Alter or Delete Currency in Tallyprime

Alter or Delete Currencies 

In TallyPrime, you may want to change the base currency, based on the frequency of its usage in transactions or to alter/delete currencies created in TallyPrime. Furthermore, you may also want to provide a ledger opening balance in a specific currency based on the location of the party for which the ledger is created.

Change base currency

TallyPrime chooses the base currency based on the country selected during company creation. For example, if you select the country as India, TallyPrime chooses INR as your base currency. And if you select USA as the country, then TallyPrime chooses Dollar as the Base Currency. However, you can change the currency of your company as per your preference.

For instance, your base currency may be INR, but you may want to change it to USD or any other based on the frequency of usage it the transactions. 

For example, you may have customers only in the U.S. who need invoices in USD. So, in such a case, you can change your base currency. 

You can change the base currency in TallyPrime at any point in time.

In the Company Creation or Company Alteration screen, follow the steps given below.

1. Base Currency symbol: enter the symbol of the currency.
   For Rupees, it is ₹.
2. Forman name: enter the Formal name that is used globally for the currency.
   For Rupees, it is INR. 
3. Configure how the amount will be displayed with the currency in transactions and reports, if needed.
   1. Press F12 (Configure) > Provide Additional Base currency details: Yes and press Ctrl+A to save.
   2. Suffix symbol to amount: Yes, if needed.
      This will ensure that the symbol is added after the amount; for example, 200 ?.
   3. Add space between amount and symbol: Yes or No, as needed.
      A sample Company Alteration screen with the currency appears as shown below.
      
4. Accept the screen. As always, you can press Ctrl+A to save.

Once you change the base currency in TallyPrime, you will need to define the rate of exchange for other currencies with respect to the new base currency. 

Provide ledger opening balance in a foreign currency

For customers who deal in a currency other than your base currency, you may want to provide the Opening Balance in their currency.

In the ledgers created for such customers, you have the flexibility to provide Opening Balance in their preferred currency or a currency used by them in their transactions.

In the Ledger Creation or Ledger Alteration screen, follow the steps given below.

1. Place the cursor on the Opening Balance field and press Enter.
   The Bill-wise Breakup screen appears.
2. Provide the bill-wise details, as applicable.
   1. Enter the bill-wise amounts with the foreign exchange rates as shown below.
      
   2. Press Ctrl+A to save the Bill-wise Breakup screen.
3. To save the ledger, accept the screen. As always, you can press Ctrl+A to save.

Alter currency

For a currency created in TallyPrime, you may have provided a Symbol, Formal Name, or ISO Currency Code that is different than that used in the market. 

You may also want to change the Number of decimal places, as per the system followed in your business.

In such cases, you can alter currency in TallyPrime. 

In the Currency Alteration screen, follow the steps given below.

1. Press Alt+G (Go To) > type or select Alter Master > type or select Currency. > select the currency you want to alter
   Alternatively, Gateway of Tally > Alter > type or select Currency. > select the currency you want to alter (here we are altering Base currency which is created during company creation)
   

   Please ensure that the Base Currency Symbol and Formal Name are identical across companies during data import/export or synchronization.

2. If you are altering currency other than Base currency, you will additionally get Rates of Exchange section for alteration.
3. Modify other details, if required.

If you want to provide forex rate a specific date, then you can do so while altering the currency. Refer to the Define forex rate section to know more. 

On any given date, when the rate of exchange is available in both Last Voucher Rate and Specified Rate fields in the currency master, it will consider the rate available in the Last Voucher Rate field only.

In a remote connection, if the Formal Name defined in a ledger while passing a transaction is not the same as defined in the company selected, an error message will appear. For example, Must use currency “$” for ledger “Sales”. 

Delete currency

You may want to delete a currency, if you do not use it in any transaction. You can delete the currency in TallyPrime only if the currency is not used in any transaction in TallyPrime.

1. In the Currency Alteration screen, press Alt+D (Delete).
2. Press Enter or Y (Yes) to confirm.

If you want to delete the currency used in one or more transactions, you can either:

• Change the currency in the respective transactions.
• Split the data in such a way that the data in the current period does not have transactions with the currency.
• Delete the transactions in which the currency is used.