Hello friends want to know accounting entry for advance import Payment. for eg. lmport payment made on 25-07-23, and booked on 02-08-23 in this case which conversion rate has to be taken also adjustment has to be shown in advance payment date or on the date of import booking?.
please solve the query.
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Advance import Payment
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Always the spot rate on the day of conversion.
Purchases day spot rate
- settlement date spot rate
Difference taken where? You ask as accountabt
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