Almost every company has various foreign exchange transactions. And it’s a sin to talk about banking and other financial organizations, because almost all activities here are based on this type of activity. Of course, they need to be declared somehow. This is always the accountant, as well as the chief accountant. These people must have a special education in order to know how to properly organize the accounting of foreign exchange transactions. Otherwise, the company or the bank may have problems with various services.
Accounting and analysis of foreign exchange operations includes an entire organizational system, which has its own rules, methods, and principles. For example, each action must be accounted for in a certain account. So, on the 52nd, under the name "Currency Accounts", an operation such as debited / sold foreign currency must be shown.
It should be said that at the legislative level there are absolutely no restrictions regarding the performance of procedures of this type between residents and non-residents. But, accounting for currency transactions is very strictly controlled, and any mistake can be very expensive. Therefore, each accountant must very carefully carry out their work.
Accounting for currency transactions has some features. First of all, this concerns the fact that there is a need to convert assets, as well as liabilities, into national currency. Also take into account exchange rate differences that are formed as a result of allocation.
It should be noted that at any enterprise accounting of foreign exchange transactions should be made in some cases. First of all, this concerns, for example, when an enterprise buys or sells goods and services, the prices of which are indicated in foreign currency. That is, there is an accounting of import operations. The accountant creates a separate account, on which he carries out all the actions. For example, accounting for foreign exchange transactions should be organized when a business entity receives a loan in foreign currency or, conversely, repays it. There are also a huge number of examples of when such a record should be kept, but, as practice shows, these situations are the most common.
Incidentally, the accounting of foreign exchange transactions should be carried out at the current exchange rate, which is called "spot". That is, if the transaction was completed on the 12th, and the accountant began work on the 14th, then it should be carried out at the rate of the 12th, that is, focus on the date of the operation.
In the end, I would like to say that if you do not have a special economic education, then you will not be able to keep records of currency transactions simply because you will not know how to do it correctly. In this case, it is impossible to simply learn, here you must understand what needs to be done and how it is happening, for example, debiting funds. That is why every company has an accountant who ensures that all operations are carried out correctly and that no errors occur.
