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Jan 09, 2012 at 11:50 AM

Treatment of exchange rate difference in MIRO

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dear all,

During the GR entry the value in USD IS 10000 & exchange rate is Rs.50.00.But at the time of MIRO the value is USD-12000 & the excange rate is Rs.52.50.

The above transaction should have the following accounting entry.

At GR.

Stores a/c Dr. 500000 (10000*50.00)

To Provision a/c 500000

At MIRO

Provision a/c Dr. 500000

Stores a/c Dr 100000 (USD2000*50.00)

Exchange rate Diff.a/c Dr. 30000 (USD12000*2.50)

To Vendor 630000

Now how to give this effect in MIRO pl. advice.

Thanks

Shivaji