Rates of Exchange
Rates of Exchange is a feature wherein you can enter the rate of foreign currency for a specific date. Foreign exchange variations occur every day with different selling and buying rates. Rates of Exchange helps you apply the rate for the given date in your transactions.
To open Rates of Exchange:
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Go to Gateway of Tally > Accounts Info. > Currencies > Rates of Exchange
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The Multi-Currency Alteration screen is displayed
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Enter the date for which the exchange rate is applicable
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Enter the Standard Rate (optional) which is used to calculate variances from the actual transaction rates
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Enter the Selling Rate (your selling rate)
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Enter the Buying Rate (your buying rate)
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Accept to Save
Note: Last Voucher Rate is displayed if any voucher has been entered earlier.
Selling Rate – Specified Rate
Selling rate is your selling rate (as opposed to bank's selling rate) used for receipt voucher entry where you receive foreign exchange.
This is the rate obtained from the daily newspaper or your banker. If you input this rate before any transaction entry, while entering a foreign exchange transaction, this rate will be brought up by default. (You can still change the actual rate).
The actual rate at which the currency was last used is displayed and cannot be changed.
The specified rate is used for calculating foreign exchange variances only in case there is no standard rate.
Buying Rate – Specified Rate
Buying Rate is your buying rate (as opposed to bank's buying rate) used in payment vouchers.
The actual rate at which the currency was last used is displayed and cannot be changed.
The specified rate is used for calculating foreign exchange variances only in case there is no standard rate.