EXPORT SALES ACCOUNTING
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 March 2010
Dear All
At what exchange rate export sale bill for a particular month be booked? will it be the custom exchnage rate or the rate of the day of transaction?
At what exchange rate export sale bill for a particular month be booked? will it be the custom exchnage rate or the rate of the day of transaction?
19 March 2010
Customs will notify the rates every month before commencing of the month in their website. You have to adopt that rate for Billing purpose.
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 March 2010
thank u sir for your reply
but can you please clarify that under which law it it so because some companies are not following the above rule.
but can you please clarify that under which law it it so because some companies are not following the above rule.
21 March 2010
Hi, as per AS 11, it is spot rate or average rate if there is no significant fluctuation in the rate of exchange.
Regards, CA Shakuntala Chhangani
Regards, CA Shakuntala Chhangani
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