Inward Remittances in USD
This query is : Resolved
29 June 2011
Dear All,
We are Delhi based software company. In every month we are generating invoices in US Dollars and pertaining to that invoices we are receiving inward remittances in US Dollars and crediting in our Bank EEFC A/c
So how do we account for in INR
Dear All,
We are Delhi based software company. In every month we are generating invoices in US Dollars and pertaining to that invoices we are receiving inward remittances in US Dollars and crediting in our Bank EEFC A/c
So how do we account for in INR
29 June 2011
Convert all transactions in INR at that day rates.
Firstly while invoice booking convert at that day rate. Then while receiving remittance convert again at that day rate and charge the difference in exchange gain/loss account.
However when you reconvert the currency from EEFC to your INR account you need not account for any exchange gain/loss as the same is already accounted.
Firstly while invoice booking convert at that day rate. Then while receiving remittance convert again at that day rate and charge the difference in exchange gain/loss account.
However when you reconvert the currency from EEFC to your INR account you need not account for any exchange gain/loss as the same is already accounted.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
