Hope there is someone out there that can help me, please.
When capturing imported stock bought on credit from a foreign supplier, what exchange rate date should be used? Invoice date or date of goods received?
Another question, at the end of the month, is inventory revalued at the spot rate on the last day of the month by a journal entry in the inventory account and P/L account. Since these goods are still on credit, or is only the foreign creditor amount revalued to correctly reflect the foreign debt amount.
Thanks and any advice very very welcome!