Multi-Currency Accounting in Tally: A Guide for GCC Trader

GCC traders are those who actively invest in the Gulf Cooperation Council Countries' financial markets. In the GCC, there are both individual traders and institutions that primarily aim for profit by vastly buying and selling multiple currencies, stocks, commodities, and other assets. If you are one of them, then you already know trade here rarely sticks to one currency. Among other currencies, the US dollar is primarily dominating the trade market in this region.

Just imagine the situation: You need to pay someone in Euros, you are receiving payments in Dollars, and you need to report everything in AED. The problem is, when accounts are spread across currencies, managing them manually isn’t just stressful, it’s risky.

That’s the reason traders are leaning towards several accounting and financial systems and FX (Foreign Exchange) services to minimize the risk.

And, this is exactly why Tally Prime UAE has been a popular choice for trading companies. It assists them in managing different currencies across the border smoothly and presents clear & audit-ready financial reports.

Why Multi-Currency Matters for GCC Traders

Trading in the region almost always involves cross-border transactions. We can say the borders are fluid for traders here. Import, export, and international partners are all part of this.

Let’s have a look at why it is critical:

• Different Inflows & Outflows: AED may be the base of the books, but transactions mainly happen in USD, EUR, SAR, and more.

• Exchange Rate Differs: Fluctuation in global currency rates can lead to FOREX loss (sometimes gain) when you conduct international transactions.

• Regulatory Checks: VAT and compliance requirements in the GCC always demand clean and transparent reports and currency handling.

• Manual Tracking Errors: Gone are those days when most people used to rely on Excel or manual conversions because they usually led to mismatches.

With Tally UAE, these hurdles turn into a manageable process. Every transaction, no matter which currency it’s in, gets recorded, converted, and reflected in your reports accurately.

Enable Multi-Currency in Tally Prime UAE

Let’s see how to set up multi-currency in Tally Prime seamlessly. It’s not rocket science once you know the proper steps:

Turn On Multi-Currency Option

• Start by going to the Gateway of Tally / Press Alt + G.

• Select Create / Create Master.

• Choose the option Currency and press Enter.

• You can see the Currency Creation screen.

Currency Details

It’s time to enter the currency details.

• Here, you have to enter your preferred currency symbol that’ll appear in your transactions.

• Formal name: Type the globally accepted currency name.

• For multiple branches, set multiple currencies.

• Type the decimal places numbers.

• Set yes or no for the show amounts in millions option.

• Set yes or no for the suffix symbols.

Also specify other details, and once you are done, simply save the screen by pressing Ctrl+A.

Forex Rate

The Foreign Exchange Market, or FOREX, is an over-the-counter market where you can trade currencies. Here you can see the exact foreign exchange rates for different countries.

Tally helps with more visibility by allowing you to enter the exact forex rate for your currencies on that particular date or on other dates too. Overall, you can easily calculate your forex loss or gain using this Tally Customization. 

• Firstly, type Alt+G or open the Tally Gateway as always.

• Click on Enter after selecting the Chart of Accounts option.

• Select the currency you want.

• Press enter.

• You’ll see the Currency List along with the Chart of Accounts.

• Go to Multi-Masters by clicking Alt+H.

• Choose the Exchange rate and click on enter.

• Now provide the forex rate details, including STD rate (Standard rate of exchange), Selling rate, and Buying rate.

• At the end, again save the screen by pressing Ctrl+A.

Print Your Multi-Currency Invoice

With Tally Accounting Software, you can easily print your multi-currency invoice both for your client and yourself.

• Go to the Account Voucher Creation screen.

• On your current invoice, click Ctrl+P and enter.

• Once you can see the print screen, click on the F12 button.

• Configure the invoice by selecting the Show Base & Foreign Currency for Total section.

• Now again save the screen and preview it by clicking I.

• Ultimately, press the P button to print the invoice.

Tally Cloud: Access Multi-Currency from Anywhere

Lots of people in large companies either work from their homes or from different regions. But no matter where you are, everyone needs the same and accurate financial data. Tally Cloud makes that possible. It allows multi-currency transactions to be updated instantly, with data accessible from any location.

Choosing Between Tally Single User and Tally Multi User

Smaller traders in the UAE often work fine with Tally Single User, where one accountant manages the books. But as soon as the operation grows and multiple people need simultaneous access, multi-user becomes the right choice.

• Single User: Best for smaller traders or companies with low transaction volumes.

• Multi-User:Tally Multi-User is perfect for larger businesses where sales, accounts, and finance teams need to collaborate at the same time.

Overall, it totally depends on the size of your operations and how many people need access.

Why GCC Traders Often Go for Tally Renewal

There isn't only one reason that frequently forces traders in GCC to choose Tally Renewal.

• It’s easy to set up and manage multi-currency.

• Tally UAE keeps VAT and compliance under control.

• This system works for both small and large businesses.

Traders, who are handling multiple currencies every day, need Tally Solutions to keep accounting organized and trustworthy for them.

So, in the GCC, trading without multi-currency accounting isn’t realistic anymore. There are lots of bottlenecks occurring every day. But TallyPrime helps you manage everything accurately. Ultimately, the system works and grows with you, just like your partner that always keeps your operations steady, clear, and future-ready.