Creating a Currency

Anand Thu, 10/07/2021 - 15:18

 

Use ASCII Special Characters with [Alt] key combination 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.

You cannot assign a duplicate currency symbol for a company in Tally.

The Key combinations for a few currency symbols are given below:

  1. Alt + 156 –Pound Sterling - £

  2. Alt + 0165 – Japanese Yen - ¥

  3. Alt + 0128 – Euro - €

  4. Use the Dollar and the Rs. Symbol from the keyboard

To create a foreign currency

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

 

  1. Enter the currency symbol in Symbol. This symbol appears in your reports wherever applicable.

  1. Enter the name of the currency in Formal Name.

A formal name is required to distinguish different currencies with the same symbols. For e.g. you have created two

  

companies (ABC and PQR) in Tally. ABC and PQR have different set of currencies. ABC uses symbol $ for Australian Dollars and PQR uses the symbol $ for U.S. Dollars. The formal name distinguishes two different currencies with the same symbol when you compare accounts of two companies.

The company that is loaded first retains the original symbol for display purposes. The other company's currency symbol will be prefixed with the first letter/first few letters (to make it unique) of the formal name. Here, if ABC is loaded first then the symbol $ is for Australian Dollars and in PQR (loaded next) the symbol $ is prefixed with the letter U (first letter of its formal name).

e.g., US Dollars, Pound Sterling, Indian Rupees, Omani Rial, etc.

Note: You cannot assign a duplicate Formal Name for a company in Tally.

  1. Enter the number of decimal places for the currency in Number of Decimal Places. E.g. Currencies with 2 decimal places like paisa and currencies with three decimal places like dinar. There are currencies that do not have decimal places, e.g., Vietnamese Dong.

  1. Tally has two formats for displaying an amount, viz., in millions and in lakhs. 1000000 (one followed by six zeroes) in millions format would appear as 1,000,000 and lakhs would appear as 10,00,000.

    

Selecting No means you want amounts to appear in lakhs.

Note: You can always specify the appearance of numbers in specific reports, e.g. In Profit & Loss Account display, press [F12]: Configure to change scale factors for values.

  1. Set Is Symbol SUFFIXED to Amounts? to Yes for the symbol to appear after the amount. Set to No for the symbol to be prefixed to the amount.

  2. Set Put a SPACE between Amounts and symbol? to Yes to apply a space between amounts and symbol.

  3. Enter the symbol for decimal portion of currency in Symbol for Decimal Portion of Amount. E.g. Ps. for Paisa.

  4. Enter the number of decimal places for printing the amounts in words in Decimal Places for Printing Amounts in Words. This number should be equal to or lesser than the number specified in Number of Decimal Places field.