Rakesh Kumar (Sr. Finance & OPS Executive) (87 Points)
01 August 2012Hello Experts!
Could you please update on the below query?
A organization facitly of multi cuerency, when Interbank transaction done (i.e. $5000 transfer to INR account with a conversion rate of $1=INR49)
What would be the Journal entry in tally 9.0 ERP, Is this a contra? with the help of (difference in conversion rate)
Please suggest
Thanks in advance :)
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 02 August 2012
You post a contra entry only if there is Cash & bank A/c involved i.e. If cash is deposited in bank or if cash is withdrawn from bank
From your query it is not quite clear what you want to say. See if the condition as mentioend above by me is satisfied & then only post a contra entry. Please revert for any further query
Rakesh Kumar
(Sr. Finance & OPS Executive)
(87 Points)
Replied 06 August 2012
Thanks Giridhar for your response.
I am sorry that my question was not clear .
My question is:
Interbank transfer done from one accout to another account with a conversion rate of ($1=INR45)
what would be the entry in Tally?
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 06 August 2012
Post a contra entry by debiting the bank a/c in whihc the money is being received and crediting the bank account from wehre the monye goes.
Rakesh Kumar
(Sr. Finance & OPS Executive)
(87 Points)
Replied 06 August 2012
What about the conversion rate???
Beause from my $ a/c it shows only $ 5000 whenever its shows receiving of INR225000
How would you manage? that is the question
CAclubindia
