What are the standard accounting systems for booking of Forex transactions like booking of import purchase & making payment for the same. Presently we book import purchase on the basis of Custom exchange rate & after LC due date ( or forward booked previously we make payment as per dollar rate. But due to this some time it occurs heavy losses which affect the profitability.
Is there any other standard accounting system to avoid such losses other than above ?? and what will be the proper heading & grouping for said difference "
Awating your early reply.
Thanks
Priyal
CAclubindia
