Foreign currency related


(Querist)
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 (Expert)
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.

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

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

Shashikant Varshney (Expert)
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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