Account entry of foreign currency payment
This query is : Resolved
22 April 2020
we are importing raw material & we have to make payment in US$ from our INR a/c. My query is e g If I want to make payment of US$ 50,000 to the foreign supplier, in payment entry which forex rate I have to take? Because in RBI site shows both buying & selling rate. Hence can i take average rate of diff between buying & selling rate.
Pls explain & advice.
Thanks,
Anjan Mehta
Pls explain & advice.
Thanks,
Anjan Mehta
23 April 2020
Import should be booked as per customs valuation rate as per bill of entry, payment should be booked sale rate prevailing on payment, difference in exchange rate should be adjusted foreign exchange gain/ loss.
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