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Realized Gain in Foreign Currency
hungryandfool
Member Posts: 114
Dear Experts,
I booked an invoice against of the customers for 100 USD, where I took the exchange rate as 50.
At the time of booking the payment against the invoice I took the exchange rate as 60.
The amount in LCY resulting due to the difference in exchange rate i.e. 1000 LCY was credit to the 'Realized Gain Account' and the same amount was debited to the 'Sundry Debtors Account'.
I am unable to make out why the amount is being debited to 'Sundry Debtor Account'. :?
Kindly help me out.
Thanks in advance.
I booked an invoice against of the customers for 100 USD, where I took the exchange rate as 50.
At the time of booking the payment against the invoice I took the exchange rate as 60.
The amount in LCY resulting due to the difference in exchange rate i.e. 1000 LCY was credit to the 'Realized Gain Account' and the same amount was debited to the 'Sundry Debtors Account'.
I am unable to make out why the amount is being debited to 'Sundry Debtor Account'. :?
Kindly help me out.
Thanks in advance.
0
Comments
that's how it should work... your payment applies to the invoice, and if it's a complete payment, the resulting balance of the customer is zero. The balance of the customer is mirrored on the sundry debtors account. So, if you have a realized gains amount, it will be posted against the sundry debtors account, too.
with best regards
Jens
The G/L Entry Should be:
Bank A/c Dr
to Debtors A/c
to Realized Gains A/c