In case of exports at FOB plus actual freight insurance, the customs invoice which is prepared for filing of shipping bill is generally as under
FOB - USD 100
INSURANCE ( APPROX ) - USD 2
FREIGHT ( APPROX ) - USD 12
TOTAL CIF 114
But the commerical invoice vwould have actually insurance and freight values
FOB -USD 100
INSURANCE ( ACTUAL ) - USD 3
FREIGHT ( ACTUAL ) - USD 14
TOTAL CIF USD 117
When the customer remits the payment of USD 117, banks ask us to submit documents
Banks credit USD 114 with purpose code Export proceeds
and separately credit USD 3 as Freight amount.
.
.
Now coming to accounting in tally,
We book the export invoice at USD 114 for sake of convenience while filing GST return. In that case, the extra USD 3 received stand on the credit side as advance received which is not the case.
How to solve and what's the right way ?
But how can the bank credit USD 3 separately when the export proceeds come consolidated ie USD 117 in your above case? Bank should give only one credit of USD 117.
CAclubindia
