sameer (Article) (122 Points)
02 September 2019Respected Sir/Ma'am,
I have one query that my client done so many exports in the financial 2018-2019, We made a billing in US Dollar , and book the same same in our books of account by converting the foreign exchange by taking the rate from RBI Site?
My Question is that we have book our transaction when our goods are out from factory and the foreign exchange rate from RBI site both the question are correct in the eye of law?
Kumar Sushank
(General Manager - Finance)
(1040 Points)
Replied 06 September 2019
There are some confusion in our question, However if you are asking that on which date you should calculate Rate of Exchange, Then it will be billing date.
When you will received the payment of that invoice that time excess amount will be booked as Exchange Variation (It can be income or expenses, Depend on ROE)
CAclubindia
