17 March 2008
Dear Sir, We have invoiced to Foreign buyers in USD, AED & GBP. While we raise invoice we book sales and expenses in any at the rates CBEC rate of exchange of conversion of each of the foreign currency. At the time of payments realised in our foreign branch or else we received TT from buyer the rate at which it realised is taken into account in Tally9. Incase if we receive a TT from our foreign branch say $10000 @ 39-30 which is fully converted into our cc a/c or (EFC a/c maintained in USD) whether we have to credit the rate at which realised or avg rate or standard rate in order to tally with Branch account maintained in india. Further in EFC account in USD should be accounted in average rate or standard rate prescribed by CBEC rate?
CAclubindia
