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Exchange rate to be considered in accounting

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(Querist)
23 October 2015 How to Record Transaction for Import and Export and which rate has to be considered ??
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
23 October 2015 Rate prevailing on the 'date of negotiation' of documents with banks.
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praveen

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praveen (Expert)
23 October 2015 In case of import - Take the rate as per Bill of Entry.

In case of export - Take the rate on the date when the risk in goods are transferred from you.

When receiving or making payments. Take the rate as per bank
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