How to Alter Currency of Ledger in Tally

In the dynamic world of business, currency fluctuations are a common occurrence. As a result, it is essential for businesses to be able to adapt to these changes effectively. Tally, being one of the most popular accounting software in India, provides users with the flexibility to alter the currency of their ledgers as per their requirements. This article will guide you through the process of how to alter currency of ledger in Tally, ensuring that your financial records remain accurate and up-to-date.

Step 1: Open Tally and Navigate to the Company

To begin the process of altering the currency of a ledger in Tally, you first need to open the software and navigate to the company for which you want to make the change. You can do this by clicking on the ‘Company’ tab at the top of the screen and selecting ‘List of Companies’.

Step 2: Select the Company and Go to the Company Info

Once you have accessed the list of companies, locate the company you wish to modify and click on it. This will open the company’s details. Next, click on the ‘Company Info’ button to view the company’s information.

Step 3: Modify the Currency

In the Company Info window, you will find a section labeled ‘Currency’. Here, you can alter the currency of the ledger by selecting a new currency from the dropdown menu. Make sure to choose the currency that best suits your current business needs.

Step 4: Update the Opening Balances

After selecting the new currency, you will need to update the opening balances of the ledger. To do this, click on the ‘Update Opening Balances’ button. This will prompt you to enter the opening balances in the new currency. Make sure to enter the correct values to maintain the accuracy of your financial records.

Step 5: Save the Changes

Once you have updated the currency and opening balances, it is crucial to save the changes. Click on the ‘Save’ button to ensure that the alterations are applied to the ledger. You will be prompted to enter a password if required.

Step 6: Verify the Changes

After saving the changes, it is advisable to verify them. Go back to the ledger and check if the currency has been updated correctly. Additionally, ensure that the opening balances are as per the new currency.

By following these simple steps, you can easily alter the currency of a ledger in Tally. This feature not only allows you to adapt to currency fluctuations but also ensures that your financial records remain accurate and up-to-date. Remember to consult a professional if you are unsure about any aspect of the process to avoid any potential errors.