At what forex rate the import purchase should be recorded:
1.Rate which prevails on the date of invoice.
2.Rate which prevails on the date of Bill of entry.
3.Rate which prevails on the date of receipt of goods.
4.Or any other rate? 
Menu
Accounting for import purchases
Replies (1)
For Import Purchase
You should consider the rate applied in Bill of Entry. At the time of payment to the supplier please transfer the diference between Bank Rate and Bill of Entry rate in 'Exchange Rate Fluctuation A/c' .
If there is any advance payment made to supplier then you should consider exchange rate on which the Bank debited to your account. in this case no 'Exchange Rate Fluctuation' accounted
Rajesh
Recent Topics :
- NRI since March 2023 – resident savings acco
- My All-Time Top 15 Indian Web Series
- Wrong date of invoice
- Paper 6 - IBS
- Chhath Puja 2026 Dates Timing Tithi
- Tax Benefit on Second Property
- IPO application checklist: 18 rules that decide wh
- NSE IPO Price, GMP, Allotment Date and Listing
- Gst tax rate
- Cash deposited by customer
Related Topics :
CAclubindia
