Reimbursement
This query is : Resolved
27 March 2015
director is being reimbursed for expenses incurred abroad but as on reimbursement date so what to do for the difference ( expense date conversion rate and reimbursement date conversion rate)
do we need to pass an entry for the difference?
director is being reimbursed for expenses incurred abroad but as on reimbursement date so what to do for the difference ( expense date conversion rate and reimbursement date conversion rate)
do we need to pass an entry for the difference?
27 March 2015
For the company the reimbursement date is the transaction date, then no need will arise to pass any entry for the difference.
30 March 2015
the transaction were already incurred in october and reimbursement to the director was done now in march. These are out of india expenses. indian expenses amount will remain same but foreign expenses conversion rate will differ
30 March 2015
You reimburse the actual expenses incurred by the director on transaction date (conversion date). So no difference will arise. Don't adopt reimbursement date exchange rate.
31 March 2015
it is already reimbursed and not as per the transaction date but as per the reimbursement date. what to do now?
31 March 2015
Account it at reimbursement date conversion treating it as transaction date for the company.
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