Grn value on import (Accounts)

This query is : Resolved

AB_SA

( Author )
07 August 2012

Hi this is abdul, can anyone suggest me on the following case?

We are importing goods for trading, the PO was raised in USD, can I raise the GRN in USD else INR?

if it is in INR, can i convert the basic value from USD to INR or any other expenses should be added?

Awaiting for a favorable response.

Thanks & Regards
Abdul

Nachiket Vasantgadkar

( Expert )
08 August 2012

It depend on which accounting system you use.

In case of ERP you have to raise GRN in same currency as per PO. The exchange rate is date of Bill of Entry (RBI or SBI)

For conversion in to INR GRN only USD * Exchange Rate is required. Addition of incidental expenses is required for inventory valuation.

Also CIF value of import (cost + insurance + freight) is considered for calculation of assessable value for custom duty. It does not affect GRN value for accounting

GRN is booked for invoice amount only