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Foreign exchange conversion on foreign trips

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 May 2014 I wanted to know that if any employee went for foreign tour and foreign currency is given to him by card. At the time of settlement of travelling bill the expenses should be booked on which conversion rate? The date of giving the dollar or the actual date of expenses incurred?
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CA John Abraham Austin ACA

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CA John Abraham Austin ACA (Expert)
23 May 2014 The date of giving the dollar. Since the point of incurrence of the expense for the company will be on the date of settlement, the date of giving the $ will have to be accounted for.

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