Has anyone here or your Indian clients encountered a situation where your CA has been insisting on using only RBI-approved exchange rates for transactions? We’re trying to understand if this is a mandatory requirement or just a recommendation.
If it is mandatory, how are you managing this within ERPNext?
We’re considering implementing the RBI exchange rate in ERPNext, but would love to know how others are handling this.
Would appreciate any insights or suggestions!
Hi,
You can do the transactions at the market rates, but whenever you need to run the exchange rate revaluation, it is recommended to use the central bank rates to avoid any legal issues.
Thanks,
Divyesh Mangroliya
@KanchanChauhan Yes, many businesses face this. Using RBI-approved exchange rates is usually recommended by CAs but not always mandatory. In ERPNext, you can automate or manually update rates based on RBI info. Check with your CA for your specific needs.
Thank you @Smit-Bhaliya for quick response.
Just wanted to clarify, when you mention “you can automate or manually update rates based on RBI info,” are you referring to using the Exchange Rate doctype to manually enter the rates? Or is there already an automation process in place for updating the rates based on RBI data?