pls can anyone tell me whether invoicing of exports sale should on the basis of
Bill of lading date or exchange control copy date or the date despatch from factory premise
sanjay jha (accountancy) (24 Points)
02 April 2009pls can anyone tell me whether invoicing of exports sale should on the basis of
Bill of lading date or exchange control copy date or the date despatch from factory premise
chandrasekharan R.S
(General Manager (Finance & ERP)
(75 Points)
Replied 06 April 2009
Please refer the AS on revenue recognition.The date of invoice depends on the terms of sale.If the sale takes place at the factory gate only you can bill upon despatch from factory.If it is on FOR/CIF terms,relevant date will be the LET export date if material has sailed away within reasonale time from the let export date.If there are delays then the Bill of Entry date will be the export date.Here also one has to check whether the material has started sailing.In certain instances the BOE can be cancelled & material unloaded.
chandrasekharanrs
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