi-currency USD In Tally.ERP 9,want to settle receipt in INRBase currency

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We know how to use multi-currency in Tally ERP9. There may be some situations where Bills are generated in Multi-currency but payment received from foreign buyer should be settled against base currency or partially base currency and partially in Multi currency. For Example

 

01-05-2016 : Sales bill generated to XYZ Inc a foreign buyer  $ 5000   ( 100 No’s of goods @ $50 /No) Exchange rate on the rate was INR 55/ 1$

On 31-05-2016 XYZ Inc Paid us $ 5000 and exchange rate on the date was INR 54/ 1$

You are maintaining two bank account. USD currency bank and Rupee Bank account. want to adjust $ 2000 in USD Bank account. &  Balance 160000 in Rupee account balance 2000 as bank charges.

 

How to settle Multi currency bill against Base currency Fully or Partially?

Here in this example we are going to settle multi-currency bill partially.

To generate bill

Gateway of Tally > Accounting Voucher> F8

Make sure that you are entering rate with dollar symbol $ 50 as in the below image

Multi currency sales entry

Press enter.you will be asked for forex rate of exchange.

In the rate of exchange column enter the exchange rate on that date.

Rate of exchange

The Multi currency sales voucher will look like as shown below.

Sales voucher in multi currency

Settle Receipt against base currency partially.

On 31-05-2016 XYZ Inc Paid us $ 5000 and exchange rate on the date was INR 54/ 1$

Go to Gateway of Tally>Accounting Voucher>F6

You must ensure that you are entering voucher in double entry mode .

Click F12 Configure to access receipt voucher configuration.

Receipt voucher configuration

Press enter and save the configuration, Now receipt voucher will change its mode to double entry.

Change the voucher date to 31-05-2016

Credit : XYZ Inc with $ 5000 , while entering amount make sure that you are prefixing $  with amount like $ 5000.

Receipt with dollar symbol

Press enter you will be asked for exchange rate, here in our example it is INR 54.

Exchange rate for receipt

Press enter in the Debit /By field enter the USD bank account  and make sure that you are entering with Symbol $ 2000

USD Bank account in recipt

Enter ,again tally will ask for exchange rate.

Exchange rate for foreign bank acount

For Balance amount Select Rupee Bank account. and enter amount without $ symbol. Still tally will ask for forex amount and rate of exchange, Delete both the field as shown in the image.

Exchange rate for rupee bank

Press enter

Enter Bank charges in  INR 2000  without $  & forex and rate of exchange.

The receipt will look like as below.

Multi currency receipt against base currency

 

 

Press enter & save.

Now you can See the XYZ Inc Showing an un-adjusted amount

Gateway of Tally> Display > Accounts Book> Ledger 

Foreign buyer ledger.

Foreign buyer ledger with forex loss

Balance as per USD Bank Ledger.

USD Bank account ledger

 

Balance as per Rupee Bank Ledger.

Balanceas per rupee bank account

Now You have to adjust the Forex loss/gain , to remove un -adjusted  Forex loss from report.

Gateway of Tally>Accounting Voucher> F7 Journal.

Forex adjustment

 

Now you can see the loss is adjusted in the party ledger. by debiting Forex Loss/Gains.

Hope this tutorial helps , you can post your doubts through our comment form, we will try to reply your queries as soon as possible.

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