Export Gener

[Vijaykumar Boora]

FOREX TRANSACTION MODEL

USD 10000 invoice raised to Party on 1-4-2017

Material shipped on Board (B/L Date) is 10-4-2017

Party made Payment on 20-4-2017

Amount Received at our Bank - USD 9980

My question is, how to account this transaction.

1. In Tally, which should be the invoice date as entered, whether the invoice raised date or Shipped on Board Date as Invoice Date.

2. Which USD : INR Exchange rate should be used for making Invoice Entry in Tally, whether as per Custom Bill Rate or prevailing Exchange rate on the date of shipment (B/L Date)

3. We receive always USD 20-50 short per remittance, how to Account this short of amount, whether Dollar Collection Charges or some other means.

4. USD 9980 received is converted in INR and credited to our Account on 20-04-2017, on this date exchange rate is different than on 10-4-2017, which results in FOREX GAIN/LOSS. How to handle it and difference will liable to gst.

Kindly solve our queries.

AI Summary

Guidance on Accounting for USD 10,000 Invoice: Use RBI Rate, Handle Short Payments as Bank Charges, Address FOREX Gains/Losses A user inquired about accounting for a foreign exchange transaction involving a USD 10,000 invoice. Key questions included which date to use as the invoice date in Tally, which USD to INR exchange rate to apply, how to account for consistent short payments, and handling FOREX gains or losses. Responses suggested using the RBI reference rate for exchange rate calculations and treating short payments as bank charges. The discussion focused on ensuring accurate accounting practices in line with financial regulations.