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?

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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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.

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shakuntala chhangani

shakuntala chhangani (Expert)
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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