In case of exports at FOB plus actual freight insurance, the customs invoice which is prepared for filing of shipping bill is generally as under
FOB - USD 100
INSURANCE ( APPROX ) - USD 2
FREIGHT ( APPROX ) - USD 12
TOTAL CIF 114
But the commerical invoice vwould have actually insurance and freight values
FOB -USD 100
INSURANCE ( ACTUAL ) - USD 3
FREIGHT ( ACTUAL ) - USD 14
TOTAL CIF USD 117
When the customer remits the payment of USD 117, banks ask us to submit documents
Banks credit USD 114 with purpose code Export proceeds
and separately credit USD 3 as Freight amount.
.
.
Now coming to accounting in tally,
We book the export invoice at USD 114 for sake of convenience while filing GST return. In that case, the extra USD 3 received stand on the credit side as advance received which is not the case.
How to solve and what's the right way ?
Menu
Difference in customs invoice and commercial invoice
Replies (3)
Quick Summary
But how can the bank credit USD 3 separately when the export proceeds come consolidated ie USD 117 in your above case? Bank should give only one credit of USD 117.
The bank closes the remittance against the shipping bill value.And any excess or short fall is currently shown as freight proceeds OR bank charges respectively.
Bank does not agree for USD 117 inward. We submit 2 documents... one for 114 and other for 3.
Bank does not agree for USD 117 inward. We submit 2 documents... one for 114 and other for 3.
Bank charges is understandable but freight can not be remitted and shown separately CIF shipment and CIF Invoice.Bank must show in break up that how much amount has been received in FC and what is deduction with it nature. You may ask your banker .
Recent Topics :
- TDS return filing
- Need formats of FS as per Co act 2013 in soft copy
- Remittance to italy
- Invoice made but goods not sent
- How Do CA Firms Manage Client Document Collection
- How do CA firms manage pending client documents du
- How to find a good CA
- Rcm on rent paid
- Clarify on GST Application
- Residential status for overseas students visitin
Related Topics :
CAclubindia
