reena (reena9823@gmail.com) (165 Points)
11 February 2013dEAR cOLLEAGUES,
THe Foreign party remits money in foreign currency. However, the Indian Company bears the loss of bank charges.
THe company's books show bank charges account as credit amount sometimes.
The bank advice mentions 'Bank Charges/Int'
Is there a possibility that there could be bank interest amount that is credited in the situation that the foreign party remits the money.
Kindly reply soon.
Thanks in advance
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 12 February 2013
what is the exact nature of the credit transactions in the bank charges account whihc gives rise to a credit balance in bank charges account..
reena
(reena9823@gmail.com)
(165 Points)
Replied 12 February 2013
I want to know whether there are any possibilities that bank charges can be credited in foreign transactions???
Pawan Verma
(Assistant manager finance)
(186 Points)
Replied 12 February 2013
Bank charges would always be a debit.
It could be possible that the interest element which the company received for Foreign funds lying in the bank account is pooled up with the debit of bank charges and shown together.
CAclubindia
