The term multi-currency is used to describe a transaction that involves more than one currency. This is also known as a "cross-currency" transaction.
To record multi-currency transactions in Tally, you need to select the currency for the transaction and then enter the amount of money that is being transferred. To do this, go to Transactions > Enter Transaction > Select Currency and enter the amount of money that is being transferred.
The benefits of recording multi-currency transactions in Tally Prime are as follows:
It helps in the reconciliation of the transactions.
It improves accuracy and consistency.
It helps in the understanding of the international financial reporting standards.
It is a great tool for banks to manage their foreign exchange risks.
The steps for recording a multi-currency transaction in Tally Prime are as follows:
Start Tally Prime.
Enter the date and time of the transaction in the ‘Date’ field and press enter to save it.
In the ‘Accounts’ tab, select the account from which money is being withdrawn or deposited and enter the amount of money that is being transferred in the ‘Amount’ field on the top of it.
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