Foreign exchange receipt and accounting
19 October 2019
I receive Foreign exchange towards courier charges through PayPal for sending samples of the product.
Paypal deducts their fees from the Foreign currency and after converting it into INR deducts GST and transfers the balance to my Bank account.:-
1) How do I account for it in the books of accounts (Paypal sends a monthly invoice on the fees collected from us and GST)
2) Since my buyer sends me the amount without any invoice from my side.For my record what should be the invoice amount?
One set of ppl say "On the money that has been credited int my bank account",
and some say on the gross foreign currency value.
I would like to know the entries to be made whichever is correct.