Sale service invoice book in accounts

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2015 Hi,
i am working in it sector and we raise a USD invoice to us client. So please guide me that which rate should take in our account book ,RBI rate or local Bank Rate? . and what rate should take after remmitance of amount in INR

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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27 July 2015 1. You have to record the transaction at the rate prevailing on the day of the transaction.
2. You can take the RBI rate or the local bank rate. There is no compulsion on the rate to be taken. However, it is preferable to take RBI reference rate.
3. Similarly on receipt of funds you have to record the transaction at the rate prevailing on the day of the transaction.

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Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2015 Hi Siddhartha
Firstly very thanks to you to resolve my query.

Have nice to touch with you