Import Order Cancelled.

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This discussion addresses how to account for a cancelled import order where the advance payment was not fully returned. The user received $26,400.99 USD back out of an initial $26,520 USD advance. Advice is provided on passing the accounting entry, including crediting the supplier, debiting the bank account with the actual amount received, and expensing the difference as bank charges or exchange loss. The user is also asked to clarify the exchange rate used and its source.

Viral

Viral (Querist)

22 October 2026 Dear Sir,
Advice for Import Order Cancelled & Advance payment returned how accounted the same.
We made advance = 26520 USD.
Party Realease = 26510 USD out of that in our EFC Account Actual 26400.99 USD Credited.
How Accounting Entry Passed.
Kindly advice.

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)

24 October 2026 To square off the supplier's ledger, credit the Advance to Supplier Account with the original advance amount ($26,520 USD), debit your EEFC Bank Account with the actual amount received ($26,400.99 USD), and debit the difference ($119.01 USD) to Bank Charges / Exchange Difference Account as an expense.

Viral

Viral (Querist)

26 October 2026 Also sir let me know what Exchange Rate Taken and from what source.

Thanks

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