Netting-off foreign transaction
This query is : Resolved
15 March 2009
Hi All
Can we net-off the foreign transaction ?
For example : Suppose we are liable to pay dividend to one of our group company X in Europe , and at the same time X compnay is liable to pay professional fees to our company in India
If the outcome of both the transaction is same say Euro 10,000. Could we pass the journal entry by debiting divend payable and crediting professional fees receivable a/c ?
Please help me.
Amit
Can we net-off the foreign transaction ?
For example : Suppose we are liable to pay dividend to one of our group company X in Europe , and at the same time X compnay is liable to pay professional fees to our company in India
If the outcome of both the transaction is same say Euro 10,000. Could we pass the journal entry by debiting divend payable and crediting professional fees receivable a/c ?
Please help me.
Amit
15 March 2009
no.
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