Foreign currency invoice accounting
This query is : Resolved
17 September 2013
Hi,
I am working with IT company in India and we are raising domestic service invoice as well as export service invoice. while raising export service invoice in foreign currency, based on the RBI website reference rate on same date of invoice, i am accounting in indian rupee value in tally. while receiving the payment, excess or short also accounting as Exchange fluctuation in P & L. Is it correct ? or any other accounting method to be followed. please clarify and suggest.
I am working with IT company in India and we are raising domestic service invoice as well as export service invoice. while raising export service invoice in foreign currency, based on the RBI website reference rate on same date of invoice, i am accounting in indian rupee value in tally. while receiving the payment, excess or short also accounting as Exchange fluctuation in P & L. Is it correct ? or any other accounting method to be followed. please clarify and suggest.
Rupesh Jain
(Expert)
17 September 2013
your method of accounting is correct and you can show the fluctuation income side.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- Nursery business
- Working on Gold wastage during Melting of old gold jewellery
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Gift to nri relatives residing in usa
- GST input credit on commercial property
- ETDS return q4 25-26
- Section 269ST applicability for capital introduced by partner to his partnership firm
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
