Foreign Exchange transactions
This query is : Resolved
28 August 2009
Respected Experts,
The company I go for audit Books purchase of imported CD's at the Bill of Entry Rate and not at sopt rate is it correct??
should i insist them to follow AS-11??
Please Clarify
The company I go for audit Books purchase of imported CD's at the Bill of Entry Rate and not at sopt rate is it correct??
should i insist them to follow AS-11??
Please Clarify
28 August 2009
Both the procedure are wrong.
It should be recorded at rate on transaction date and transaction date may be Invoice date or payment date whichever is earlier since bill of entry can not be made without invoice hence invoice date will always before BOE date. and than the diff in the vendor account shall be transferred to foreign exchange fluctuation account and if payment date is earlier than invoice date than there will be no differance.
I hope it will solve ur query
It should be recorded at rate on transaction date and transaction date may be Invoice date or payment date whichever is earlier since bill of entry can not be made without invoice hence invoice date will always before BOE date. and than the diff in the vendor account shall be transferred to foreign exchange fluctuation account and if payment date is earlier than invoice date than there will be no differance.
I hope it will solve ur query
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