Foreign remittance
This query is : Resolved
Shruti Mishra
(Querist)
19 August 2011
i have client, who remits sum to their parties abroad.
the invoice inr value and whatever payment tht has been made differs to rate difference on 2 different dates.
in this case, what shud i do. shud i book the extra payment under other ledger (foreign exchng diff)
or shud i book it as entire purchase and dont get into bifurcation?? pls advice.
i m confused
the invoice inr value and whatever payment tht has been made differs to rate difference on 2 different dates.
in this case, what shud i do. shud i book the extra payment under other ledger (foreign exchng diff)
or shud i book it as entire purchase and dont get into bifurcation?? pls advice.
i m confused
Shruti Mishra
(Querist)
19 August 2011
eg: invoice raised by xyz in u.k on 14.12.10 and payment made on 20.12.10
how is the difference to be treated as?
how is the difference to be treated as?
CA Navin Jain
(Expert)
19 August 2011
Need to Follow accounting Standard- 11
Hence, foreign exchange fluctuation transferred to separate head i.e. foreign currency fluctuation
Hence, foreign exchange fluctuation transferred to separate head i.e. foreign currency fluctuation
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