Calculation of Foreign Exchange Gain on Bills Discounted

• Create a ledger FOREX GAIN & LOSS under Indirect Expenses
• Gateway of Tally >> Accounting Info >> Voucher Type >> Alter >> Journal >> Name of class. specify a name say 'Forex '.
• In the sub-screen, Use Forex Gain/Loss adjustments = yes >> select the Forex gain & loss ledger and accept.
• To adjust the unadjusted forex gain/loss in balance sheet, pass a journal entry.
• Dr Party, Cr FOREX GAIN & LOSS
• And select the Bill References.
• Accept the voucher to remove unadjusted forex gain loss

if it is sales, you will record gain. Discounting means bank charges? If so expense them. 

No one more thing I forgot to mention, revaluations take place on every transaction. What is finalised by the year end must be treated to revaluation reserves accordingly as per as 10 revaluations, 1944891 is the year end, then that is revaluation for the year end. The last gain will be recorded in the next year. I hope you got it.

This is fine now, I found out assessment Year is over, I guess it’s new year. All the best. 

1/4/2021    1)    Trade Debtors      A/c    Dr                  17,80,623

                       To Export  Sale    A/c    Cr                                        17,80, 623

                    ( Booking of export sales entry )

                        Bill Discounted with the bank  value credited to  Current Account

22/4/2021   2)   HDFC Bank                         A/c      Dr         19,44,891

                       To Forex Gain            A/c                       Cr                1,64,268

                       To  Trade Debtors     A/c                         Cr               17,80,623

                       (  Receipt  of  discounted  bill  with exchange gain  ) 

                       Forex Gain A/c under indirect  income  P&L . 

    .