Accounting Treatment for Foreign Exchange Transaction
This query is : Resolved
Guest
Guest
(Querist)
16 July 2009
Hi,
My Company have a foreign branch in USA. Whenever the invocie is booked in INR it has to be converted to the USD for the local reporting in USA. So at which date's Foreign Exchange Rate should be consider for the conversion. The conversion should be done on the invoice date or the date at which invoice is booked in the books.
Thanks,
Kailash
My Company have a foreign branch in USA. Whenever the invocie is booked in INR it has to be converted to the USD for the local reporting in USA. So at which date's Foreign Exchange Rate should be consider for the conversion. The conversion should be done on the invoice date or the date at which invoice is booked in the books.
Thanks,
Kailash
CA. B.SRINIVASULU
(Expert)
16 July 2009
Inovice date is the base date for conversion of currency.
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