How to account for Export of services

Kumar Gaurav (Going...to be C.A soon...)   (1624 Points)

15 April 2022  

Hi Experts

 

We are service provider-(Export of services-IT) and registered under GST act as well.

Please advise-

1) Date of bill raised to party- 10.04.2021 for $2000 and Payment received from party on dated 15/05/2021 for $ 1980

 

What should be the right accounting entries for above transaction.

 

Let assume exchange rates are as follows-

on 10/04/2021- Rs. 70

on 15/05/2021-Rs. 71.50

 

Thanks in advance

Gaurav