How to Define Rate of Exchange for Currency in Tally Prime?

Step: GOT > Create > Rates of Exchange

Ø After reaching the Above step Screen will shown like this following screenshot:

Ø For Defining rate of Exchange, Fill all Details like,

· Date for rate of Exchange – type Current date for Exchange

· Std Rate – Standard rate is the current rate of currency going on in the market

· Selling Rate (Specified Rate) – Selling rate is the rate of currency in which you are selling currency to your banker.

· Buying Rate (Specified Rate) – Buying rate is the rate at which you are buying currency from bank

Example: Rate of Exchange of US Dollars, currently is ₹72 per $1

· Date for rate of Exchange – 01/04/2020

· Std Rate – ₹72/$

· Selling Rate (Specified Rate) –₹73/$

· Buying Rate (Specified Rate) – ₹72/$

Ø
Fill all details for all Created Currency like this Following Screenshot:

Ø Use of Multi-Currency ($) in Sales Transaction in Tally Prime Process 1: Create Foreign Party (Customer) Ledger

In Ledger Screen fill details like Name, Currency of Ledger & Country of Party as Same Following Screenshot:

Process 2: Pass Sales Invoice in Foreign Currency

Fill all Details like

Party A/c Name – Select Party name like ‘John’

Sales Ledger – Select “Sales” Ledger Name of item – Select item “Sony TV” Quantity – Type Number of Item “2”

Rate –For Type Rate in dollars, First type Number then Type Symbol of Currency Like “200 $”

Ø
After typing of Foreign Currency, Conversion rate/Exchange rate Automatic Show All details filled like this following screenshot:

Ø Press “Ctrl+A” for Save this voucher

Bank Reconciliation (BRS) in Tally Prime Class-3

Bank Reconciliation: – Bank Reconciliation is the process of matching the balance between in

company’s books of Account that means Bank ledger in accounting software of company and

Passbook (Bank Statement) given by bank in the end of month. By helping of these features in tally, we can clear the difference on any specified date between shown in the Passbook’s balances & Bank Ledger’s balance. Tally allows you to find out difference and helps to agree both the accounts.

A monthly reconciliation helps to catch and identify any unusual transactions that might be caused by fraud or accounting errors, especially if your business uses more than one bank account.

Ø Some Reason for occurring difference in balances between Passbook and Bank ledger of Company

· Cheques deposited in Bank but not credited by the bank

· Cheques issued but not presented for payment

· Interest charged by the bank not recorded in the Cash Book

· Payments by Bank debited in Pass Book only

· Direct payment by the customer in Pass Book only

· Bills discounted & dishonored in Pass Book only

· Cheques deposited, dishonored in Pass Book only

· Interest, Dividend, Commission not recorded in the Cash Book collected by Bank

· Cheques deposited and credited without recording in the Cash Book