Accounting for forex receipts
This query is : Resolved
23 December 2013
Hi
We Have received payments for services provided outside India in Euros let say on 10Dec when exchange rate was 84.10. Have Transffered the same from Nostro to EFC account let say on 12 Dec when Euro rate was 85 Rs. After that converted euros in INR on 15 Dec. when exchange rate was 85.70. Can some one guid me how to record receipts in books and at what rate. & also the conversion entry.
We Have received payments for services provided outside India in Euros let say on 10Dec when exchange rate was 84.10. Have Transffered the same from Nostro to EFC account let say on 12 Dec when Euro rate was 85 Rs. After that converted euros in INR on 15 Dec. when exchange rate was 85.70. Can some one guid me how to record receipts in books and at what rate. & also the conversion entry.
23 December 2013
As per AS-11, this transection should be recognized on the day when transection was held, i.e 10 Dec. Subsequent changes to FFX is not relevant..
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