Forward contracts in foreign exchange are common in import/export businesses, which are specialized in their own trade and generally don’t want the added burden of exchange rate variance from day-to-day currency movement, especially over long credit periods.
To avoid this, importers and exporters book forward contracts with banks, who guarantee settlement at the agreed rate regardless of the market rate — this solution lets you create contracts of different values with different banks, track validity dates, and utilize them across import/export transactions.
Formal documentation of each forward contract booked with a bank.
Ready-to-print cover letters for export transactions under contract.
Documentation for purchase transactions tied to a booked contract.
Letters for conversions handled through EEFC accounts.
Payment documents against import bill settlement and inward remittance advice.
A foreign currency forward booking contract in TallyPrime allows businesses to record and manage exchange rate contracts booked with banks for future import or export transactions. It helps lock a fixed exchange rate in advance, ensuring that currency fluctuations do not affect the final settlement value when transactions are accounted in TallyPrime.
Importers and exporters often deal with long credit periods where exchange rates can fluctuate significantly. Forward booking contract management in Tally ensures transactions are settled at the agreed bank rate, protecting profitability, improving forex accounting accuracy, and providing better financial control within TallyPrime.
The solution allows users to create bank-wise forward contracts with defined values, exchange rates, and validity periods. These contracts are linked to import or export transactions in TallyPrime, where the system automatically applies the contracted rate instead of the prevailing market rate during accounting.
Yes, multiple foreign currency forward contracts can be managed simultaneously in TallyPrime across different banks and currencies. Each contract is tracked separately for utilisation, balance, and expiry, helping finance teams ensure accurate usage and prevent contract lapses or over-utilisation.
No, foreign currency forward booking contract management is not available as a standard feature in TallyPrime. It is a specialised Tally solution implemented by Antraweb Technologies Pvt. Ltd. to handle complex import–export and forex accounting requirements beyond default Tally functionality.
Lock in your exchange rate and settle import/export transactions at the agreed bank rate — no more surprises from day-to-day currency swings.
We help importers, exporters, and trading businesses track their forward contracts accurately in Tally, so forex accounting stays precise and settlements happen exactly at the agreed rate.
