Accounting for foriegn exchange fluctuation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 May 2015
Sir,
I have a doubt on whether foriegn exchange fluctuation has to be accounted for in this following case:
The party in London has sent his bill in GBP on 30/4/2015. Invoice was received by us on 4/5/2015. We booked expense in INR on the date of receipt of invoice and payment was made on the same day, i.e, 4/5/2015 in INR.
In this situation will my have company have to book Exchange rate fluctuation as on 4/5/2015?
I have a doubt on whether foriegn exchange fluctuation has to be accounted for in this following case:
The party in London has sent his bill in GBP on 30/4/2015. Invoice was received by us on 4/5/2015. We booked expense in INR on the date of receipt of invoice and payment was made on the same day, i.e, 4/5/2015 in INR.
In this situation will my have company have to book Exchange rate fluctuation as on 4/5/2015?
15 May 2015
It is not based on the bill received date or bill date, exchange rate has to be considered based on the actual transaction date
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