Accounting. Cash in foreign currency accounts (the most important)

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Accounting. Cash in foreign currency accounts (the most important)

Lecture notes, cheat sheets

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36. Cash in foreign currency accounts

Value of assets and liabilities expressed in foreign currency, for reflection in accounting and financial statements is subject to conversion into rubles.

Recalculation of the value of assets and liabilitiesdenominated in a foreign currency into rubles is produced at the exchange rate of the Central Bank of the Russian Federation.

When recalculating the value of assets and liabilities in foreign currency, negative and positive exchange differences are formed.

Exchange difference is reflected in the accounting and financial statements in the reporting period to which the date of fulfillment of payment obligations refers or for which the financial statements are drawn up.

The exchange rate difference is subject to crediting to the financial results of the organization as non-operating income or non-operating expenses.

The exchange rate difference is credited to the financial results of the organization as it is accepted for accounting.

Account 52 "Currency accounts" is designed to summarize information on the availability and movement of funds in foreign currencies on the organization's foreign currency accounts opened with credit institutions in the Russian Federation and abroad.

According to the debit of account 52 "Currency accounts" reflects the receipt of funds in the foreign currency accounts of the organization.

According to the credit of account 52 "Currency accounts" the write-off of funds from the foreign currency accounts of the organization is reflected.

Amounts erroneously credited or debited to the organization's foreign currency accounts and found when checking the statements of the credit organization are reflected on account 76 "Settlements with various debtors and creditors", subaccount "Settlements on claims".

Operations on foreign currency accounts are reflected in the accounting records on the basis of the statements of the credit institution and the monetary settlement documents attached to them.

To account 52 "Currency accounts" sub-accounts can be opened:

1) 52-1 "Currency accounts within the country";

2) 52-2 "Currency accounts abroad".

Accounting entries for accounting transactions on a foreign currency account.

1. An invoice has been presented to a foreign buyer for the shipped inventory items:

Debit of account 62 "Settlements with buyers and customers" Credit of account 90 "Sales".

2. The amount of payment for inventory items was credited to the currency account:

Debit of account 52 "Currency accounts" Credit of account 62 "Settlements with buyers and customers".

3. Half of the proceeds in foreign currency is directed to the sale of:

Debit of account 57 "Transfers in transit" Credit of account 52 "Currency accounts".

4. The amount of proceeds from the sale of foreign currency is credited to the current account:

Debit account 51 "Settlement accounts"

Credit of account 91 "Other income and expenses".

5. Reflected the write-off of funds for mandatory implementation:

Debit of account 91 "Other income and expenses" Credit of account 57 "Transfers on the way".

6. Half of the proceeds received from a foreign buyer for inventory items were credited to the foreign currency account:

Debit of account 52 "Currency accounts" Credit of account 52 "Currency accounts".

Analytical accounting on account 52 "Currency accounts" maintained for each account opened for holding funds in foreign currency.

Author: Kabkova E.N.

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