book keeping

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Gaurav Gupta (Querist)
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14 October 2010 Sir, How to make sale entry made in dollar and sir i am using tally 7.2 for accounting.

Please sir suggest me the transaction.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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14 October 2010 There is no multi curreny option in Tally 7.2, convert the sales in to Rupee and pass the entry

Gaurav Gupta

Gaurav Gupta (Querist)
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15 October 2010 But sir our company convert dollar at the end of the every month then how can i pass the entry

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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15 October 2010 you need to take coversion value based on your company pracice and pass the entry based on that value

Gaurav Gupta

Gaurav Gupta (Querist)
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15 October 2010 means sir consolidate entry at the end of every month when dollar converted into rupees

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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15 October 2010 I am little doubt, what is your revenue recognition policy, either recognition same day or monthly

Gaurav Gupta

Gaurav Gupta (Querist)
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15 October 2010 Sir, i am working in IT industry and all revenue is generate on day to day basic in our foreign bank and at the end of every month our company converted these amount into rupees now sir please tell me how i can pass the entry.

I just know the conversation value of dollar only at the end of month on which dollar converted into INR

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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15 October 2010 I understood your problem, then you pass the Sales entry on day to day basis, the value converted on the day doller value and month end while actual value determination, the difference can be passed through debit or credit note

or

Purchase new Tally version Tally ERP9 and acccount the day to day sale in doller and covert month end as rupee

Gaurav Gupta

Gaurav Gupta (Querist)
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18 October 2010 thanks Ramesh Sir for your support

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