Purchase - imports

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Sushma Kalote (Querist)
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08 September 2012 Sir,
If we have to booked the Import Invoice in the account system which exchange rate should consider for invoice as in the bunch of documents there are diff documents showing different rates i.e. one is on customs documents and 2nd is on Debit advice of seller and third is on Bill of Entry
so it create confusion for me

pls guide

CA CS PRASHANT

CA CS PRASHANT (Expert)
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08 September 2012 For import purchase there will be two invoice..

1.Proforma/Commercial/Custom invoice

2.Tax invoice.

We should book the invoice as per the tax invoice becasue it contains freight and other charges..

And in regards..Forign currency rate we should use the average rate...

That means opening rate and closing rate average

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