Your Tally account can be configured for US/international taxes and currency by default, it just takes a few minutes
CHANGE COMPANY DETAILS
via Settings > Company Details > Home Currency
- Set your default currency to your local currency
- Change the date format to mm/dd/yyyy if required
- Telephone numbers can be entered in any format you wish
- The postcode box can be used for your zip code/region code
- You can rename your Tax via Settings > VAT Settings > Change the Tax name to Sales Tax > Update. Then ensure your Sales Tax information is stored by clicking ‘Sales Tax registered’
- Reporting. If you have changed your default tax rate to Sales Tax, then you can run the Sales Tax management report for full information on your liability (via Tools & Reports > General Reports > VAT Management and Reports). However you cannot online-file as this function was created to work with HMRC – the UK VAT system
CONFIGURE YOUR ACCOUNT TO HANDLE BOTH US AND UK DATA SIMULTANEOUSLY
SET UP A FOREIGN CURRENCY
Settings > Currencies > Click “Add currency” in the top right. Then when you raise an invoice you can select the currency you want to use.
MULTICURRENCY BANK ACCOUNTS
In Tally you can raise quotes/invoices/receipts in foreign/multiple currencies however Tally does not currently support multi-currency bank accounts.
LOSS/GAIN ON FOREIGN CURRENCIES
This will definitely come in handy! If you raise an invoice for $100 and your customer pays in £’s 10 days later, there will be a currency fluctuation. To remedy this, open the invoice > scroll to the header payment details > enter the payment for $100 > a new button will appear 'loss/gain due to foreign currency fluctuations'. Click this button and Tally will raise a new invoice to the Sales Type 'Forex Gain/Loss' and automatically enter a description that references the invoice for $100.