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Export vuoching

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(Querist)
14 August 2012 UNDER STAT AUDIT OF A PARTNERSHIP FIRM, WHAT ARE THE CONSIDERATION WHILE VOUCHING THE EXPORT BILL?
PLEASE DEFINE FULL PROCESS IN BREIF.
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U S Sharma

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U S Sharma (Expert)
14 August 2012 export bills are to be accounted in line with local sale bills, however the value would be the amount converted in IRS on the date of such removal from factory or warehouse.

on the date of receipt of payment, the diff would be accounted in foreign exchange dirrerence in exports.
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Amit Jindal

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Amit Jindal (Querist)
14 August 2012 SIR
ALSO TELL ME THE SUPPORTINGS WHICH ARE REQUIRED WHILE VOUCHING THE EXPORT BILL.
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U S Sharma

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U S Sharma (Expert)
14 August 2012 its normal sales entry, and the balance remains in due unless the payment is realized through bank,

for forex rate conversion u can look in daily newspaper or follow the rate mentioned in shipping bill.
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