Hello!! How will we account for Foreign Travelling Expenses ??? that is,
1. When INR is exchanged with say $,how will we account for that??
2. Will we book that as expense or we will take it to a control a/c and then book expenses from that control a/c?? OR ANY OTHER WAY??
Thanking you in anticipation.
Account the bills on the date of the bill in that days exchange rate. on the date of payment, account it on that days exchange rate and the difference is routed through P&L. if the payments are made immediately at the time of bills, then account it on the exchange rate on the date of payment.
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