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Exchange rate apply

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(Querist)
25 November 2009 what is the date for export sales accounting ( date Bill of lading or Shipping bill.

Which rate of foreign Exchange has to be applied ( whether RBI, Customs as mentioned in Shipping bill)

Thanks & regards
Mahendra M
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CHETAN

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CHETAN (Expert)
26 November 2009 Date of export sale can be shipping bill date,bill of lading or etc(Commercial bill date, date on which goods out from factory) but there should be uniformity on booking of export sale in books of A/c Because there is no any fix criteria about this concept. Mostly Shipping bill date preffered.

you can follow any of foreign exchange apply. But at the time of realisation effect should be reversed in books in A/c of "Exchage rate diff"(Profit/Loss).
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