Foreign currency related

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Mahenthiran (Querist)
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15 April 2019 DEAR SIR

WE NEED SOME CLARIFICATION FOR FOREIGN CURRENCY ACCOUNT RELATED

1. WE MAINTAIN THE BOOK FOR FOREIGN CURRENCY IN INR ACCOUNT.
FOR EXAMPLE.

WE RECEIVED $ 50,000/- @ RS.68.35 = RS.34,17,500/- FROM CUSTOMER
AND CONVERT THE FULL AMOUNT IN $ 50,000/- @ RS.69 = 34,50,000/-
WE ACCOUNT IN TALLY HOW TO ADJUST THE DIFFERENT AMOUNT IN TALLY.

Shashikant Varshney

Shashikant Varshney (Expert)
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19 April 2019 You need to elaborate your query. You are a Money exchanger? Please walk me through the real transaction. So I can reply accordingly.

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Mahenthiran

Mahenthiran (Querist)
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19 April 2019 we are exporting companies sir

Mahenthiran

Mahenthiran (Querist)
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19 April 2019 how to pass the adjustment entries for ESI & EPF

Shashikant Varshney

Shashikant Varshney (Expert)
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10 May 2019 WE RECEIVED $ 50,000/- @ RS.68.35 = RS.34,17,500/- FROM CUSTOMER AND CONVERT THE FULL AMOUNT IN $ 50,000/- @ RS.69 = 34,50,000/- WE ACCOUNT IN TALLY HOW TO ADJUST THE DIFFERENT AMOUNT IN TALLY.

For this, when you raised the invoice, I think the sale is recorded as 34,15,500.
Customer Dr. 34,17,500
To sale account 34,17,500

when you get the payment

Bank A/c Dr. 34,50,000

to Customer 34,17,500
to Foreign Currency Fluctuation Gain Account 32, 500 (this is P & L income item, you need to create the account under other income)

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