How to Create Multi-Currency Vouchers in TallyPrime: A Complete Guide

Published on: 28-07-2025

How to Create Multi-Currency Vouchers in TallyPrime: A Complete Guide

In today's global business environment, companies frequently deal with foreign currencies, especially if they import or export goods, provide international services, or receive remittances. If your business handles transactions in multiple currencies, it's essential to record them accurately in your accounting software.

Thankfully, TallyPrime makes this process simple. It offers full support for multi-currency accounting, allowing you to create invoices, receipts, payments, and other vouchers in any foreign currency — while auto-calculating exchange rates, gains/losses, and base currency equivalents.

In this article, you’ll learn everything you need to know about creating multi-currency vouchers in TallyPrime, including:

• Why multi-currency support matters
• How to enable multiple currencies in TallyPrime
• Creating currencies and setting exchange rates
• Step-by-step process to enter multi-currency vouchers
• Viewing reports in multiple currencies
• Real-world use cases
• Tips and best practices

 Why Use Multi-Currency in TallyPrime?

If your business:

• Imports or exports goods/services
• Has foreign customers or vendors
• Maintains bank accounts in foreign currencies
• Operates in multiple countries
• Deals with international freelancers, consultants, or suppliers

… then multi-currency accounting is essential for accurate financial management.

TallyPrime allows you to:

• Set up unlimited foreign currencies
• Define exchange rates (manual or automatic)
• Record vouchers in foreign currency
• Auto-convert values to base currency
• Track forex gain or loss
• View outstanding balances in both currencies

Step 1: Enable Multi-Currency Feature in TallyPrime

By default, TallyPrime supports only the base currency (like INR, USD, MMK, etc.). To use multiple currencies, you need to enable the feature:

1. Go to Gateway of Tally > F11: Features > Accounting Features
2. Set Enable Multi-Currency to Yes
3. Save the configuration by pressing Ctrl + A

This unlocks the ability to create and assign foreign currencies to ledgers and vouchers.

 Step 2: Create Foreign Currencies

Now you need to define the currencies you want to use.

To create a new currency:

1. Navigate to: Gateway of Tally > Accounts Info > Currencies > Create
2. Enter the following details:
   • Symbol: e.g., USD, EUR, CNY
   • Formal Name: e.g., US Dollar, Euro
   • Number of decimal places: Typically 2
   • Show amounts in millions: Optional
   • Conversion Rate: Enter the rate compared to base currency (e.g., 1 USD = 2200 MMK)

 You can also create a currency directly from a ledger or voucher when prompted.

 Step 3: Assign Currencies to Ledgers

Once currencies are created, you can assign them to specific party ledgers.

To do this:

1. Go to Gateway of Tally > Accounts Info > Ledgers > Alter
2. Choose a debtor/creditor ledger (e.g., ABC Exports Ltd)
3. Under Currency of Ledger, choose the appropriate currency (e.g., USD)
4. Save the ledger

Now, any vouchers involving this party will default to their assigned currency.

 Step 4: Set Up Exchange Rates (Rate of Exchange)

TallyPrime lets you enter the exchange rate for every day or transaction.

You can define exchange rates in two ways:

A. Through Currency Master:

• Go to Gateway of Tally > Accounts Info > Currencies > Alter
• Select the currency (e.g., USD)
• Enter the latest Rate of Exchange under Standard Rates

B. During Voucher Entry:

• While entering a voucher (like sales), you’ll be prompted for the Rate of Exchange
• Enter the current rate (e.g., 1 USD = 2200 MMK)

Tally will automatically calculate the equivalent in base currency and record it.

Step 5: Create Multi-Currency Vouchers

Let’s see how to create common types of multi-currency vouchers:

 A. Sales Voucher in Foreign Currency

Example: You sell goods worth $1000 to a US customer.

1. Go to Gateway of Tally > Accounting Vouchers > F8: Sales
2. Select Party Ledger (must be assigned USD)
3. Under Currency, choose USD
4. Enter Item/Amount in USD
5. Enter Exchange Rate (e.g., 1 USD = 2200 MMK)
6. Tally will auto-calculate MMK equivalent in the background
7. Save the voucher

B. Receipt Voucher in Foreign Currency

Example: Customer pays $1000 for the above sale.

1. Go to F6: Receipt Voucher
2. Select Bank Account or Cash
3. Enter Party Ledger
4. Select Currency = USD
5. Enter amount and exchange rate
6. Tally will show gain/loss if exchange rate differs from sale rate

 C. Payment Voucher in Foreign Currency

Example: Paying $500 to a supplier.

1. Go to F5: Payment Voucher
2. Choose Party Ledger in USD
3. Enter the amount and rate
4. Tally calculates base currency automatically

D. Journal Voucher for Exchange Gain/Loss

TallyPrime automatically tracks unrealized gain or loss when balances change due to exchange rate fluctuations.

Use Journal Vouchers to adjust forex gain/loss at period end (if needed), depending on accounting policy.

 Step 6: View Multi-Currency Reports

TallyPrime offers reports in both base currency and foreign currency.

Some key reports include:

• Ledger Outstanding in foreign currency
• Bills Receivable/Payable – shown in party currency
• Trial Balance – shows both MMK and USD/EUR equivalents
• Profit & Loss Account – reflects realized gain/loss
• Balance Sheet – includes foreign currency balances

To switch currency view:

• Open report → Press F12 → Set Show Foreign Currency to Yes

 Real-World Use Case

Imagine this scenario:

You run a trading company in Myanmar dealing with clients in the USA and suppliers in China.

• You create sales invoices in USD
• Receive advance payments in USD
• Pay Chinese vendors in CNY
• Maintain a bank account in USD

With TallyPrime’s multi-currency feature, you can manage all of the above seamlessly, including:

• Accurate base currency conversion
• Outstanding tracking in both USD and MMK
• Exchange rate gain/loss accounting
• Full audit trail and reports

Best Practices for Multi-Currency in TallyPrime

• Update exchange rates regularly to reflect market trends
• Always review currency reports monthly
• Create journal entries for realized gains/losses
• Assign correct currencies to each ledger
• Use consistent rate type (standard or daily) as per accounting policy
• Back up your data before importing rate changes in bulk

Final Thoughts

TallyPrime’s multi-currency accounting capabilities are powerful, flexible, and easy to use. Whether you’re running a local business with a few foreign customers or operating across multiple countries, you can:

• Create multi-currency vouchers in just a few clicks
• Maintain compliance and accurate financial records
• Improve decision-making with dual-currency reports
• Save time and reduce manual calculations

 With TallyPrime, managing global business is no longer complicated — it's just smart accounting.

Need help setting up multi-currency in your business?

Let us know — we can provide a step-by-step setup guide, custom implementation, or even ready-to-import currency masters for USD, EUR, CNY, etc.