Forex transaction entry in tally erp 9

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When the entry is to be done in books:-  

Revenue Recognition: Accounting Standard 9

“Revenue from the sale of goods shall be recognised when all the following conditions have been satisfied:- The entity has transferred to the buyer the significant risks and rewards of ownership of the goods…..”  

At what rate the sale is to be booked:-  

Changes in Foreign Exchange rates –

Accounting Standard 11 “21. A foreign currency transaction shall be recorded on initial recognition in the functional currency, by applying to the foreign currency amount the spot exchange rate between functional currency and the foreign currency at the date of transaction”    

Summary:   Export sales to be recorded on the date of Shipped on Board mentioned on the Bill of Lading. The exchange rate, prevailing on the date of Shipped on Board to be used for conversion of amount into INR.

If the amount received short is due to Client paying less, then discount. If it is bank's chargea, then the respective account.

Handling forex gain/ loss is a separate thing all together that needs looking into forex market. Depending on your exposure and need, different strategies can be used.

Contact for further hedging details if needed.

how to account in tappy erp 9 if foreign currency purchased'''''can u please explain

FOREX TRANSACTION MODEL

We Purchased few items from another country using currency as USD, for the Shipment we have to pay them Advance , so Advance is paid by our bank in INR , how to record the same & also guide about the unadjusted forex gain/loss which appers in a vendor ledger