Receivables - EBS (MOSC)

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Revaluation Gain

edited May 24, 2012 5:46PM in Receivables - EBS (MOSC) 1 commentAnswered
 Hi 

I want to know how we handle the Revaluation gain & Exchange gain, what is the treatement.

Details:

Invoice:
01-Jan-2012
Rate: USD>PKR=85
Entries:
Receivable               100USD      8500 PKR
Revenue                  100USD      8500 PKR

Revaluation performed in GL on 28-Feb-2012
Rate: USD>PKR=88

Entries:
Receivable                  0 USD    300 PKR
Revaluation Gain        0  USD   300 PKR

Receipt:
30-Mar-2012
Rate: USD>PKR=90

BANK                       100 USD 9000 PKR
Receivable               100 USD 8500 PKR
Exchange Gain                         500 PKR

The effect of Revaluation is not taken into consideration when receipt is created.

How the Revaluation gain & Exchange Gain are settled, as there is excess of Income.

Regards,
Adnan

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