I am a Export service provider of Websolutions.
Which date rate to be applied for booking sales in INR?
For eg: On date of transaction, US $ rate is Rs.55, So I book the sale at Rs.55 per USD and I receive the sale consideration after 1 week and US $ rate is Rs.56 per USD, however the bank deducts some amount for converting into INR i.e Rs.1.10 per USD and we receive net (56-1.10) Rs.54.90 per USD. so the entry at the time of booking and receiving consideration will be:
Sale booking:
Debtors a/c Dr. 55.00
To Export Sale 55.00
Receipt of amount:
Bank a/c Dr. 54.90
Loss on Exchange Fluc Dr. 0.10
To Debtors A/c. 55.00
Pls. guide if its correct.
CAclubindia
