Poonawalla fincorps
Poonawalla fincorps

Accounting for foriegn exchange fluctuation

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 May 2015 Sir,
I have a doubt on whether foriegn exchange fluctuation has to be accounted for in this following case:

The party in London has sent his bill in GBP on 30/4/2015. Invoice was received by us on 4/5/2015. We booked expense in INR on the date of receipt of invoice and payment was made on the same day, i.e, 4/5/2015 in INR.
In this situation will my have company have to book Exchange rate fluctuation as on 4/5/2015?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
15 May 2015 It is not based on the bill received date or bill date, exchange rate has to be considered based on the actual transaction date

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