Foreign Currency valuation as on 31/3/2011

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337 Points Posted on 26 May 2011

In a private Ltd. there is foreign currency balance as on 31/3/2011.

US$-600

HK$-455

Euro-755

What is the accounting treatement.?

Also is that like cash balance, so in tally new _______account have to create?

Also is there Link to find out the value on 31/3/2011. i search in google but didnt get the result.

Is there any FEMA regualation have to follow.?

Thanks in Advance.

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84 Points Posted on 26 May 2011

u can use multi currency in tally erp 9 . just set the exchange rate . automatically it will be converted.

u can take these foreign currencies as opening balances simply.

suppose u have taken a dollar loan.

now when u pay off the loan any difference will be taken to profit or loss on foreign currency exchange fluctuation

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