At the time of purchase (import) and sale (export) allow or activate multi-currency. In other words we can say that when any business relations which are related to outside India then under such circumstances need arises to activate the multi-currency.
Importers and exporters maintain bank, customer & other accounts in foreign currencies (like the example of the supplier) - you can maintain these in any currency required. Multi- currencies like: rupees, dollar, pence, pound, etc.
How to activate the multi-currency?
Press F11 --> F1 (accounts features)
F1 (accounts features) --> activate allow multi-currency
Go to accounts info--> currencies
currencies --> create
In ledger, following items are created:
- party name (for purchase): it is under the sundry creditors.
- party name (for sale): it is under the sundry debtors
- Sale (for export): it is under the sale account
- Purchase (for import): it is under the purchase account
At the time of creating any party name:
At the time of creating any name like import and export.
Go to purchase voucher: In purchase voucher all the items are shown which are imported from other country. maintain purchaesd voucher according to voucher which are shown as below:
Go to sale voucher: In sale voucher, all the items are shown which are exported to other country.
How to see the entry?
- Display --> daybook
- Daybook --> open entry which you want to see
- Open entry which you want to see --> amount see in rupees
- Amount see in rupees --> when see amount in dollar
- When see amount in dollar --> press F12
- Press F12 --> activate forex transaction
- Activate forex transaction --> To see in detail
- To see in detail --> ALT +F1.