Forex Gains or Loss on Multiple transactions.

casatish007

Dear All,

Query with Eg
Our company is exporting goods worth 1010$ on 1st Jan @ 50 . The sales are recorded at Rs 50,500/-

On 1st Feb the full proceeds of 1010$ are received through the bank but bank deducts 10$ as their bank charges.

Bank Applies different rates for crediting the proceeds received and the bank charges
The rates applied by bank for 1000$ @ 55 and
for 10$ @ 56.

Presently the user are using tally and they pass the following entry

Bank A/c

---

Dr 1000@55 55,000
Bank Charges A/c

---

Dr 10@56 560
To Customer A/c 50,500
To Forex Gains A/c( Balancing figure) 5,060

I am unable to get the forex gain for the above transaction correctly. I am getting Rs 5,000/- as forex gains which is wrong.

I would be thankful if anyone can help me in getting the correct Entry.

Thanking in advance.

Best Regards,

CA Satish Prabhu.

ssingla

There will be three transactions :

2 for receipts @55 and 56 respectively and then a bank charges entry.

casatish007

Dear Mr. Sandeep,

Thanks Again.

If i post 2 receipts for the above transactions then the entry will be as below

A)
Bank a/c ----Dr 1000$*55 55000
Bank a/c ----Dr 10$*56 560
To Customer A/c 50500
To Forex Gains a/c 5060



Bank Charges A/c ----Dr 560
To Bank A/c 560


Now how do i apply this A) entry at under one document no ? As this being one entry , the client doest want to have two different doucument nos

Thanking you in advance.

CA Satish Prabhu