25 June 2008
I wish to know practically how to account for an export bill for say 10,000.00 USD.
Exchange rate as on which date should be used? The date of invoice?, The date of Shipping Bill? or the date of Bill of Lading?
Also, which exchange rate do we use? Do we use the customs notified rate for the particular month? Do we contact our banker, who is to receive the foreign exchange, for its TT buying rate for that particular day? or can we use rates given in websites such as x-rates.com?
CAclubindia
