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Inward Remittances in USD

This query is : Resolved 
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(Querist)
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
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Arihanth Jain

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Arihanth Jain (Expert)
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.
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