Revenue recognition
This query is : Resolved
Chandrakant
(Querist)
20 November 2014
One of our client is dealing in foreign exchange. The client engages in sale transaction (Selling of Foreign Exchange and Collection of INR)sometimes during the evening hours which is done on manual bill at his customer premises. Later on the transaction is recorded in the system on the next day.
In few cases, it has been noted that transaction happened on 30th September and client has booked the bill on 1st October.
Will it affect revenue recognition principle. In my opinion revenue should be booked in the month of September 2014. However client is insisting on October 2014.
Please suggest
In few cases, it has been noted that transaction happened on 30th September and client has booked the bill on 1st October.
Will it affect revenue recognition principle. In my opinion revenue should be booked in the month of September 2014. However client is insisting on October 2014.
Please suggest
20 November 2014
all exchange transactions which are revenue in nature has to be recoreded on same day only.
Message likes :
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Rupesh Jain
(Expert)
22 November 2014
REVENUDE WHOUL BE REORD WHEN IT HAPPEN .RECOR ON THE SAME DAY.
Rupesh Jain
(Expert)
22 November 2014
REVENUE SHOULD BE RECORD WHEN IT HAPPEN .RECORD ON THE SAME DAY.
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