Accounts of an importer

Vaibhav (Working) (28 Points)

21 November 2013

Is there anybody who can help me to maintain the books of a Steel importer?? For ex maintain a cost record, Taxations n all

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amitesh (service) (44 Points)
Replied 22 November 2013

whenever any import takes place then u have to make bunch of papers from starting to ending like:

Purchase order

Proforma invoice

Remittance papers in xerox like A1 form

Letter of credit ( if through LC)

if hedging is done then buyers credit or forward contract papers

corgo arrival notice

release letter from bank if imported through LC

shipping guarantee if imported via marine

original invoice, bill of lading or airway bill, packing list, as the case may be.

now do accounting entries as per AS 11 or 30 as applicable to the organisation

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