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.
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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