HOW TO ADJUST THE EXPORT PAYMENT RECEIVED IN ANOTHER LEGAL ENTITY, FOR EXAMPLE: EXPORT OF GARMENTS DONE THROUGH GAURAV EXPORTS BUT THE PAYMENT RECEIVED IN GAURAV INTERNATIONAL ACCOUNTS, SO PLEASE SUGGEST HOW TO ADJUST THIS AMOUNT IN BOOKS OF GAURAV INTERNATIONAL & GAURAV EXPORTS. DOCUMENTS TO BE SUBMIT IN CUSTOM ANY OTHER GOVT DEPTT.
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Export payments
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The payment should be received in the entity which bills the export invoice. Accounting adjustment can be done by passing a journal, however if you are claiming any incentives like duty drawback, you ll not be able get the BRC (bank realisation certificate) which the Customs wants you to submit as a proof of remittance. Hence it is adviced to bill in the name of the entity which receives the payment. Alternatively, you can incorporate gaurav exports as supporting manufacture and bill in the name of gaurav international (third party exports) to avoid Customs and FEMA violations
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