Forex accounting
This query is : Open
08 September 2017
Our home currency is INR and and my company maintaining USD account also and when we recieved dollor from our client directly in usd account then on which rate i should take to enter transation
When we are pay to supplier from after recieving the dollor from usd account then what rate should take to enter the transation
When we are pay to supplier from after recieving the dollor from usd account then what rate should take to enter the transation
08 September 2017
Please let me know can i fix a standard rate for whole year in tally
08 September 2017
You enter the value convert USD to INR enter as INR.
Then only you can maintain your accounts as per Indian standards.....
08 September 2017
At the time of receiving US Dollar you can use any rate namely buying rate selling rate TT Rate or Customs Rate even you can use average rate but while making payment also do the same but when at year end if you have outstanding balance in USD then you have to use closing rate to reinstate your assets and liabilities
08 September 2017
Thanks a lot shivaram sir
08 September 2017
Dear shivaram sir,
Can i do the above in following way:-
I book it at in market rate or if payment received on different date booking on market rate of date of transaction
And then getting weighted avg rate foe the payment to any supplier
after that we do restate at booking rate which was on the date of transation for montly reporting
After that at year ending restate bank balance as well
08 September 2017
see it is simple I think you would be having an EEFC account at the time of receipt of Foreign Currency you can use any rate for reporting the same in Indian Rupees and while utilising the above you can adopt exhange rate from the debit advices given by the bank the difference you can take it to profit and loss as exchange loss or gain as the case may be which is popularly termed as Transaction loss or Gain
08 September 2017
My company has set a standard rate 64 for whole of the year that is whenever we book the transaction in whole year we would be book on that rate despite any current rate
08 September 2017
So i have to restated all the transactions on that rate untill commplete the one year
08 September 2017
because I prepare reports on monthly basis as well
08 September 2017
Fine no issues then then there will be no transaction gain or loss any outstanding balances if it is a loan account then do the reinstatement only at year end since reinstatement will not be carried at each month end
08 September 2017
ok thank you sir
08 September 2017
Sir if follow you then if managment ask to me to How many dollor we have of which rate then
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