Changing currency in Tally Prime is essential if you deal with international transactions or need to represent your financial data in a different currency.
In this article, we’ll provide you with, step-by-step guide on how to change currency in Tally Prime.
How To Change Currency In Tally Prime?
In Tally Prime, you can change the currency symbol and other currency-related settings by following these steps:
1: Open Tally Prime
To begin, launch Tally Prime and open the company for which you want to modify the currency settings.
2: Go to Gateway of Tally
In the Tally Prime interface, click on the “Gateway of Tally” icon at the top-right corner of the screen or simply press “G” on your keyboard.
3: Access Accounting Info
Within the Gateway of Tally, navigate to the “Masters” section in the left-hand menu.
4: Select Currencies
Under the “Masters” section, you’ll find an option labeled “Currencies.” Click on this option to access the currency-related settings.
5: Alter Currency
Within the “Currencies” menu, you’ll see a list of currencies you’ve previously defined. Locate and select the currency you want to modify.
6: Change Currency Symbol
To adjust the currency symbol, press “Alt + E” on your keyboard or click on the “Alter” option located at the bottom of the screen.
7: Edit Currency Details
You’ll now have the opportunity to edit various currency details, including the currency symbol, formal name, number of decimal places, and other relevant settings. Make the necessary changes according to your requirements.
8: Save Changes
After making the desired alterations, press “Ctrl + A” to save the updated currency details.
Exit the currency settings screen by pressing the “Esc” key or clicking the “Esc” button.
10: Verify the Changes
To ensure that the currency symbol has been successfully updated, navigate back to your financial transactions and verify that the new currency symbol is reflected in your accounting entries.
Benefits of Changing Currency in Tally
- It allows you to track your finances in multiple currencies.
- Helps you to manage your foreign exchange risk.
- It makes it easier to do business with international partners.
In conclusion, Tally Prime’s flexibility in handling multiple currencies makes it a valuable tool for businesses operating on a global scale.
It is a straighforward process to change currency in Tally Prime, but it’s crucial to exercise caution, as these changes can impact your financial reports and transactions.
Always maintain a backup of your data before making significant modifications and consider consulting with a Tally expert if you have concerns about the implications of these changes for your accounting records.