Accounting entries for foreign currency for Business tour purpose in books of accounts
This query is : Resolved
Swati Deshmukh
(Querist)
13 October 2023
I had purchased Yen from Forex company and Give it to our director for visit to Japan. Now he will return me Balance Yen with his expenses details. Please guide for the accounting entries for all the steps as mentioned above.
CA R SEETHARAMAN
(Expert)
13 October 2023
Debit it to Director tour advance now.
On return credit the advance with return amount and the balance advance amount transfer it to Director tour expenses on submission of tour bill.
On return credit the advance with return amount and the balance advance amount transfer it to Director tour expenses on submission of tour bill.
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