What is Multi Currency in Marg Books ?

Why to Use Multi Currency in Marg Books ?

Who Uses the Multi Currency Feature in Marg Books ?

What is the End Result of Multi-Currency in Marg Books ?

Process to Enable Multi Currency in Marg Books

Process to Configure Multi Currency in Marg Books

Process to Create International Party Ledger in Marg Books

Process to Create Purchase Bill for Import in Marg Books

Process to Create Sale Bill for Export in Marg Books

What is Multi Currency in Marg Books ?

In today’s global marketplace, many businesses engage in cross-border transactions. For such businesses, handling multiple currencies accurately is crucial to maintaining correct financial records. The Multi-Currency feature in Marg Books allows international users to manage transactions in various currencies with ease. It enables businesses to purchase and sell goods globally while automatically handling currency conversions and ledger updates.

Why to Use Multi Currency in Marg Books ?

Traditionally, managing multiple currencies required manual calculations, exchange rate tracking, and adjustments in ledgers, leaving room for errors and delays. International businesses using only a single-currency system faced:

• Challenges in recording purchases and sales in foreign currencies.
• Currency conversion errors leading to financial discrepancies.
• Difficulty managing exchange rate fluctuations.
• Inefficient tracking of currency gains/losses.

To solve these issues, Marg Books introduced a streamlined Multi-Currency feature that allows businesses to:

• Create and manage currencies with real-time exchange rates.
• Conduct transactions (sales/purchases) in foreign currency while automatically converting values into the base currency.
• Maintain accurate financial reports and party ledgers for international clients.
• Handle import and export billing without manual calculation.

By configuring international currencies, businesses can now operate with greater flexibility and confidence in their cross-border operations.

Who Uses the Multi Currency Feature in Marg Books ?

a. Exporters & Importers:

• Seamlessly create purchase bills in foreign currencies.
• Generate export invoices and monitor Forex values and conversion rates.
• Record and track payments from global partners accurately.

b. Distributors Working with Overseas Brands:

• Purchase stock in international currency.
• Maintain correct purchase costs and margins after currency conversion.
• Easily adjust exchange rates based on market fluctuations.

c. International Pharmacies & Healthcare Suppliers:

• Handle international supply chain billing in USD, EUR, etc.
• Avoid financial mismatches due to currency mismanagement.
• Maintain compliance with customs/export documentation using built-in fields.

d. Finance Teams & Accountants:

• Avoid manual calculations or external tools for currency conversions.
• Track ledger balances in both base and foreign currencies.
• Generate reports for Forex differences and evaluate profits/losses.

What is the End Result of Multi-Currency in Marg Books ?

The Multi-Currency feature in Marg Books addresses a crucial gap for globally connected businesses. By enabling international currency management, it empowers companies to expand across borders without compromising on financial accuracy, save time by automating conversions and rate adjustments, minimize financial errors and misstatements due to currency handling and Increase efficiency in managing international vendor and client transactions.

For businesses with an international footprint or aspirations to scale globally, the Multi-Currency functionality in Marg Books is an essential tool. It brings automation, transparency, and ease to currency management, helping businesses stay financially sound and globally agile.

Note: Currently, Multi-Currency functionality is accessible for international setups in Marg Books.

Process to Enable Multi Currency in Marg Books

• Firstly, click on Settings' icon.

• A 'Control Room' window will appear.
• The user will search 'Multi Currency'.

• In 'Multi Currency' option, the user will select 'Yes'.

• The user will press 'ESC' key.

• A 'Save Changes' alert will appear.
• The user will click on 'Save' button.

• A 'Page Need to Refresh' alert will appear.
• The user will click on 'Ok'.

After following the above steps, the user can view the Multi Currency will get enabled in Marg Books.

Process to Configure Multi Currency in Marg Books

Now, suppose Sunrise Pharmaceuticals is going to deal with stock inward and outward with American-based companies. For that, Sunrise Pharmaceuticals needs to firstly create American currency for that, follow the below mentioned steps :

• Firstly, click on 'Master > Currency > Multi Currency'.
• A 'Currency Master' window will appear.
• The user will click on 'Create' button.

A 'Currency Master' window will appear.

1. Currency Code (ISO) : A currency code is a three-letter code that represents a specific currency in international transactions and financial systems. Suppose, enter 'USD'.

2.  Currency Symbol : A currency symbol is a graphical representation or symbol for a specific currency. Suppose, user has entered USD so, enter USD 'Symbol'.

3. Currency Name : Currency name refers to the actual name of the currency. Suppose, 'United States Dollar' is the name of the currency represented by the currency code.

4. Currency Subname : If the user is dealing with decimal amount then enter the mentioned Currency Subname i.e. Cents.

Suppose, if the user enters an amount of $25.75, you would refer to the decimal part as '75 cents' to specify the subname associated with the US Dollar.

Then, click on 'Save' button.

• The user can view the Currency will get created in Marg Books.

• The user will now enter the currency exchange rate into the software :
• Click on 'Master > Currency > Exchange Rate'.

• An 'Exchange Rate' window will appear.
• In 'Name' field, the user will select currency whose exchange rate needs to be mentioned.
• Suppose select 'Dollar $'.

• In 'Date' field, the user will select the current date.

• In 'Exchange Rate' field, the user will enter the current exchange rate of the entered currency.

For Example: If your country's base currency is 'Rupees', then you will enter the exchange rate for the Dollar based on Rupees.

Process to Create International Party Ledger in Marg Books

• Firstly, click on 'Master > Account Master > Ledger'.

• A 'Ledger Master' window will appear.
• The user will click on 'Create' button.

• A 'Create Party' window will appear.
• The user will click here to create ledger.

• In 'Currency' option, the user needs to select the currency based on the party's country.
• Suppose select '$'.

• Now, click on 'Save' button.

Process to Create Purchase Bill for Import in Marg Books

• Firstly, click on 'Purchase > Bill'.

• A 'Purchase Bill List' window will appear.
• The user will click on 'Create' button.

• A 'Purchase Bill' window will appear.
• In 'Entry Date' field, the user will enter the date as per the requirement and press 'Enter' key.

• A 'Select Party' window will appear.
• The user will select party whose import purchase bill needs to be created.
• Suppose select 'Hawaii Pharma' and press 'Enter' key on it.

• In 'Invoice No.' field, the user will enter the invoice no. as per the requirement and press 'Enter' key.

• In 'Product' field, the user will press 'Enter' key.

• A 'Select Item' window will appear.
• The user will select item which needs to be imported.
• Suppose select 'Healwell' and press 'Enter' key on it.

• The user will enter item details as per the requirement i.e. batch, expiry date & qty etc.

• In 'Rate' field, the user will enter the product purchasing amount in dollars.
• Suppose enter '6$'.

• The user can view the Forex amount, exchange rate, and the calculated amount in the base currency accordingly in the window.
• The user can also change the exchange rate in this window to reflect the current rate.

• Here, the user can view the value in dollars. Now, click on the 'Save' button to save the bill.

• An 'Other Information related to Import' window will appear.
• The user will enter import details according to their bills, such as buyer's order number, shipping port, exporter reference, etc.
• Then, click on 'Save' button.

Process to Create Sale Bill for Export in Marg Books

• Firstly, click on 'Sale > Bill'.

• A 'Sale Bill List' window will appear.
• The user will click on 'Create' button.

• A 'Sale Bill' window will appear.
• The user will enter 'Bill No. and Date' as per the requirement and press 'Enter' key.

• A 'Select Party' window will appear.
• The user will select party whose export sale bill needs to be created.
• Suppose select 'Smith Enterprises' and press 'Enter' key on it.

• In 'Product' field, the user will press 'Enter' key.

• A 'Select Item' window will appear.
• The user will select item which needs to be exported.
• Suppose select 'Healwell' and press 'Enter' key on it.

• The user will select 'Item's Batch' which needs to be exported.
• Suppose select '1' and press 'Enter' key on it.

• In 'Qty' field, the user will enter the quantity as per the requirement.

• In 'Rate' field, the user will enter the product selling amount in dollars.
• Suppose enter '10$'.

• The user can view the Forex amount, exchange rate, and the calculated amount in the base currency accordingly in the window.
• The user can also change the exchange rate in this window to reflect the current rate.

• Here, the user can view the value in dollars. Now, click on the 'Save' button to save the bill.

• An 'Other Information related to Export' window will appear.
• The user will enter import details according to their bills, such as buyer's order number, shipping port, exporter reference, etc.
• Then, click on 'Save' button.

So, in this way users can configure and implement Multi Currency in Marg Books.