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Exchange rates on 2nd local currency

Feb 07, 2017 at 09:15 AM

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Hi All,

Does anyone knows what is the correct regulation for reporting GST where there is a exchange rate conversion in Malaysia or any other country?

When a local vendor sends an invoice in foreign currency he should also state the amount converted into local currency. Is it mandatory to report the same amounts as on the invoice to the authorities?

In a normal scenario we may post the invoice on different dates, hence the rates differ and are posted to FX gain/loss. In my case company code currency is USD and the 2nd local currency is MYR (country currency), when we report to authorities, the system picks the amounts as per the postings in 2nd currency.

My question is, does the regulation in Malaysia or any other country say that the amounts should strictly follow as per the invoice received?

appreciate your inputs.

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