Accounting for import purchases
This query is : Resolved
06 August 2008
At what forex rate the import purchase should be recorded:
1.Rate which prevails on the date of invoice.
2.Rate which prevails on the date of Bill of entry.
3.Rate which prevails on the date of receipt of goods.
4.Or any other rate?
1.Rate which prevails on the date of invoice.
2.Rate which prevails on the date of Bill of entry.
3.Rate which prevails on the date of receipt of goods.
4.Or any other rate?
06 August 2008
Normally the Customs will declare the forex rate for every month and it is standard for the whole month. You can choose this one, bcoz it will match with the Bill of Entry.
CA.Manish Jindal
(Expert)
07 August 2008
Rate on the date of BoE
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