RAMIZ MALEK (ACCOUNTANT) 02 July 2020
I have thousand dollar invoice at Price of $75.
now i received $1000 payment from party in my EEFC account.
Now i have one import payment an amount of $1000.
So I did payment $1000 against import.
my Query is
what amount i credited against my export invoice??
Any Unadjusted gain/loss will effect??
prasad Nilugal (Sr . Accountant and GST Practitioner . ) 02 July 2020
you have to credit actual amount received along with foreign exchange gain for export sale payment received entry will be
1) Bank A/c Dr
To Sundry Debtors A/c Cr
To Foreign exchange gain A/c Cr
( being payment received against export sale )
2) Gain will be transfer to P&L account
Foreign Exchange Gain A/c Dr
To Profit & Loss A/c Cr
( Gain transfer to P&L )
if foreign exchange loss oppsit entry in the books of accounts .
please confirm with others also .