Foreign exchange gain / loss journal entry
Querist : Anonymous
I want to know about what is the Head of Account in Tally for Foreign Exchange gain is it "Indirect income". and then Foreign Exchange Loss is it "Indirect Expense"
OR
Foreign Exchange gain / Loss and the Head of account - Indirect Expense
Please tell me the answer.
P&L a/c dr
to Foreign exchange diff a/c
If it is Loss the entry like
Foreign exchange diff a/c dr
to P&L a/c
Foreign exchange Gain/loss A/c dr
To Profit/loss Account
If Gain:
Profit/Loss Account Dr
To Foreign Exchange Gain/Loss A/c
Querist : Anonymous
What is the head of a/c in tally for Foreign exchange gain / loss . Is it indirect expense?
I made the ledger account for gain and loss in a single Ledger like,
Foreign Exchange Gain / Loss under indirect expense.
Kindly tell me the right.
At the end of the year change/keep the classification on the basis of the balance in the account.
If there is profit, change to Indirect Income otherwise keep as Indirect Expense.
Querist : Anonymous
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