Monday, September 8, 2008

How to manage Unadjusted Forex Gain \ Loss in Tally 9?

When we deal with foreign currencies while importing (Purchasing) or exporting (Selling) our goods, we’ll sometime get difference between the amount of our Purchase /Sales invoice and Payment / Receipt due to foreign currency fluctuation rates. We’ll face gain / loss due to these transactions. To explain further with example, assume that you made a foreign sale of 100 nos. of your Men’s Garments at the rate of $43 on 1st Sep 08. So the total value of your invoice amount is $4300/- i.e. Rs.184900/-. But you received $4400/- i.e. Rs.189200/- against this invoice on 25th Sep 2008, due to sudden rise in the dollar value. So, the difference of Rs.4300 would be treated as Forex Gain and gets displayed in the Liabilities side of your Balance Sheet automatically. This amount can be adjusted with the Profit or Loss by passing a Journal with voucher class as explained under.

Create a 'Class' in the normal way (Accounts Info > Voucher Types > Alter > Journal) & name it as ‘Forex Class’. Now pass a journal selecting the class during Voucher Entry. You will find only those Ledger Accounts appearing which have a Gain / Loss to be adjusted as of the date of voucher and auto-calculation of these amounts.

You’ll find now the Unadjusted Forex Gain / Loss appeared earlier in the Balance Sheet would be now added with the Profit or Loss amount.

Monday, July 28, 2008

Tally Venki's Online Tips

Many customers using multiple currencies in Tally do not know how to create foreign currency symbols like Dollar, Euro or Yen and then usually create their currency symbol using alphabets, viz., USD (for Dollar), Euro (for Euro) and so on.

But, using ASCII Special Characters with [Alt] key combination you can create the symbols, if your keyboard does not have the symbol. Utilities like, Character Map (Start > All Programs > Accessories > System Tools) in Windows shows the key combination for most symbols. This might be different on some notebook computers, refer to the computer's user manual or the vendor.In Tally, you can’t assign a duplicate currency symbol for a company.
The Key combinations for a few currency symbols are given below:
1. If you type Alt + 156 simultaneously you get symbol – £ (Pound Sterling)
2. If you type Alt + 0165 simultaneously you get symbol – ¥ (Japanese Yen)
3. If you type Alt + 0128 simultaneously you get symbol – € (Euro)
4. Use the Dollar and the Rs. Symbol from the keyboard.
To create a foreign currency, first enable in F11 Accounting features - then

1. Go to Gateway of Tally > Accounts Info. > Currencies > Create